Introduction
A group personal accident insurance policy provides the necessary financial support and sense of security to the employees in the event of an unexpected death or accident. The group accident plan ensures that all the organisation’s employees are covered. It does not require any specific form-filling or application. When the staff member is onboarded, they are included in the plan. All types of employees, from the top leadership level to the bottom level management, are protected. It acts as a shield to cover high medical costs.
Imagine if you meet with an unfortunate accident that requires intensive surgery. You would be left worried about the hefty medical bills at such a time. As if undergoing a critical operation is not stressful enough, you will probably have to be out of work until you recover. During such circumstances, the group accident plan comes to the rescue. If the terms of the policy cover the type of accident you have encountered, you have absolutely nothing to worry about. The policy will support you financially and take care of all the expenses covered under the terms. Provided all the conditions are satisfied by the insured, the dues will be settled by the insurance company.
To make the best possible use of the coverage, you must study and research the extent of coverage in detail. If you fail to understand what your policy offers, you may miss out on helpful facilities and end up shelling a huge sum out of your pocket. Hence, next, we move on to discussing the features.
Understanding The Features Of A Group Accident Insurance Plan
Here, we are listing the prominent characteristics of a group accident insurance plan:
The employers ensure that the group accident insurance plan is offered to a group of individuals who have a homogenous risk profile.
Employees are segregated and clubbed in the same group when they are identified to possess similar characteristics regarding age, medical history, etc.
Sometimes employees are grouped based on their job profile, ranking or no. of years in the company.
The employer’s responsibility is to form groups, and the employees have no say in the process.
Members of a group accident plan can avail the benefits of coverage once the plan is activated until they are part of the company, i.e., during their active employment.
A summary of the advantages of a group accident insurance policy is given as follows:
Covers the unfortunate accidental death of any member of the workforce.
Settlement of medical bills incurred due to any sudden accidents.
Expenses incurred as a result of permanent total disability by accident.
Expenses incurred as a result of permanent partial disability by accident.
How Does The Group’s Accident Insurance Policy Provide Coverage?
The policy helps the employees by offering coverage when required as under:
As an employer, you will offer compensation to their family members as per the terms of the policy if there is any accidental death of an employee.
Suppose an employee encounters permanent total disability as a result of an accident which continues for a period greater than 12 months. In that case, the employee can claim compensation per the sum insured.
On the other hand, if it is a permanent partial disability, the insurance company will disburse between 2% to 60% of the sum insured. The range can vary based on the terms of the agreement.
Weekly benefits are offered to the employee who loses their ability to work after meeting an accident. This benefit is generally temporary and is given to reduce the burden of deteriorating financial conditions due to loss of income.
Ambulance charges are borne under the policy whenever an employee needs medical aid due to any injury or accident and must be taken to the hospital for treatment.
In case of accidental death, the cost to carry the mortal remains to the family home or cremation ground is reimbursed to the family members.
If the terms specify any clause, a partial reimbursement can be approved if the employee has suffered a fracture.
Generally, the entire cost of hospitalisation is 100% reimbursed.
Child education is a unique benefit undertaken at a cost to the company when the employee loses their life due to permanent disability or death. This greatly relieves the dependents as it helps the family move on to better and brighter things in life.
Suppose, due to the disability, the employee needs assistance moving around, be it a wheelchair, changes in the car, or seating arrangement at the office. In that case, the organisation will ensure it is provided.
How Is The Group Personal Accident Insurance Policy Effective?
The plan is centred on protecting and safeguarding the sole breadwinner. It allows employees to focus on their core work without worrying about landing in any troublesome unforeseen situation. It works in their interest as it gives financial freedom and emotional support. The following points ensure the employee lives with a peaceful mind & calm approach at and outside work –
Group Personal Accident Insurance Policy extends medical care for critical situations and ensures organisation support during emergencie
As an employer, you can provide wide coverage at a decent cost and avail of group discounts.
You can retain the high-performing talent and maintain goodwill within and outside the company.
The insurance plan ensures smooth and hassle-free claim settlement.
Employees can avail of a cashless facility at network hospitals as it is available at the PAN India level. Employees can register themselves with the help of a digital health ID card.
Wrapping Up
Plans can also be customised as per the needs and requirements of the workforce as it is for their welfare. It can be concluded that the plan is a complete package and is just the kind of support you need to offer at work!
