Know About the Benefits of Group Personal Accident Insurance

What is Group Personal Accident Insurance?

This insurance is issued for people having similar risk profile, travel hazards, likely personal injury, occupational hazards, etc. by a company. This type of insurance plan covers accidental death, medical expenses due to accidents, permanent or partial disability due to a mishap, etc. With this policy, the aim is to provide comprehensive financial protection due to any of accidental causes where the employees have a risk from the occupation they are involved in.

Following are the benefit covered under employee accident insurance according to different categories:

Accidental Death: In event of death of an employee as a result of an accident, the nominee(s) is paid the principal sum as the benefit from the accidental cover.

Permanent Total disability: Permanent disabilities from accidents, the insured will receive the assured sum as compensation from the insurer. However, the cover is contingent on the condition that the insured is permanently disabled, in continuity, for a period of 12 months after the accident.

Permanent partial disability: In this case, group accident insurance plan will cover anywhere from 2% to 60% of the sum assured as compensation if the insured suffers the disability for a period of 12 months in continuity. The conditions mentioned in the policy is subject to change from company to company, so taking help of online aggregator like paybima.com can help assess the terms before buying a policy.

Ambulance charges: Reimbursement of ambulance charges in event of an accident can be availed under this policy.

Transportation of mortal remains: Moving of mortal remains from the site of accident to residence/ hospital, etc. is covered under employee accident insurance.

Broken bones / skeletal injury: Compensation for broken bones due to an accident is paid by the insurer as a lump sum amount according to the listed conditions in the policy cover.

Mediclaim: Reimbursement of medical bills and allied costs for treatment can be availed under this policy. Generally, a percentage of the actual bill/ medical cost are covered by this policy.

Lifestyle changes: Total disability due to accidents that leads to change in lifestyle and demand in additional daily expenses are covered under a plan. Financial assistance are provided via such policies to meet expenses due change in lifestyles.

Since the general population works in various classes, certain occupational hazards exist in every class of workers. Even executive class people travelling via air can avail cover under this insurance. Group Personal Accident Insurance is a way to stay protected when there is a likely risk from occupation/ work. This insurance gives comprehensive yet diverse cover to the insured in the event of an accident and takes care of any additional expenses that the insured is likely to incur in future.