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What is covered under group accidental insurance?

Find out what is covered under a group accidental insurance, a type of insurance commonly offered by organsations for their employees.

There are different types of health insurance and accidental insurance available today. They can either be for a single individual or a group of individuals. Most organisations and companies today offer a type of insurance to all their employees to safeguard them against high medical treatment expenses. This can either be a group health insurance, or as is the topic of our discussion today, a group accidental insurance. Read on to find out more about group accidental insurance.

What is a group accidental insurance?

A group accidental insurance is a type of insurance offered to a group of individuals, usually employees working in an organisation, by their employer, which covers the high medical expenses incurred by the individual in the event of bodily injury, partial or total disability, or death. It is a means by which companies can safeguard the wellbeing of their employees or their dependents if an accident occurs.

What is covered under group accidental insurance?

Given below is a general list of things covered under a group accidental insurance policy. It is to be noted that the specific terms of the policy are different for different insurance plans and one needs to read their policy document carefully to have a clear understanding of what their group accidental policy offers.

Accidental Death

In the unfortunate circumstance of an accidental death of the person insured, the entire sum assured is paid out to the nominee as an accidental death benefit according to the terms of the policy.

Permanent Total Disability

In the event of an accident that causes permanent disability of the individual, the insurer is liable to pay the sum assured for such an event to the person in question. Permanent disability can be loss of vital limbs, loss of eyesight, or any injury that renders the individual unable to resume his or her professional career.

Partial Disability

In case of partial disability due to an accident, the insured person is eligible for a payment that can range from 2% to about 60% of the sum insured, depending upon the severity of the disablement. A continuous disablement of 12 months is the usual norm for the payout.

Ambulance charges

A group personal accidental insurance also covers any ambulance charges that are applicable in the event of an accident of the insured person.

Transport of mortal remains

In the case of accidental death of the insured, a group accidental insurance covers the transport of their mortal remains from the place of accident to their residential address.

Educational fund

Some accidental insurance companies also provide an educational fund to the child of the insured in case permanent disability or accidental death of the insured person.

Conclusion

Thus, a group accidental insurance is highly beneficial for employees or groups of people in a club, institution or an organisation. It is also a way for companies to convey to their employees that they’re the backbone of the organisation and it is their responsibility to safeguard the financial security of their employees. Persons under a group accidental insurance can rest assured that they and their families have some breathing room in unforeseen circumstances.

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