Uncertainty is the most certain thing when it comes to life. This is the reason why financial instruments like Insurance were introduced to us. There are three types of insurance, namely, life insurance, property insurance, and liability insurance. The purpose of insurance is to reduce the financial uncertainty and make the loss incurred by the insurer bearable. Today, we will know more about an insurance policy that caters explicitly to personal accidents for employees. It is the company’s responsibility to help secure the future of its employees. To know more about the perks of getting the lives of your employees insured, keep reading about Group Accident Insurance Policy.
What is Group Personal Accident Insurance Policy?
- Group Personal Accident Insurance Policy is an insurance policy that is meant to protect employer-employee from any kind of physical danger or injury during an accident.
- It covers all disability expenses that the employee might have to bear in an unforeseen situation and death benefits to the family dependent on the employer in case of loss of life.
Why is a Group Personal Accident Insurance Policy necessary?
- These insurance policies are supposed to cover employees and their families from any kind of unforeseeable accidents that could lead to temporary or permanent disability, or, worse, death.
- It also comes under an employee benefits programme that is not a part of your CTC and, therefore, comes over and above.
What is offered under this policy?
- Appropriate Premium: The higher the number of employees, the better it would be for the organisation, as it offers a substantial cover to companies with a higher number of employees.
- Annual Tenure: This policy can be availed every year for the entire organisation.
- Child Care: Our policies provide a lump sum payout to care for an employee’s growing child.
- Accident Cover: This policy covers medical expenses incurred if an employee meets an accident and faces temporary/ permanent disability or passes away.
- Complete Protection: This policy offers a combination of group medical cover and group personal accident coverage at a fair premium.
- Disability Protection: This policy covers partial and permanent disability caused by accident.
What are the benefits of this policy?
Several benefits are offered to the organisations that opt for group accident policy. Some of them are mentioned below:
- Accidental Death Coverage: Plum provides 100% sum insured to the family at the time of death.
- Cover against Partial Disability: If at the time of the accident, the employee is partially disabled, Plum offers to cover the medical expenses incurred for recovery.
- Cover against Total Disability: If at the time of the accident, the employee is permanently disabled, Plum offers to cover the medical expenses incurred for recovery.
- Road Ambulance Expenses Coverage: Plum offers to cover any road ambulance expenses incurred during the accident.
- Weekly Compensation: Plum offers to pay weekly compensation to the family of injured employees after the accident.
- Hospitalisation Expenses: Plum offers to incur all the hospitalisation expenses incurred by the injured employee just after the accident.
- Transportation of mortal remains: Plum offers to incur expenses up to Rs. 5000 to transport any human remains.
- Child Care Benefit: Plum offers to take care of the dependent child and bear up to Rs. 10,000 from their Education Welfare Fund.
Who is eligible to opt for this policy?
All organisations, large or small groups, are eligible to opt for group accident insurance cover for their employees. For example:
- Professional associations
- Firms and banks
- Academic institutions
- Colleges and schools
- Employee-employer corporates
If you opt for a group personal accident policy with Plum, you will be able to enjoy more benefits:
- Plum offers to cover medical expenses up to 10% of the sum insured.
- Plum offers accident coverage up to Rs 25 lakhs.
- At the time of partial/permanent disability or passing away of the employee, 100% of the sum insured is paid.
- Plum offers to cover up to Rs. 10,000 from the education welfare fund for each dependent child.
- Plum offers 24×7 WhatsApp claim support.
In today’s time, one can never know when they will meet with an accident, especially in manufacturing and processing factories. Employees could be working in chemical factories, and due to some wrong measurements, there could be a fire leading to partial disability in employees. In cases like these, organisations need to brace themselves and prepare themselves beforehand. In situations like these, group accident insurance issued by Plum comes into the picture.
They will not only help organisations by paying off the medical expenses incurred for the recovery of the injured employees, but would also help with transporting them to the hospital. If they are partially or permanently disabled, their family will be taken care of by paying them 100% of the sum insured. If the injured employee cannot survive the accident, Plum also promises to pay off 100% of the sum insured and look after the dependent children by providing them Rs. 10,000 from the Education Welfare Fund. Group Accident Insurance Policy is one of the most critical policies in present times to safeguard the employees’ lives financially.
Motivating employees in adverse conditions is the business owner’s responsibility, and investing in a group accident plan is a means to protect them. Hence, considering all the above factors, one can say that a group personal accident cover is a must, as we may not always know what might happen to us. Still, we can always take a step ahead and be in precaution mode. Then what are you waiting for? Come and register your company on Plum and secure the future of your employees and their families.