Accidents may be unexpected, but employers can take steps to assist employees in paying for medical bills or claiming disability benefits if they suffer a permanent injury. Having group accident insurance covers an employer’s basic responsibilities toward their employees. Employers use this policy to protect their employees from the risks caused by permanent disability or death.
What is a Group Accident Insurance Policy?
A group accident coverage is a group policy for employees, owners, or board members of an organisation. It intends to guard them against accidental risks. The group accident coverage is essential for an organisation to ensure its resources and dependents’ safety. In the following section, we will shed light on the crucial aspects of this policy.
Significance of Permanent Disability Policy
- The policy is designed and launched to safeguard a large group of people with higher compensation at lower premium rates.
- The policy holds a high policy claim settlement ratio. It signifies that the insured policyholder or dependent will not have to reach out to the insurer back and forth to claim the benefits covered in the policy.
- The policy ensures quicker reimbursement of medical, travel, and other related expenses against the partial permanent disability accidental claim. Its purpose is to ensure that an insured policyholder or dependent receives quicker reimbursement for medical treatment during an accident.
- It is a valuable policy in cases where an employee is the family’s sole wage earner.
To understand the policy’s relevance and credibility, we have compiled a list of its most crucial attributes.
Key Features of the Policy
- The Insurance Regulatory Development Authority (IRDA) has approved the policy, ensuring its legitimacy. It complies with all the predefined norms set by the authority.
- The insurance companies can customise the policy as per the employer’s needs. The customization is based on the size of employees, the number of dependents in the employees’ families, types of coverage and benefits, and more.
- The policy provides digital and physical insurance policy cards to the insured policyholder for cashless hospitalisation. The card entitles the insured to use network hospitals PAN India. This cashless policy card is similar to the digital health ID card launched by the government of India.
- Group accident insurance lets their policyholders avail of cashless services such as hospitalisation and medical treatments at premium network hospitals across all the cities in India.
- This insurance plan also extends a wide range of benefits to those who suffer permanent disabilities and, to some extent, partial disabilities due to an accident.
Benefits of the Policy in case of Permanent or Partial Disability
Now that we know about group accident coverage, let’s explore some of its benefits:
- Death Coverage – The policy reimburses the beneficiaries of the deceased insured employee 100% of the lump sum amount.
- Partial Disability – The policy provides variable compensation of the sum insured to partially disabled insured employees. The coverage is only applicable if the insured employee is partially disabled for more than a year due to an accident.
- Loss of Limb – In the event that the insured employee loses a limb or becomes incapacitated, the policy reimburses the entire sum insured. However, there are specific predefined conditions and phrases in the insurance that relate to limb loss and compensation.
- Ambulance Expense Coverage – The policy reimburses road ambulance expenses up to a fixed amount. The ambulance expenses incurred in transporting the injured insured employee from the accident site to the hospital are eligible for reimbursement.
- Injury Compensation – The policy offers weekly compensation to the injured insured employee till the temporary period of disability. It also monetarily supports the injured insured employee in case of unpaid leaves.
- Hospitalisation Coverage – The policy compensates the hospitalisation expenses of up to 10% of the sum insured for accidental injury to the insured employee.
- Fracture Coverage – The policy remunerates lump-sum payouts to the injured insured employee with broken bones.
- Transportation Coverage – This policy reimburses up to 5,000 INR for transportation costs. The benefit covers the shifting expenses incurred while transporting the last remains of the deceased employee from the accident site or to the cremation site.
- Child Education Coverage – The policy compensates children’s educational expenses of up to 10,000 INR. It applies to each child of the permanently disabled or deceased insured employee.
Steps to Apply Online for the Policy
Employers can easily avail the benefits of the Group Personal Accident Insurance (GPA) online by following the steps given below:
- Visit the official website of any premium insurance brand, such as Plum Insurance.
- Register on the Plum Insurance website.
- Update the personal and health-related details of all employees.
- Complete the payment process to book the GPA plan for the employees.
Key Takeaways
Employers can provide comprehensive insurance coverage to their employees by procuring a group accident disability policy. This policy is also advantageous to an organisation’s reputation because it conveys to employees that the organisation cares about their well-being. If you want to know more about permanent disability benefits offered by group accident insurance policies, visit the official website of Plum Insurance to get detailed information.