Buying group personal accident insurance is an important employee benefits decision of the employer. It does not provide any financial benefit to the employer. But it offers a sense of financial security to employees against unforeseen incidents like accidents.
Various factors need to be taken into consideration in order to avail of the best group personal accident insurance.
Tips to get the Best Group Personal Accident Insurance Policy
Navigate through the following tips provided by insurance experts and ensure the best GPA insurance plan:
Always opt for wider coverage:
The risk coverage for accidental death, accidental permanent total disability such as loss of both limbs, permanent temporary disability such as loss of one limb, and temporary total disability such as spinal cord damage or a fracture due to an unfortunate event of an accident are covered under group personal accident insurance plan. Some insurers also provide child education grants, and terrorism damage covers at a minimal extra amount. So, before buying the GPA plan, always check out the terms of the policy. This will ensure maximum benefit coverage in your policy.
Keep a check on sub-limits:
There are capping and sub-limit applicable to different coverage benefits. So, always ask your insurer or broker to give a detailed view of sub-limits. In case of temporary total disability, the insured may receive a weekly compensation of 1 percent of the sum insured for up to 100 weeks or a fixed amount. This depends on the terms of the policy. The sub-limit for permanent partial disablement such as loss of vision in one eye, knee injury or nerve damage, etc. exists between 50 to 100%.
Also Read: What is the Limit of Coverage for Medical Expenses Under Group Personal Accident Plans?
Ensure an optimum sum insured amount:
It is important to opt for an optimum sum insured amount. You can set the sum assured of group personal accident for each employee on the basis of pay grade, designation, profile, department, annual compensation, or marital status. You can also opt for a graded sum insured for employee accident insurance. The focus should not be on cost reduction in premium amounts. Instead, an optimum sum insured should be there in order to handle unplanned expenses and probable risk exposures. An optimum sum insured can benefit the insured in times of need.
Keep an eye on add-on covers:
There are many add-on covers that can be included in the GPA insurance plan. You can avail of extensions such as children’s education, ambulance charges, funeral expenses, transportation of mortal remains, etc. However, you have to pay an additional premium amount for those. Also, you should look out for the risk areas and perils against which the insured needs coverage. Some probable risk exposures are terrorism, sea perils, and road accident. As per the occupancy, these add-on covers can become a part of the group accidental insurance plan.
Analyze the premium cost:
When buying a group personal accident insurance plan, the premium is one of the most important factors for an employer to consider in his insurance portfolio. On the basis of the occupation of the employee, sum insured, group size, and claims history the premium is calculated. The premium amount is high for high-risk jobs, such as drivers, pilots, etc. You can negotiate with the insurer for a low premium rate by purchasing the insurance policy for multiple years. Additionally, you can do it by negating the non-essential coverage in the policy.
Also Read About: Which type of organizations must buy a Group Personal Accident cover?
Exclusions
You should always, read the list of exclusions. No matter, how comprehensive your group’s personal accident insurance coverage is, you should always know which cases are not covered. Every policy terms have a list of exclusions. Some major exclusions are natural death, self-inflicted injuries, intoxication, death, or injury due to HIV or any sexually transmitted disease. Other examples include participation in criminal acts while engaging in an adventure sport or hazardous activity, pregnancy including childbirth, miscarriage, abortion, or complication arising therefrom. You should check with the insurer if the GPA policy can include all exclusions as add-on covers with extra premium.
Conclusion
You should assess the group personal accident insurance plans provided by different insurers under the lens of provided tips. This would ensure wider coverage at a low-cost premium. Let your employees work with greater confidence and financial security which ultimately provides fruitful results for your organization. The GPA plan can work as an effective retention tool and a motivating factor for employees. It creates a win-win scenario for both the employer and employees.
You should always consider buying a group personal accident insurance plan with the employee health plan. Insurers usually lower the premium rates in such cases. Also, before buying the policy, always take quotes from different insurers and assess the coverage provided under the limit of the sum insured, and opt for the cost-effective plan which offers broader coverage.
SecureNow can help you in getting the best group personal accident insurance policy.
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.
