Group personal accident plans in general cover accidental hospitalization and death benefits but they also do offer the following lesser-known additional benefits to the insured group members:
- Education Allowance: If a mishap results in permanent disability, the insurer will compensate the policyholder’s children for their education as mentioned in the policy.
- Repatriation of Remains: In case of death in a faraway location, the insurer pays an amount for repatriation of remains as mentioned in the policy.
- Broken Bones: The insurer pays an amount for broken bones resulting from an accident. However, the policy mentions which bones are covered in the plan.
- Transportation of Mortal Remains: If in the case of death of the policyholder, this add-on will reimburse the cost incurred in moving the mortal remains from the accident site to the residence, cremation ground, or hospital.
- Permanent Partial Disability: If an injury causes permanent partial disability to the policyholder, then the insurance company is liable to compensate the insured a Principal Sum depending on the disability.
- Permanent Total Disability: In the case of a mishap that causes a permanent disability to the policyholder, the insurer will pay the compensation for the sum assured.
- Weekly Benefit: If the accident disables the policyholder for a limited period, then the insurance company pays a weekly compensation as per the policy conditions.
- Ambulance Charges: If due to an injury, the policyholder needs to go to a hospital by ambulance, then the insurance company will reimburse the policyholder for the cost.
Cases on Additional Benefits in a Group Personal Accident Insurance
ABC Pvt. Ltd. is a multinational corporation with more than 2000 employees working at different locations across the Country. A group personal accident insurance policy has been purchased to cover all employees 24×7 anywhere in the world.
Some of the employees of ABC regularly get together and plan trips to various places. On one of such trips to Goa, one of the employees met with an accident. He was traveling on a two-wheeler taxi.
After the accident, he was hospitalized and was brought to his home city later. An ambulance transported him to the hospital and then to the airport.
He remained on the bed for a month. He was provided a weekly sum of Rs. 5000 for the duration of his disability, along with the medical and ambulance expenses.
Fortunately, he recovered without any permanent damage to his body. He could resume work after one and a half months of the accident.
The insurer also paid approximately Rs. 20,000 for the broken bones suffered by the ABC staffer.
In a similar accident involving three employees of another organization PepperTricks Pvt. Ltd. one of the employees had paralysis due to a defect in his vertebra under the neck. Since there was no treatment available for the same he would remain paralyzed for life.
Fortunately, PepperTricks had covered all the employees under Group Personal Accident insurance up to Rs. 10 Lakh. The insurance cover took care of most of the hospital expenses and paid Rs. 10 lakh to the employee paralyzed for life.
The PTD (Permanent Total Disability) benefit is equal to the death benefit in most policies as the employee will not be able to work and earn a livelihood anymore.
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