Group personal accident insurance comes in handy for employers who are constantly in a lookout for ways to safeguard their employees against certain risks that can cause death or permanent disablement. The product is available for both the employees and board or owner of a company.
The extent of the coverage of the group personal accident cover is dependent upon the terms of the plan. Generally, these are the covers that are provided by most of the group personal accident insurance cover:
- Accidental Death: Compensation is paid to the family member of the employee in case there is an injury resulting in the loss of life of the worker.
- Permanent Total Disability: If the employee meets any accident that resulted in a permanent disability that continued for 12 months, then the compensation up to sum assured is paid to the employee.
- Permanent Partial Disability: In case there is any injury to the employee due to which he became partially disabled, then 2% to 60% of the sum assured depending on the terms of the policy is paid by the insurer to the employee. But, the disability should be continued for more than 12 months.
- Weekly Benefits: The employee is entitled to a weekly benefit if he is full disabled, but for a temporary period to compensate the loss of salary due to not working.
- Ambulance Charges: If in the case of injury, your employee is needed to be taken to the hospital by ambulance, then the insurer reimburses the ambulance charges.
- Mortal Remains Charges: The policy also reimburses all the expenses relating to transportation of mortal remains of the employee to his home or ground.
- Broken Bones: If any of the bones are damaged or break due to an accident or injury of any of your workers, the policy pays a lump sum amount to the employee.
- Medical Reimbursements: The plan reimburses all the medical expenses and hospitalization charges related to the injury.
Education Benefits: The insurance company reimburses the educational costs of the children, in the case of unfortunate death or permanent disability of the employee.