Benefits Of Group Accident Insurance

Group personal accident insurance is a type of insurance that an employer takes to protect employees from accidents or injuries occurring at the workplace. The Group Accident insurance covers the medical expenses and hospitalisation charges from such injuries.

If you are an owner of a small business that operates a workplace manufacturing unit, it is necessary to protect your employees from workplace injuries. If an adverse event befalls the employee, his family and financial dependents are devastated. In such a case, if you as the employer offer insurance, it provides great security and protection to the employees.

Main Features of a Group Personal Accident Insurance Plan

  • The employer normally sources this for the benefit of the employees. Intended as a security for the company’s employees, it protects the employee during an accident or a mishap in the workplace.
  • Normally hospitalisation and medical expenses of the employee are covered. This is limited to accidents that occur at the workplace.
  • If an unfortunate event transpires where the employer dies, compensation is also liable to be paid to the employee.
  • Events triggering compensation to be paid to the employee include unfortunate or adverse events befalling the employee like partial or total disability or death.
  • Weekly income is provided temporarily and children’s education allowance is also provided in case of permanent total disablement.
  • In case of accidental death or loss of vital limbs, 100% of the sum assured is paid to the insured or his family.
  • Suppose the accident or injuries necessitate ambulance services or transportation to convey the mortal remains to the crematorium or funeral grounds. In that case, this is also covered.
  • If the accident or injuries result in lifestyle changes to be made for the employee; shifting from flats on a higher floor to a lower floor, modifying the means of transportation, etc., the costs for such modifications for partial disability/total disability are paid by the insurance company. The insurance company pays for the financial expenses.

Key benefits

  1. It provides financial security to the employees and shows them that you, as the employer, care for their wellbeing.
  2. It inculcates faith and trust in the employees that you, as the employer, will look after them and their families and financial dependents in an adverse situation.
  3. Processing of claims is expedited with the help of your Human Resources department. The employee and his family members are in a state of mental turmoil when quick and seamless claim processing helps the employees’ financial dependents handle the adverse event better. Companies like Plum Insurance assure quick and seamless service and help ease the employee’s concerns.
  4. As mentioned above, in case of accidental death or loss of vital limbs, 100% of the sum assured is paid to the insured or his family
  5. In cases of partial disability, up to 60% of the sum assured is paid. The slab of payment will depend on the extent of the disability. The amount is higher for a higher degree of disability.
  6. It serves to enhance the company’s reputation in the market. The company will be perceived as a company that will take care of its employees in the most adverse times. It always upholds the interests of its employees and its dependents. This will reduce employee attrition and also attract potential new employees to join the company as it is a company that cares. The employer is also protected from unnecessary financial liability by having the group personal accident insurance in place. The insurance company directly pays the employees’ nominees or financial dependents.

It is also important that the employees understand the exclusions to the insurance coverage:

  1. Self-inflicted injuries are not covered under the policy.
  2. Injuries that occurred during an illegal or criminal act.
  3. Injuries or accidents that occurred while the employee is under the influence of alcohol, drugs, or any other intoxicants.
  4. Maternity-related deaths, such as deaths that happen during delivery, or the birthing process.
  5. Death, injuries that occur due to natural disasters, acts of war or any other force majeure reasons.

Key Takeaways

If you are a small business owner, run an MSME company or a start-up, if you are heading the Human Resources department of a large manufacturing company, no matter the size of the company, you cannot ignore the fact that the employees are the most important resource in your organisation. Giving them peace of mind, and protecting and safeguarding their interests, ensures their lifelong loyalty and keeps their morale high. Protecting them with group personal accident insurance will prove to be a valuable asset as it will be a cost-effective solution and prevent undue financial burdens imposed on you in an unfortunate event. It delivers holistic protection and enables you to provide widespread coverage to all your employees.

Online insurance companies like Plum Insurance help you customise the insurance cover to suit your organisation’s particular requirements.

Plum Insurance provides extensive risk coverage, digitally processes claims seamlessly, and provides an overall good insurance experience to your organisation and its employees.

Visit Plum insurance without any delay to get the best terms for an online plan for your employees.