January 20, 2022

Group Personal Accident Insurance

Group Personal Accident Insurance

Group Personal Accident (GPA) Insurance protects a business’s employees in the event of bodily injury, disability, or death caused by an accident.

A business’s success largely depends on the well-being of its employees. But some unfortunate accidents are inevitable, and these can lead to injury, disability or in some cases even death. Such accidents can be financially draining on the employees as well as their families. Therefore, organizations need to be prepared for them in order to provide necessary recompense to their staff. And this is done through a Group Personal Accident Policy.

This insurance forms part of the Employee Benefits Insurance programme of many organisations as it collectively covers employees, managers, and board members of a company. Through a GPA policy, organizations can offer benefits like Accidental Death Cover, Disability Cover, Children’s Education Allowance, and Weekly Benefits, among several others.

Group Personal Accident Insurance offers multiple benefits to employees who have suffered bodily injury that directly results in their death or disablement due to accidents occurring at the workplace or elsewhere. This policy offers the following covers :

  • Accidental Death - In the event of the insured’s death, death benefit is provided to the family
  • Disability - If the accidental injury leads to permanent total or partial disability of the insured including loss of limbs, eyesight, hearing, etc., a compensation is provided to the employee
  • Medical Expenses Reimbursement : This entitles the insured to claim both OPD and in patient (hospitalization) expenses as a result of accidental injury. The limits for this are decided at the time of policy inception
  • Weekly / Daily Benefit : This provides the insured with regular benefit for loss of pay on a temporary basis in the event of hospitalization or disability due to an accident
  • Ambulance charges - This covers the ambulance charges In case the insured has to be taken to a hospital after an accident
  • Broken Bones cover - This provides s lump-sum benefit to the insured in the event of broken bones / fracture due to an accidental injury

Some insurers also offer the following optional benefits :

  • Medical insurance premiums for the surviving spouse and dependent child in case of accidental death
  • Costs of reconstructive surgery following an accident
  • Repatriation of remains
  • Cost of the last rites of the insured person in the event of death due to bodily injury or sickness
  • An Education Allowance is provided to the insured’s dependent children in the event of death or disability

Group Accident Insurance will not provide coverage for the following :

  • Self-inflicted injury or suicide
  • Injuries caused due to indulgence in any illegal or criminal acts
  • Injuries due to participation in adventure sports, hazardous acts, the Navy, Army, or the Airforce
  • Injuries/damages sustained while being under the influence of alcohol, drugs or other intoxicating substances
  • Death or injury due to illness or disease associated with childbirth or pregnancy
  • Accidents due to war and nuclear perils
  • Injuries due to participation in any kind of motor speed contest
  • Injuries caused by acts of terrorism, biological or chemical contamination, missiles, or explosives

  • GPA Insurance comes with tons of benefits that can be customized as per the business’s needs. The basic Accidental Death Benefit can be combined with several other benefits to provide tailor-made and effective security
  • This policy allows for coverage on a Named basis, which gives the option to cover specific employees or board members
  • A GPA policy ensures 24x7 comprehensive coverage for almost all expenses incurred due to an accident. It also provides worldwide coverage for employees located anywhere in the world. Employees are covered even when they are on a holiday.
  • GPA Insurance extends support to not just the employee but also their families in the event of death or disability. Benefits like Children’s Education Allowance, Transportation of Mortal Remains, etc. come into play here
  • Businesses can get large group discounts depending on the number of insured members at the commencement of a GPA policy

Group Accident Insurance is a requisite policy for all businesses irrespective of their size or industry. Offering a comprehensive policy such as this to employees indicates the business’s ability and willingness to protect its most important resource against sudden mishaps.

Learn more: Business Liability Insurance

Opinions, conclusions and statements of intent expressed in this article are that of the author and Verak does not accept liability for the views expressed unless confirmed by an authorized representative of the Company independently of this communication.