Group Personal accident cover pays a fixed amount if an employee has an accident. This provides financial support in case of death or total or permanent disability. The infographic below explains the features of this policy.
Group personal accident insurance covers accidental death, permanent partial or total disability, temporary total disability, and dismemberment of the employees. It can also cover the accidental hospitalization expenses of employees. Further, several add-ons are available such as children’s education grant and funeral expenses.
Standard exclusions include natural death, self-inflicted injuries, intoxication, death or injury due to HIV or any sexually transmitted diseases, etc. Various add-ons coverage like coverage for children’s education, ambulance charges, funeral expenses, transportation of mortal remains, etc. can be covered under the group accident policy by paying a little extra premium.
The typical cover offered by the employers to employees under the group personal accident policy is 3 to 5 times of annual salary of the employee. The higher the insurance cover the more is the security for the employee.
You can minimize the cost of this policy through better negotiation with the insurer, by signing up for multiple years, and by optimizing on non-essential add-ons as per the specific occupation or industry. Also, employers with low claims over multiple years enjoy lower premiums in policy. The team of SecureNow will negotiate the best terms on your behalf as a service provider.