Group personal accident insurance is all you need to protect yourself against the financial distress of disabilities 27th February 2023
Human resources are the greatest asset for any company. A good workforce can make or break a company. Companies often offer group personal accident insurance to protect their workforce from the loss of income from any kind of accident and related disability or death. The employees feel protected against financial uncertainties of work-related hazards with such insurance. It benefits employees working in heavy industries with dangerous machinery and surroundings.
Group personal accident insurance India is an effective way for employers to attract and retain talent. As an employee, it offers protection against the financial distress of disabilities and supplements your existing insurance covers. Let us know more about it.
1. Coverage:
Group personal accident insurance provides comprehensive coverage to an entire group against accidental disability and even death. Policies are customisable according to the number of people in the group and their specific needs. Hence, you can be reassured if your group is too large or small. Such policies provide discounts on a higher number of members in the group.
● Permanent total disability – Insurance companies will pay you the total sum insured in case of permanent total disability such as loss of leg, limb, eyesight, etc.
● Permanent partial disability –You are eligible to get up to 50% of the total sum insured in case of permanent partial disability, such as loss of one foot, loss of hearing, damage to eyesight, etc.
● Temporary total disability – You will get a certain percentage of the total sum insured in case of temporary total disability from an accident, depending upon your policy terms and conditions.
● Medical care – The policy will also cover your medical expenses, even if you are admitted for one day in a daycare treatment. Moreover, it will also cover your cost of OPD treatment, physiotherapy sessions, and ambulance transportation.
● Education – Some policies also come with an education add-on cover. The insurance company will take care of the education expenses of up to two dependent children in case of the insured person's death.
2. Need and importance:
Several industries require their employees to work on heavy machinery and risky surroundings, including the iron and steel industry, automobiles, pharmaceuticals, etc. A work-related accident can cause temporary or permanent disability, causing a financial crisis and a lot of trouble for the employees and their families.
So, if you are an industry employee, group personal accident insurance India covers you against such unfortunate accidents. It takes care of the hefty hospital bills for your treatment up to the limit of the policy amount. It also provides financial assistance to the nominee in case of the policy holder's demise.
Therefore, such a policy will give you peace of mind and protect you against the monetary distress of disability or death, allowing you to work stress-free with greater efficiency. It also helps build trust with your employer and strengthens professional ties for a long time.
3. Exclusions:
Group personal accident insurance India does not cover pre-existing diseases when purchasing the policy, self-inflicted injuries such as a suicide attempt, mental disorders, non-accidental medical treatments, hospitalisation due to substance abuse, criminal activities, or war. Ensure to read the terms and conditions of the policy to know more about the details. You may contact your employer or the insurance company if you've any queries regarding your coverage.
Group personal accident insurance India offers coverage that regular health insurance policy does not provide and also compensates the nominee with a lump sum payment in the unfortunate event of disability or death due to an accident. This can be a great financial support to your dependent family members.
Choose the best personal accident insurance India to provide complete coverage, support, and protection during the time of need.
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Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.