Employees are covered by group accident insurance as part of their employer’s group life insurance plan. The policy covers both the employer and the staff of the company.
Group personal accident insurance provides comprehensive coverage for employees enrolled in it, protecting them from large medical bills incurred due to being disabled in an accident. The coverage also covers the insured’s death as a result of the mishap.
What are the key features of a group accident insurance plan?
- It applies to a group of people who are members of the same firm or community and have purchased the policy.
- The employer/owner of the company creates this group or community.
- The policy serves as a motivator for employees.
- It pays for medical and treatment costs in the event of the insured’s accidental death or treatment.
- It compensates the insured’s dependents if the insured dies in an accident.
- It also provides compensation to dependents in the event of the insured’s permanent total or partial disability due to an accident.
What components are covered by a group accidental insurance plan?
Group accident insurance coverage is often determined by the length of the plan chosen by the employer. Most private group accident insurance plans cover the following:
- Perpetual Total Disability: If the accident causes the insured to become permanently disabled for more than a year, the insurer pays the sum assured.
- Perpetual Partial Disability: If the insured suffers permanent partial disability as a result of the accident, the insurer will pay 2% to 60% of the entire value promised. If the disability lasts more than a year, the benefit is provided.
- Accidental Death: If the insured dies in an accident, the policy pays a lump sum payment to their dependents. If you have issues motivating employees in such adverse conditions, read this article.
- Ambulance Fees: Ambulance fees are also covered by the policy.
- Education Benefits: If the insured dies in an accident or suffers a permanent handicap, the policy will pay for the children’s education.
- Medical Bill Reimbursement: The plan also covers the costs of medical treatment and hospitalisation.
- Lifestyle Changes: If the insured’s permanent partial or entire handicap causes them to need a car for transportation or continual care, the insurance will cover those costs.
- Expenses for Transportation of the Insured’s Mortal Remains to Dependents: The policy reimburses the costs of transporting the insured’s mortal remains to his or her dependents.
- Weekly Benefits: In the event of total disability, the policy pays weekly advantages to the insured. However, the said benefit is only limited and substitutes for the loss of income caused by the injury.
Popular Group accident insurance plans in India
Aditya Birla Group Activ Secure
- Aditya Birla provides group accidental insurance to their clients, providing global emergency medical assistance that allows you to choose the hospital room you want.
- They have customised corporate plans providing lump sum benefits and health tracking via apps.
- They do not provide insurance benefits in case of psychological issues and chronic diseases.
Bajaj Allianz Global Guard Policy
- Another player in the market is Bajaj Allianz, providing group accidental insurance for your employees. Bajaj covers many salient features, such as covering accidents outside India and providing policies for the entire family.
- Though employees suffering issues from childbirth are exempted from falling under the group insurance policy.
Bharati AXA Smart Group Accidental Insurance Policy
- Bharati Axa provides a comprehensive accidental insurance policy, just like the rest of the players. Bharati Axa provides weekly compensation benefits in case of temporary disability, and has double benefits for death and disability policy.
- Like most insurance providers, Bharati AXA does not provide coverage for accidents occurring under the influence of drugs and alcohol.
- Also, people with pre-existing conditions are debarred from the coverage.
Future Generali Group Accidental Insurance Plan
- Future Generali offers a group accidental insurance plan for their clients. They offer benefits, such as group discounts and insurance coverage for up to five years.
- Like the rest of the plans, they also do not provide coverages in case of pre-existing conditions and pregnancy-related complications.
Plum Insurance Group Accidental Insurance Plan
Here, at Plum Insurance, employers can opt for the Group Accidental Insurance Plan for their employees at affordable rates. We provide all the benefits that others have to offer, and we have more to offer, such as:
- Our group accident insurance plan covers up to 10% of medical expenses in the sum insured.
- We provide accidental coverage of up to Rs. 25 lakh.
- We at Plum Insurance provide 100% SI in case of partial or total disability.
- If the person insured in the policy has a dependent child, we provide Education Welfare Fund for up to Rs. 10,000.
- Customer support is super easy. We can guide you through the process just over WhatsApp.
- We also provide transportation charges up to Rs. 5000 for transporting mortal remains.
With Plum Insurance, you get an abundance of benefits for your Group Accidental Insurance Plan.