Group Personal Accident

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A group personal accident insurance policy has the following characteristics:

  • Issued to a group of people with the similar risk profile
  • Employers, organisations, travel companies, banks, and other service providers can create the groups
  • The insurance covers the expenses and compensates the insured group members for any injury sustained in the course of their lives (except injuries obtained due to excluded causes)
  • Applies to the whole world
  • The general benefit includes the following:
    • Accidental Death
    • Medical Expenses arising out of accidents
    • Permanent total disability due to an accident
    • Partial disability is permanent due to an accident

To know about the claim procedure in group personal accident insurance, see How the claim is processed under group personal accident insurance?

Cases on Group Personal Accident Insurance

Personal Accident as an Employee Benefit

Mr Bajaj owns a company which manufactures automobile spare parts. A total of 120 workers and employees work through this production process. Even though the production is automatic and machine-oriented, it is necessary for the employees to be present at the time of production.

Mr Bajaj had purchased group personal accident insurance for the entire workforce. The intent is to offer compensation for any loss of human life due to mishaps or injuries. Accordingly, if an employee meets an accident within or outside the premises, his family will receive compensation for their loss.

Personal Accident Policy as a Facility

Minhaz Travels organises group vacations and tours. Additionally, they always and compulsorily include group travel insurance costs in the tickets. Because this helps to compensate any traveller who loses baggage or meets with an accident while on tour.

Group travel policy includes personal accident insurance as well to provide for the hospital and emergency carriage expenses if anything untoward happens to any of the travellers.

Characteristics and benefits of Group Personal Accident Cover to Employees

Gangaram Gupta, who is 27 years old is an HR executive at Indian Oil Corporation. While driving back home on a weekend, he had a road accident. Consequently, he had to stay in hospital for three weeks.

Thankfully the company has a group personal accident policy to support employees in such events. The policy fully covered Gangaram’s hospital expenses.

To know the additional benefits of a group personal accident policy, see What are the additional benefits available in the Group Personal Accident insurance?

Out of the total bill of Rs. 57,000, Gangaram only paid about Rs. 700. Mainly, this was for the food that he consumed from outside during his hospitalization. This total cost included the cost of the ambulance which carried him to the hospital from the site of the accident. It also included the cost of the medicines he had to take after getting relieved from the hospital. This was part of his recuperation.

Group Personal Accident Cover for High Flying Expats

One of the best features of the group personal accident policy is that it applies 24×7 throughout the world. Thus, even if your firm employs people who spend most of their time travelling to foreign locations, a personal accident policy benefits them across the world.

Considering how difficult it can be, for the person and his/her family members to cope with accidents on foreign soil, a personal accident policy can be a great relief.

For instance, the employer’s group personal accident insurance helped Shubhendu Chatterjee when he got injured in a vehicle accident on a highway pileup while travelling for work in Spain.

He was hospitalized for ten days, and the insurance reduced his hospitalization cost by 70% for the same. Moreover, he received a weekly cash allowance and money to replace his clothes damaged or lost due to the accident.