For any organization, its employees are the most valued assets. This is evident, especially in today’s competitive world where it is very difficult to get and retain talented employees. While you might be providing several facilities for the safety and security of employees, availing of a personal accident insurance cover for them is often negated. This is because most employers prefer to ensure financial security through policies like group mediclaim and workmen’s compensation insurance. So, why should you offer Personal Accident cover to your Employees?
However, the need for a group personal accident cover is highlighted by the fact that in India, 400 people die in road accidents every day. Securing one’s employees, thus has become a necessity and it can be feasibly done through a suitable group personal accident insurance cover.
Certain benefits that set this particular insurance cover apart from the other key policies are as follows:
Accidental death benefit paid to the nominee
- In case an employee dies in an unfortunate mishap, it can be a tough time for his dependents.
- An employer can at least help them financially at such a time, by availing a group personal accident cover.
- In case of death, the full sum insured is payable as per the group personal accident insurance policy
Compensation for permanent/partial disability
- Losing a body part can make an employee unable to work for a considerable period of time. He may no longer be able to resume the same kind of work.
- For example, a journalist who writes travelogues might not be able to do his job in case he meets with a serious accident leading to paralysis. In such cases, this policy can give compensation. It may vary according to the severity of injuries. If an employee loses both limbs in an accident, 100% of the sum insured is payable. However, only would pay half of the sum insured, in case of loss of one limb or one eye.
Add-on covers
- Can customize the policy to include the medical expenses in case of treatment after an accident.
- Such treatments can be expensive and might leave an employee unable to join work for a considerable period of time.
- It is thus necessary to provide such added compensation to maintain the organization’s good reputation in the market.
How to decide the sum insured in the group personal accident insurance policy?
It can be difficult to choose the appropriate sum insured in the case of this policy. The rules of deciding the limit of indemnity in the case of a group life insurance will not apply to this policy, given the nature of volatility that it has. The injuries caused might range from an employee being unable to work for one week to one year. Also, an employer needs to decide the cover for employees who may have drastic differences in their financial status!
It is better to take help from a corporate advisor to decide the total sum insured in case of a group personal accident cover as it will depend on a variety of factors like the size of the organization, the personal habits of employees, their individual financial backgrounds, etc.
How to Buy?
SecureNow is the best place to buy group personal accident insurance policies and secure your employees. By entering a few details, like the number of employees, and rider requirement, if any, you can get quotes from leading insurers which you can compare to find the best one. The most useful feature of SecureNow is that it gives a complete insurance experience by helping you in choosing the right policy and then helping at the time of claim settlement as well. You can buy your policy from anywhere throughout the globe.
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.
