Group personal Accident Insurance

Group Personal Accident Insurance - Key Highlights

Now that you know the importance of group personal accident insurance, let’s talk about some of the key highlights of Group Personal Accident Insurance: .

• Group Personal Accident Insurance provides a comprehensive coverage for all expenses associated with accidents.
• In case of the accidental death of the insured, 100% of sum insured is paid to the nominee.
• 100% of the sum insured is paid in case the insured losses vital limbs.
• Half of the sum assured is paid out to the insured in case of partial disablement.
• A certain percentage of the sum assured will be paid to the insured in case of temporary complete disability.
• It also offers coverage for the Insured’s broken bone due to an accident,
• This policy provides protection against insured’s burns arising due to an accident.
• Some group personal accident insurance policies also provide coverage for heart attack & stroke.

Let’s now discuss the key highlights of Group Insurance Plan in greater details

Accidental Death- In case an employee meets with an accident that results in his/her death, the nominees are paid the principal sum as the accidental death benefit.

Permanent Total Disability- In the event where an employee meets an accident that results in a permanent disability for a period of 12 months in continuity, the insurer will pay the sum assured as compensation to the employee.

Permanent Partial Disability- In case an employee meets an accident that causes a permanent partial disability for a period of 12 months in continuity, the policy would cover between 2% and 60% of the Principal Sum according to the level of disability (listed in the policy coverage).

Ambulance Charges- The policy offers reimbursement for ambulance charges incurred in case the employee meets any accident.

Mortal Remains Transportation- The insurer issuing group personal accident insurance bears the expenses arising due to moving the mortal remains from the accident site to residence, hospital or cremation ground.

Broken Bones- A lump sum amount is compensated for broken bones of an employee, covered under group personal accident insurance plan, caused by an accident, as listed in the policy coverage.

Medical Reimbursement- This policy also provides reimbursement for the cost of hospitalization for the treatment of injury. The compensation offered under this benefit is generally a certain percentage of the actual medical cost incurred.

Changes in Lifestyle- Permanent Total Disability arising out of an accident often demand a change in lifestyle. To meet the increase in lifestyle expenses due to the change, the employee might need financial assistance. For example, modify an existing vehicle or shifting to ground floor or change in staircase. This is where Comprehensive Group Personal Accident policies come in handy. These policies provide a financial assistance to meet such expenses arising due to any such requirements.