GROUP ACCIDENT INSURANCE
Can be used Internationally as well
Group accident insurance is a type of insurance that is offered to employees (by the employer) to protect them against the medical expenses incurred due to injury or death resulting from an accident at the workplace. Today, the employers worldwide have realised that their workforce is their greatest asset and therefore, are taking every step to keep them protected against uncertainties.
At the workplace, especially if it is a manufacturing unit, the employees are exposed to various risks. To ensure protection to the employees, it is paramount that the employers cover the employees under a group accident insurance plan. It is a win-win situation for both the employers and the employees. While the employees feel protected, the employers get a group discount based on the size of the company at the commencement of group insurance policy.
What are the key features of group accident insurance?
- The group accident cover offers to pay compensation to the employees who suffer bodily injuries due to accident.
- The policy offers coverage for 24×7.
- Organization can get group discount depending on the size of the employees at the start of policy.
- The policy covers expenses related to ambulance transport and other accident related charges.
- Insurance companies offer upto 2% of the capital sum insured cover to compensate for the carriage of dead body from the place of accident to the residence
Here Are Few Benefits of Group Accident Insurance
Taking a group accident insurance plan for the employee not only secures them against the unfortunate events, but also boosts their faith in your company and helps employers will employee’ loyalty.
A group accident insurance not just covers the employees against a mishap but relieves the employee’s family from bearing any financial losses in case of such accidents. As an employer, the key to getting the best of accident insurance policy is to choose the right master plan to suit your organisational needs. If you are still sceptical about buying group accident insurance here are a few more advantages that will surely convince you.
Comprehensive cover – The group personal accident policy assures comprehensive protection for almost all expenses due to accident.
Accidental Death – In the unfortunate event that an accident results in death (and we hope that never happens), your dependents will get financial protection, as well as help with funeral and transportation expenses.
Disablement – In case an accident causes total or partial disabilities (like loss of sight or limbs) this insurance can help cover you financially
Hospitalization expenses – If you get into an accident, you will be covered for things like room rent, diagnosis, and day care procedures as well as pre and post hospitalization expenses such as road ambulance charges.
Loss of Income – In case you suffer a Temporary Total Disablement and you are unable to perform your work for a while, we will pay a weekly benefit amount.
Benefits for Children – This policy goes beyond helping you and will also cover certain benefits for your dependent children, such as costs of education or marriage expenses if the worst happens and you face permanent total disablement or death after an accident.
Ambulance cost – If the employee needs hospitalisation, the group accident policy pays for the ambulance cost.
Transport of mortal remains – Insurance companies offers to cover cost incurred for transport of dead body from accident site to the residence of the employee
Accidents can not only cause financial trouble for the employee’s family, but it may also affect employers in a way. Hence, employers should ensure the safety of their employees by insuring them with Group Accident Insurance Policy.
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