With so many options in the market, paying the right price for Personal Accident insurance can be confusing. The insurance pays a pre-determined amount when an employee has an accident that can benefit the employee or their family. The below infographic explains various factors that influence the premium of this policy.
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 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. We do the groundwork to identify the best insurers.
The insurance covers accidental death, permanent partial or total disability, temporary total disability, and dismemberment of the employees. Various add-ons & exclusions should be planned and understood carefully while buying this policy. Negligence or misunderstanding can cause hurdles during the claim process.
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.
