Group Personal Accident Insurance provides financial security to the insured person and their dependents in the event of an accident.
The policy pays out a lump sum or a weekly benefit to the insured person or their beneficiaries in case of accidental death, permanent or partial disability, medical expenses, and temporary total disablement.
Group Personal Accident Insurance is a type of insurance policy for employees that provide coverage to a group of individuals against accidents that may result in bodily injury, disability, or death. This type of insurance is typically purchased by employers or organizations on behalf of their employees or members.
Group Personal Accident Insurance is a valuable addition to any organization's employee benefits package or an individual's financial planning. It is important for several reasons, including:
Group accident insurance can be customized as per your business needs. Below is a list of the benefits you can attain from it as an employer or employee:
Group Personal Accident Insurance can provide employers with a competitive advantage in the job market, improve employee retention and productivity, group discount, and ensure compliance with legal requirements. Insurance can provide several benefits for employers, including:
Get reasonable premium estimates for covering more numbers of employees. Some insurance companies provide significant coverage depending on workers who work in risky jobs like mining.
You can attain annual benefits from this policy based on a yearly tenure for an organization.
The majority of insurance providers provide group medical coverage (GMC) and group personal accident coverage (GMC+GPA) at an affordable price.
Group Personal Accident Insurance is an affordable financial protection policy with customizable coverage that can be tailored to their specific needs. Check out several accident insurance benefits below:
This coverage pays a lump sum or monthly amount in case of accidental death or permanent disability due to an accident depending on the policy.
This insurance provides a weekly payout to the insured person in case of an accident-related temporary total disability. This plan can help cover the loss of income during the recovery period.
As an employer, the key to getting the best accident insurance policy for employees is to choose the right master plan to suit your organizational needs. If you are still skeptical about buying group accident insurance here are a few more advantages that will surely convince you.
The policy will pay a lump sum benefit to the designated beneficiary or beneficiaries, in case death of an employee due to an accident.
If an employee meets an accident that results in a permanent disability for a period of 12 months in continuity, the insurer will pay the sum assured as compensation to the employee.
The policy offers reimbursement for ambulance charges incurred in case the employee meets any accident.
The insurer issuing group personal accident insurance bears the expenses arising due to moving the mortal remains from the accident site to the residence, hospital, or cremation ground.
A lump sum amount is compensated for the broken bones of an employee, covered under a group health insurance plan, caused by an accident, as listed in the policy coverage.
This policy also provides reimbursement for the cost of hospitalization for the treatment of the injury. The compensation offered under this benefit is generally a certain percentage of the actual medical cost incurred for health care.
The policy typically includes certain exclusions that may limit or exclude coverage for certain events or circumstances. Some common exclusions that may apply to Group Personal Accident Insurance include:
Some policies may exclude coverage for injuries or disabilities that existed before the policy's effective date.
Accidents that are intentionally caused by the insured person may be excluded from coverage or caused by suicide attempt.
Mental illnesses, psychiatric diseases, strokes, convulsions, and fits are not covered by this insurance coverage. As a result, any pathological or physical disorders brought on by a mental condition are not covered by the policy.
Group Personal Accident Insurance does not cover activities involving the use of explosives, underground mining, high-tension electrical installations, etc.
Except for pyogenic infections brought on by cuts or wounds from accidents, all bacterial illnesses are excluded.
Surgery or medical procedures connected to non-accidental reasons are not covered by the insurance plan.
The Group Personal Accident policy does not apply to disabilities or fatalities brought on directly or indirectly by sexually transmitted diseases.
Injuries or disabilities that are caused by intoxication or drug use may be excluded from coverage.
Injuries or disabilities that result from criminal acts committed by the insured person may be excluded from coverage.
The policy does not apply to disability or death that occurs as a direct or indirect result of labor or pregnancy unless it results from an accident.
Some policies may exclude coverage for injuries or disabilities that result from war, acts of terrorism, or other acts of violence.
Group personal accident insurance is a valuable employee benefit that provides financial protection to a group of individuals against accidental injuries and related expenses. By providing this type of insurance, employers can attract and retain talented employees, improve morale and productivity, and reduce their financial risk associated with accidents. The size of the group, age and occupation of the members and the desired level of coverage can all impact the premium for a group personal accident insurance policy. You should carefully review the terms and conditions of the policy to ensure it meets your needs as an employer and provides the desired level of protection to your employees.
The eligibility criteria for employees may vary from one policy to another, but typically, any employee who is a part of the eligible group can be covered under the policy. The eligible group can be defined based on factors such as job type, salary range, or other employment criteria.
There are certain things that are typically not included in a group accident insurance policy, such as pre-existing medical conditions, intentional self-injury, injuries sustained while under the influence of drugs or alcohol, injuries sustained while engaging in illegal activities.
Under the Income Tax Act of India, the premium paid for a group health insurance plan is eligible for tax benefits as a business expense. This means that the premium paid by the employer for group personal accident insurance can be claimed as a business expense and is eligible for tax deductions. However, the tax accident insurance benefits for the employees covered under the policy may vary based on the terms and conditions of the policy.
Most group health insurance plans in India do not require a pre-medical test for employees to be covered. This is because group policies are issued to a large number of people, and insurers typically assess the unforeseen risk based on the overall group rather than the individual employee.
Group personal accident insurance can be a valuable benefit for employers. By providing financial protection against accidental injuries, employers can attract and retain talented employees, improve morale and productivity, and reduce the financial risk associated with accidents.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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Terms & condition apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks. Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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