The extent of the coverage of the group personal accident cover depends on the terms of the plan. In this article, we’ll get to know what is covered under group personal accident insurance.
Coverage Under Group Personal Accident Insurance
Generally, the following covers are provided by most of the group personal accident policies:
- Accidental Death: The insurer pays compensation to the assigned family member if the employee loses life due to an accident at work.
- Permanent Total Disability: If the employee meets any accident resulting in a permanent disability, then the insurer pays compensation up to the sum assured.
- Permanent Partial Disability: In case the employee becomes partially disabled, then the insurer pays 2% to 60% of the sum assured, depending on the terms of the policy. But, the disability should continue for more than 12 months.
- Weekly Benefits: The employee is entitled to a weekly benefit if he is fully disabled but for a temporary period. The amount compensates for the loss of salary due to not working.
- Ambulance Charges: If in case of an injury, the employee uses an ambulance to reach the hospital, then the insurer reimburses the ambulance charges.
- Mortal Remains Charges: The policy also reimburses all the expenses relating to the transportation of the mortal remains of the employee to his home or ground.
- Broken Bones: If an employee breaks any bone in an accident or injury, then the insurer pays a lump sum amount to the employee.
- Medical Reimbursements: The plan reimburses all the medical expenses and hospitalization charges related to the injury.
- Education Benefits: The insurance company reimburses the educational costs of the children, in the case of unfortunate death or permanent disability of the employee.
- Change in Lifestyle: The permanent disability can bring changes to the lifestyle of the employee like a modification to the car or his home. The policy also reimburses some parts of these expenses.
Cases of Inclusions in Group Personal Accident Insurance
The Red Ltd. had subscribed to the group personal accidental insurance about 5 years ago. It was a big move by the company for the betterment of the employees. The policy provided comprehensive coverage to employees in case of any unfortunate accidents. It has helped various employees on numerous occasions in the past couple of years.
Mr. Dilip Sharma, the head of the sales department, met with a serious accident while visiting one of the plants. He sustained some injuries, and the accident policy reimbursed him for all the hospitalization and medical expenses. He also received a lump sum amount owing to the disability.
One of the delivery drivers also met with a road accident while on delivery duty. The accident crippled him for a few weeks. The policy paid weekly benefits for the time he was not able to work.
When Mr. Ram Kumar, one of the workers in the factory, was working on machinery, another worker switched it on unknowingly. As a result, Ram lost one of his arms. He was permanently disabled and will not be able to work again. The policy provided permanent disability benefits as well as an educational benefit to sustain the education cost of his son.
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.
