Group Personal Accident Insurance

When a company wants to ensure that their employees are protected against permanent total disablement, loss of eyes and limbs, permanent partial disablement or accidental death, then the organization opts for Group Personal Accident Insurance so that the employees or the member can be safeguarded against financial problems arising from accidents.

What Does It Cover?

The following coverage is offered by group personal accident insurance:

Accident Death: If the insured dies after an accident, the insurer will pay the principal amount to the nominee of policyholder.

Permanent partial/total disability: If a partial/permanent disability is caused to the insured as a result of the accident and the disability lasts for a year, the insurer will compensate the insured the sum assured.

Weekly Benefit: If, due to an accident, the insured are fully disabled for a temporary period then they are authorized to get a weekly payment

Mortal remains transportation: The policy refunds the cost incurred in transferring the mortal remains from the site of the accident to either hospital, residence or cremation ground.

What it doesn't cover?

Generally, group personal accident insurance doesn't offer protection in the following cases:

  • Injury caused while under the influence of drugs or alcohol
  • Ionizing radiation or radioactivity
  • Natural death
  • Pregnancy or childbirth
  • Violation of law
  • War and nuclear perils

Key Features of Group Accidental Insurance Policy

  • Anyone ranging from clubs, corporates, associations, institutions, and firms can avail the service of an accidental insurance policy for their employees.
  • Some plans also offer an educational fund for dependent offspring of the insured in case of his/her permanent disablement or death.
  • Generally, the tenure of these policies is one year.
  • Many insurance providers offer a concession on policies based on the size of the group.
  • Same steps as other policies are required to be followed so as to renew accidental insurance policy.

Some directors expect you to do everything; write, be producer, psychiatrist. Some just want you to die in a tragic accident during the shooting so they can get the insurance. -John Malkovich

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