Hardworking employees are amongst the most valuable assets a competitive business can have today. This is why it has become so necessary to take care of their needs and welfare. In a competitive business scenario, along with preparing for the unexpected in operations, you need to consider protecting your employees. So let’s get to know about the benefits of group personal accident insurance policy in brief.
How to protect your employees?
Getting a group personal accident policy for the employees is one of the prime things to do while trying to protect them. This policy provides cover that handles claims when there is any harm or injury caused to the employees. It also covers the consequences of the accident like – medical expenses and so on. There are various types of cover which you can take as per your requirement. In case of a mishap, the holder of the insurance policy receives the claim.
Group personal accident policy is highly beneficial as it can protect both the company and the employees. During a mishap, it not only helps the employee but also helps the business by preventing its losses. It also makes the organization look good. Overall, it is important that your cover is personalized and suits your specific business needs.
Different Types of Group Personal Accident Policy
Depending on your company’s requirements, there are various types of cover. These can benefit the employees working in a competitive business environment. These include:
- Accidental Death: In case of injury resulting in the loss of life of the employee then the insurance company will pay the principal sum.
- Permanent total disability: In case there is an injury causing a permanent disability to the insured which continues for a period of 12 consecutive months, the insurer will pay compensation up to the sum assured.
- Permanent Partial Disability: If an injury takes place which causes a permanent partial disability to the employee listed in the policy then this policy compensates the insured from 2% to 60% of the Principal Sum depending upon the disability. Again here it is necessary that such disability continues for a period of 12 consecutive months.
- Weekly Benefit: In this scenario, if the employee is fully disabled for a temporary period due to an accident; then he or she gets a weekly compensation due to the policy.
- Ambulance Charges: If the employee has to go to a hospital due to an accident, then the policy offers reimbursement of ambulance charges.
More Categories
- Mortal remains transportation: The policy reimburses the cost incurred in moving the mortal remains from the accident site to the hospital, residence, or cremation ground.
- Broken bones: In this case, the insured receives a lump sum amount for broken bones resulting from an accident. The policy clearly mentions which broken bones are covered under the plan.
- Medical Reimbursement: In this case, employees receive the money they spent on treatment and the use of hospital facilities for the treatment of the injury. The compensation under this benefit is generally a percentage of the actual medical expenditure incurred.
- Education Benefit: In the unfortunate event of loss of life or permanent total disability due to accidental injury, the policy if opted for, provides additional compensation to the insured or the insured person’s children towards supporting their educational needs.
- Changes in lifestyle: Permanent total disability arising from an accident could sometimes demand a change in lifestyle and hence to meet these requirements, the employee might need to invest or modify an existing vehicle or invest in making some changes in the house (shifting to ground floor or change in the staircase). If opted for, some policies might also provide a percentage of the amount spent towards these expenses.
Conclusion
Group personal accident insurance is a comprehensive cover. The number of employees does not affect it. You can also buy customizable group personal accident covers to suit the requirements of your team and to avail the best benefits.
Accidents can alter the life of a person. There could be permanent disabilities and changes in lifestyle. Thus, it is absolutely worth investing in accident health cover. The group accident health insurance policy while covering your employees also helps them and their families feel more secure and people like to work with a company that looks out for its employees’ needs.
Written By-
Gunjan Saxena
MBA Insurance Management
With a robust background in the insurance industry, Gunjan is a seasoned professional who brings 10 years of expertise to group personal accident insurance. Throughout her career, she has demonstrated a deep understanding of the intricacies and nuances of insurance products, particularly in personal accident coverage. Having worked closely with both individuals and businesses, she has gained valuable insights into the diverse needs and challenges faced by clients seeking insurance protection. Her experience encompasses designing tailored insurance solutions, providing expert advice, and guiding clients through the insurance process with confidence and clarity.
Through her articles, Gunjan aims to educate and inform readers about the importance of group personal accident insurance and the benefits it offers in safeguarding against unforeseen events.
