Group Personal Accident
Considering the type of lifestyle that every employee lives today, he is exposed to various risk. These risk may lead to accidental death and disability while at work or while travelling to and fro the
Key features of Group Personal Accident:
- Group policy
are offered to firm, companies, association and clubs which are either named or unnamed. - Easy Policy Administrations on basis of the requirement received from the client
- 24X7 worldwide cover provided.
- Sum Assured is calculated on the basis of Salary and Category the employer belongs to
- Discounts are offered to organizations with large group size
- Additions and deletions are allowed during the currency of the policy depending on people joining and leaving the organization.
- Tailor made Policy available as per the requirement given by the Organization.
Coverages offered under a Group Personal Accident Policy
Below given are the coverages offered under a Group Personal Accident Policy:
- Accidental Death:
- Accidental Total Disability: This disablement is permanent and irrecoverable in nature and is absolutely total. Due to this
disability the insured person is prevented from engaginginto any gainful employment. E.g. Paralysis - Accidental Permanent Partial Disability: This disablement is similar to Total Disablement but partial in nature. E.g. Loss of one
eye sight , loss of one finger, etc. - Temporary Total Disability: This is a disablement which is total but for a temporary period.
Let us understand how the benefits are paid under the personal accident policy. Below given is a specimen table of benefits on the basis of the sum insured of Rs. 5 Lacs which sum insured is selected for the purpose of illustration:
|
Contingency |
Amount paid as Compensation |
|
Accidental Death |
100% of the Capital Sum Insured (Rs. 5 Lacs) |
|
Loss of 2 Limbs or both eyes or one limb and one eye |
100% of Capital Sum Insured (Rs. 5 Lacs) |
|
Loss of one limb or one eye |
50% of Capital Sum Insured (Rs. 2.5Lacs) |
|
Permanent Total Disablement other than the above (E.g. Paralysis) |
100% of Capital Sum Insured (Rs. 5Lacs) |
|
Permanent Partial Disablement |
% will be paid as per the chart in the policy wordings |
|
Temporary Total Disablement |
Weekly payment of Rs. 5000 (i.e. One percent of the capital sum insured) subject to a maximum Limit or 100 weeks. |
Please Note: Following varies depending on the insurance company you are choosing.
Additional Benefits Offered under the Group Personal Accident Policy are:
Education Grant – In the event of the death or permanent total disability, this policy shall pay for the education expenses for the dependent children (Max 2,
Hospitalization Expenses due to
Transportation of Mortal Remains: Expenses incurred for transporting the mortal remains of the insured from the place of the accident or from the hospital to the residence or cremation ground shall be covered.
Emergency Ambulance: Expenses incurred on an ambulance used to transfer the insured person to the nearest hospital will be covered.
Exclusions under a personal Accident Policy
No Compensation will be payable under the personal accident policy due to the below reasons:
- From intentional self-injury, suicide or attempted suicide
- Whilst under the influence of intoxicating liquor or drugs
- Engaging in aviation
whist mounting into, dismounting from or travelling in any aircraft other than aspassenger (fare paying or otherwise) in any duly licensed standard type of aircraft anywhere in the world. - Directly or indirectly caused due to venereal diseases or insanity