Group Accident Insurance – Every Responsible Employer should have it

Apart from infrastructure and capital, employees are a company’s greatest strengths and biggest assets. As responsible and wise employer, perhaps you would never ever want to lose the gems of your company to accidents or any other mishap. However, things like accidents can happen just like that, sooner or later.

Give a thought – what if the best worker of your company is hit by an unfortunate accident that left him or her on wheelchairs, or to the most extreme condition, what if he or she died because of that? Again, as a compassionate employer, you can’t ignore the hardships, his or her family members have to go through after being struck by such a misfortune.

Get your companion by your side

Besides the situations mentioned above, losing a capable employee is also a loss to your company. Most importantly, you might have to bear the expensive consequences by compensating the family of the departed or disabled worker, if the employee is harmed while in service. In order to avoid such mental and financial twists and turns, it is really wise to get your company a Group accident insurance. Such policies protect the insured candidate against cases, like PTD, PPD, accidental death, dismemberment and many more.

So, if unfortunately such occurrences knock on your door and you have your companion with you, then you won’t have to shell out the compensation amount from your pocket. Also, getting your employees insured is also a way to express that you do care for them as well as their families.

Dig deep into Group personal accident insurance

Let’s begin the discussion with the extent of coverage offered by Group accident insurance policies.

Accidental death – If an employee gets injured that results in his or her death within 1 year after the accident occurred, then the employer is liable to pay out the principal sum insured.

PTD – In case of an injury resulting in a PTD (Permanent Total Disablement) that makes the insured employee unable to work for more than 12 months at a stretch, then the employer is liable to compensate him or her with 100% of the sum insured. Take a look at the table given below:

Issue	Compensation
Loss of sight - both the eyes	100%
Loss of both the hands and feet	100%
Loss of one and foot	100%
Loss of one eye’s sight and loss of one foot or hand	100%
Hearing loss – both the ears and complete speech loss	100%
Full hearing or speech disability and loss of hand or foot or sight loss of one eye	100%

PPD (Permanent Partial Disablement) – In such conditions, provided they continue at a stretch for 12 months or more, the employer is liable to compensate 2 – 60 % of the sum insured. The rate of compensation depends on the disability.

If you have sufficient insurance coverage, then the compensation mentioned above would be paid by the insurance provider.

Let’s move on to the benefits offered under GPA

Weekly Benefit: A complete Group accident insurance policy offers weekly compensation to the insured employee in an event (accident) leading to total or temporary disability.

Medical Reimbursement: The insured candidate will be compensated for the expenses incurred due to hospitalization as well as other medical procedures. The amount of compensation might vary from one insurance company to the other.

Education Benefit: Most of the Group accident insurance policies do compensate the insured employee for the education of his or her child (as he or she is restricted from earning money), because of the former’s permanent total disability caused by an accident.

Residential accommodation modification – Sometimes PTD as a result of an accident demands lifestyle modification. In order to attend to such needs, many insurance policies do cover accommodation modification expenses.

These are some of the most important areas covered by Group accident insurance policies. An important thing to remember - the figures and benefit clauses mentioned above are more or less common with most of the insurance providers. In order to get the exact figures, it would be better if you refer to the company policy pages or visit an insurance broker. On the web you will find a number of insurance brokers that list most of the insurance companies operating in the country. So, you can find a policy very easily. However, don’t forget that things bought after comparison can help you save a lot of money!