Benefits of Group Accident Insurance

Group accident insurance is a type of insurance that is offered to employees (by the employer) to protect them against the medical expenses incurred due to injury or death resulting from an accident at the workplace. Today, the employers worldwide have realised that their workforce is their greatest asset and therefore, are taking every step to keep them protected against uncertainties.

At the workplace, especially if it is a manufacturing unit, the employees are exposed to various risks. To ensure protection to the employees, it is paramount that the employers cover the employees under a group accident insurance plan. It is a win-win situation for both the employers and the employees. While the employees feel protected, the employers get a group discount based on the size of the company at the commencement of group insurance policy.

What are the key features of group accident insurance?

  • The group accident cover offers to pay compensation to the employees who suffer bodily injuries due to accident.
  • The policy offers coverage for 24x7.
  • Organization can get group discount depending on the size of the employees at the start of policy.
  • The policy covers expenses related to ambulance transport and other accident related charges.
  • Insurance companies offer upto 2% of the capital sum insured cover to compensate for the carriage of dead body from the place of accident to the residence

Here Are Few Benefits of Group Accident Insurance 

Taking a group accident insurance plan for the employee not only secures them against the unfortunate events, but also boosts their faith in your company and helps employers will employee’ loyalty.

group accident insurance not just covers the employees against a mishap but relieves the employee’s family from bearing any financial losses in case of such accidents. As an employer, the key to getting the best of accident insurance policy is to choose the right master plan to suit your organisational needs. If you are still sceptical about buying group accident insurance here are a few more advantages that will surely convince you.

  • Comprehensive cover -

    The group personal accident policy assures comprehensive protection for almost all expenses due to accident.

  • Death caused by accident -

    In case, the employee passes away due to an unfortunate incident that occurs at the workplace, the insurance company pays compensation the nominee.

  • Permanent disability -

    If the employee suffers a permanent loss of limbs, the insurance company offers to fund education of the employee’s child.

  • Ambulance cost -

    If the employee needs hospitalisation, the group accident policy pays for the ambulance cost. 

  • Transport of mortal remains -

    Insurance companies offers to cover cost incurred for transport of dead body from accident site to the residence of the employee

Group Accident Insurance Exclusions

Although a group accident insurance protects all employees against unforeseen risks, there are some aspects that the policy does not cover. Some of the notable exclusions include:

  • Self-inflicted injury is not covered under the policy.
  • Injuries caused due to indulgence in any illegal or criminal acts.
  • Injuries/damages sustained while being under the influence of alcohol, drugs or other intoxicating substances.
  • Death or injury due to illness or disease or childbirth or pregnancy.
  • Accident cases due to involvement of nuclear weapons or armed forces or violation of law.

Accidents can not only cause financial trouble for the employee’s family, but it may also affect employers in a way. Hence, employers should ensure the safety of their employees by insuring them with Group Accident Insurance Policy.

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