The Significance of Group Personal Accident Insurance
Your organisation comprises its employees, often referred to as human resources, who are present across divisions and functions of your company. Therefore, as an employer, it is your responsibility to take care of this vital resource, just like other resources. A group accident coverage is the best way for employers to show that they care for their workforce. Such insurance schemes make employees feel cared for by their employer, making them productive and efficient. Furthermore, a group personal accident insurance policy offers numerous benefits to both employers and employees.
A group personal accident insurance provides coverage against accidents by covering the associated medical expenses. Employees can come across a mishap, which can lead to a permanent disablement or even an unfortunate death. Such scenarios are well covered under the group personal accident policy. Moreover, it provides peace of mind not only to employees but also to their dependents besides making them feel secure.
Now that you know what a group accident coverage is, let’s delve into the importance of buying such policies for your employees:
The importance and benefits of Group Personal Accident Insurance Policy
Every organisation wants its employees to be healthy and happy. Therefore, there is no better way to make your employees happy than to let them know you have their back. Employees feel secure and content when employers insure them with group policies. Furthermore, when they feel cared for, they are more likely to deliver better results.
Following are the benefits of the group policy which make it an ideal choice for employers:
- Coverage against accidental death: A group personal accident insurance policy covers employees in the event of their death, whereby their families and nominees receive a 100% lump sum amount as specified in the policy.
- Permanent Disability: Accidents can permanently disable employees, rendering them unable to move or work. Since employees have dependents, it becomes a matter of utmost importance to secure them financially against the risk of disabilities. Depending on an employee’s level of disability, a group accident policy may provide weekly compensation in such scenarios so that they can take care of their family.
- Permanent Partial Disability: If an employee has a partial disability for more than a year due to an accident, they are entitled to a portion of the total sum assured, as prescribed in the policy documents.
- Permanent Total Disability: When a permanent disability persists for over a month and requires the employee to change their lifestyle, the employee becomes eligible for compensation from the insurer.
- Expenses related to medical bills: Accidents can be an expensive affair, given the hefty medical costs involved. Therefore, employers can purchase a group personal accident policy to cover their employees against such situation, as it will reimburse the costs of hospitalisation in the event of an employee’s accident. Furthermore, the policy also covers the cost of an ambulance from the accident site to the hospital.
- Weekly compensation: An accident can leave an employee disabled and unable to work for an extended period. In such a situation, the insurer will pay a weekly check to the injured employee, which can assist in covering the expenses of the employee and his or her dependents.
- Children’s education: If an injured employee suffers a permanent disability due to an accident, the insurer will cover the educational expenses of their children to ensure a minimal impact on their dependents.
- Mortal Remains: In the unfortunate event of an employee’s death, the policy also covers the cost of transportation of the mortal remains of the deceased employee to their dependents.
The aforementioned factors indicate that group accident insurance covers a variety of concerns of employees in the event of an accident. The process of hospitalisation is made more effective by keeping a record of one’s medical history so that professionals can conduct the necessary treatment based on it. An injured person who has any pre-existing medical condition or disease will need to be taken care of differently than the one without it, or else there will always be an element of risk. We rarely carry documents that represent our medical histories; thus, the government has devised the concept of a Digital Health ID Card to address this issue. Because the digital health card is accessible to both patients and healthcare providers, it is a critical source of information that aids the entire treatment process.
As an employer, taking care of employees is your moral responsibility as they contribute day in and day out to your business. They should not be under constant stress and anxiety about what will happen to their dependents if something unfortunate happens. As we know it now, a group personal accident insurance policy is the right answer to this problem. It not only helps your employee feel secure, but also boosts up the reputation of your organisation, besides helping in attracting and retaining superior talent in your organisation. Last but not least, it also has a monetary incentive; as an employer, you can show the premium paid for such policies as a business expense to reduce your overall tax liability. Thus, it is a win-win scenario because you save tax returns while protecting your employees and their families.