What Is Accident Insurance, And What Is It Used For?

Introduction

Accidents can be traumatic and turn one’s life upside down. And the worst part is that you do not know when and to what extent things will go haywire. Irrespective of whether you or a third party gets injured in an accident, it becomes complicated for both sides to handle. A group personal accident insurance policy comes in handy during such a situation. It saves you from the financial crisis which may arise due to a mishap.

What is Personal Accident Insurance?

  • An accident insurance policy is an insurance plan that covers all the expenses that can crop up in an emergency like accidental death, accidental bodily injuries, partial/total disabilities, or permanent and temporary disabilities.
  • There are two types of personal accident insurance available in India, namely, Individual Personal Accident Insurance and group personal accident insurance.
  • As the name suggests, an individual buys an individual personal accident plan, and only one life assured is covered under it.
  • Whereas, in case of a group personal accident cover, the plan is bought by a company, and it covers a group of employees.
  • General health insurance policies do not cover the situations covered under a personal accident insurance plan. This policy, therefore, becomes essential when you are a frequent traveller and are exposed to congested roadways or dangerous highways.
  • Also, if you are an owner of a business or run a startup, it is a good idea to offer group personal accident cover to all your employees and coworkers.

What is Group Personal Accident Insurance?

  • A Group Personal Accident (GPA) insurance is a group insurance policy that helps you provide a financial safety net to your employees against the risk of accidents.
  • Your company’s entire group of employees gets covered under a single plan, thereby making it easier for you as a business owner to focus on multiple other tasks in your hand. It helps you communicate with your employees in an empathetic way.
  • It helps gain their trust that you care about them and thus, helps them feel they belong to the organisation, which is reflected in high employee retention rates.

Coverage Offered By Group Personal Accident (GPA) Insurance?

Plum Insurance offers a comprehensive GPA insurance, which provides the following insurance benefits to the employees of your organisation:

  • Ambulance Expenses: During an accident, the first thing to do is call an ambulance. Even though they are a public necessity, ambulance services do not come for free. A GPA covers that for you.
  • Hospitalisation Expenses: After an ambulance comes to admit the person to the hospital, the next step is to pay the bills. Although they can be paid later, the patient is anxious about the expenses. GPA covers this field to help you stay calm during such a mishap.
  • Fracture Coverage: The most common injury incurred from an accident is fractures. While fractures are mostly not so severe and can be cured with proper rest and care, they can be highly demanding-both financially and mentally. GPA Insurance also covers these costs.
  • Weekly Compensation: When you are temporarily disabled or confined to the hospital bed for more than a week, Plum Insurance takes care of your financial requirements. You would be provided with weekly compensation for the gap you face during a temporary disability to work.
  • Partial Permanent Disability: If you are partially disabled for more than a year, it is held as a permanent partial disability. In that case, Plum Insurance pays you a percentage of the total sum insured to the covered patient.
  • Total Permanent Disability: There might be worse cases where a member gets crippled enough due to limb amputation or goes into a state of coma. These cases are regarded as total permanent disabilities and are also covered under the GPA insurance scheme.
  • Accidental Death Coverage: The loss of the only earning member in a family can be devastating mentally and financially. In such an unfortunate case, the deceased’s nominees and family receive 100% compensation for the insured amount in a lump sum.
  • Transportation of the Mortal Remains: In accidental spot-death, immediate assistance becomes necessary to move the remains to a cremation ground from the accidental site. Plum Insurance makes sure you do not have to face double the devastation during such a loss and covers the expenses in such a circumstance.
  • Child Care Coverage: It becomes tough for a child to overcome the trauma of an active guardian’s loss or permanent disability. The least could be done by taking responsibility for the child’s education in such cases. Plum Insurance pays for the child’s educational expenses of the insured person in tough times.

Conclusion

After the tough times of the COVID-19 pandemic, one lesson is learned well: always stay prepared for medical emergencies. Taking this lesson forward, consider getting a group personal accident insurance for your employees to help them deal with unprecedented mishaps on roads, especially when the work from the home setup is being shifted back to the usual old way of working. Take a step forward in providing a safe work life for your employees and coworkers with Plum Insurance!

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