Protecting Your Team: A Guide to Group Personal Accident Insurance

Protecting Your Team: A Guide to Group Personal Accident Insurance

A group personal accident insurance is a comprehensive policy that is provided to small as well as large groups such as workers, employees, colleagues, bank customers, etc. Group Personal Accident Insurance protects its employees against accidents resulting in disability or death. It covers the employees, owners, and board members of an organisation, irrespective of the size of the organisation, subject to the requirements.

It includes clubs, corporations, associations, institutions, and firms.

Benefits

• Accidental Death: The insurance provider pays off the sum insured in the event of accidental death of the insured to the nominee.
• Permanent Partial Disability: In case of partial disability due to injury, the sum assured ranges from 2% to 60%, according to the policy, and is paid off by the employer to the employee. However, the disability must continue for 12 months.
• Permanent Total Disability: In case of permanent disability happens to the insured’s employee as a result of an accident and continues for a month, compensation will be provided to the employee in that case.
• Educational Benefits: The insurance company will bear the cost of education of children in case of disability or death of the employee.
• Ambulance Charges: If an employee meets with an accident and is to be taken to the hospital, ambulance charges will be borne by the insurance company in that case.
• Weekly Benefits: A weekly compensation would be paid in case of disability due to an accident.
• Transportation of Mortal Remains: The cost incurred in moving the mortal remains from the accident location to the hospital, residence or cremation ground is reimbursed.
• Medical Reimbursement: The insurance company will reimburse the medical costs and charges incurred as a result of an accident or injury.

Inclusions

• Accidental Death
• Permanent Partial/ Total Disability
• Weekly Benefit
• Ambulance Charges
• Mortal Remains Transportation: Broken Bones 

Exclusions

• Natural Death
• Violation of Law
• Pregnancy or Childbirth
• Injury caused by drugs or alcohol
• War and nuclear perils
• Ionising radiation or radioactivity

How to claim?

01. Claim Intimation

• The insurance provider should be informed about the accident by phone or e-mail.
• Once intimation is received, register the claim.
• The insurance company will provide the claim form to the insured along with the required checklist of documents.

02. Claim Processing

• In an event of incomplete documents, the policyholder will be informed through an SMS, email, or phone call.
• The company will then process the claim, once the documents are received.

03. Claim Settlement

• A cheque is to be sent to the concerned insured.
• In case of rejection, the team will send a rejection letter to the insured.

Conclusion

Accidents, be they temporary or permanent, create not only physical disability but also financial crisis for both the victim and his/ her family. As everyone is prone to accidents in our daily lives, these types of situations become troublesome. It has become necessary to get a group personal accident insurance policy that provides compensation in the event of an accident due to which death or disability occurs.

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