As an employee, you might receive insurance coverage included as part of the benefits of your service. Most companies tend to offer their employees health insurance and personal accident insurance as part of a group insurance plan. Though the coverage is quite basic in most cases, it still goes a long way in protecting the employee financially during unforeseen circumstances as many people fail to look into their own needs for insurance. In this article, we take a look at the coverage you receive under a group personal accident insurance plan.
What is group personal accident insurance?
Group personal accident insurance is a type of policy that covers the employees of an organisation against accidental death, disability and injuries. This group insurance may be offered to individuals who are a part of a company, firm, institution, club or association. The individuals covered under a group personal accident insurance policy may enjoy coverage for accidents sustained on duty and off duty as well, depending on the terms of coverage.
Some of the benefits of a group personal accident insurance policy are as follows:
- Payout of sum insured to the nominee (usually family member) upon the accidental death of the insured employee
- Payout of compensation up to limits specified in the policy for permanent partial/total disability sustained due to an accident
- Weekly compensation up to limits specified in the policy for temporary total disability due to an accident
- Education fund for dependent child if the policyholder suffers accidental death or permanent disablement due to accidental causes
- Compensation for ambulance costs, carriage of mortal remains, and hospitalisation expenses up to policy limits
Insurers may offer additional benefits based on the unique features they include in their group personal accident insurance plans. Make sure to get a full list of the coverage you receive as part of the plan that your company signed you up for.
What are the benefits of group personal accident insurance?
Most people do not have any financial protection against the heavy medical bills and possible loss of income that follows an accident. Being a part of a group personal accident insurance plan ensures that you have at least a basic level of coverage in case something unfortunate happens. This group insurance plan is especially helpful for someone who is the breadwinner of their family. In single-income households, an accident that causes disability to the earner can throw the entire home into financial turmoil. The coverage from a group personal accident insurance plan allows you to keep your home running while also ensuring the weight of the medical bills does not fall on your shoulders alone.
For employers, offering this group insurance to their staff works as a major perk of being associated with the organisation or company. A group personal accident insurance plan offered to all workers shows them that their employer truly cares about their well-being and wants them and their families to be provided for in unfortunate circumstances.
Are there any exclusions to the coverage?
Insurers can reject claims that arise due to self-harm, insanity, acting under intoxication, and criminal activity. Additionally, the death of the policyholder due to childbirth or pregnancy complications may not be covered. Do be sure to go through the fine print of the policy for a detailed listing of what is not covered.
Personal accident insurance is one of the most important types of insurance products you can ever have. Just in case your company does not cover you under a group insurance plan, do consider getting individual coverage of your own.
Hope this article has helped you gain an overview of group personal accident insurance.
Take care.
