Personal Accident Insurance Policy- Why Is It So Important?

Personal Accident Insurance Policy- Why Is It So Important?


Let us begin by answering a simple question – is there anyone who is completely sure of being safe anywhere -on the roads, in your workplace or even in your house? The first thought that comes to mind is to focus more on your safety. Let us understand this with a simple example- Irrespective of how much you care for yourself and your loved ones, there is no guarantee that there is no scope for carelessness on the road or injuring yourself severely by cooking at home. Be it from your side or the driver riding next to you on the roads; unfortunate incidents can happen to anyone. So, it is safe to conclude that no one is safe on the roads. That is where a group personal accident insurance policy comes to the rescue.

Group Personal Accident Policy – Why Should You Opt For It?

Accidents or injuries can leave a lasting impression on the minds of both the injured and their families. If the accident is severe enough to result in the insured’s permanent disability or death, it can negatively impact the family. Such incidents can also create legal complexities for the employer if any scope of negligence is found on their part. The above factors highlight the significance of having a group personal accident insurance. Group accident insurance helps employers manage all kinds of complexities associated with employee safety. A group accident insurance coverage aids employers in navigating the complexity of managing their employees’ safety. Thus, businesses can invest in a group accident insurance plan for their employees rather than struggling to deal with claims from diverse areas. A systematic plan will optimise employee welfare within the organisation and enhance transparency and awareness among the employees.

Advantages Of Group Accident Coverages

Providing an accidental insurance policy to its employees is the bare minimum that a company can do to protect and safeguard its people. The policies are designed to cover employees with homogenous characteristics under a single group. Their age, medical history and current physical condition are analysed before grouping them. Since most employees are covered under a single plan, the cost is nominal.

There can be cases where the employees can no longer continue working, either due to total or partial disablement. It can be challenging for their family and dependents if the injured is the sole breadwinner. Moreover, with the rising cost of medical care, paying off heavy medical bills can be difficult for family members. It may cost the family a lifetime of their savings to meet the treatment costs of their loved ones. Furthermore, the costs may exceed savings, leaving the family in deep debt. Hence, businesses need to investigate their employees’ needs and provide comprehensive coverage through group personal accident insurance policies.

Uncovering The Benefits Of A Group Accident Insurance Policy

Group accident insurance policies generally cover the following:

  • Permanent disabilities: There is a possibility that the insured would be unable to return to work after a severe accident. Permanent disabilities, such as upper/lower body paralysis, are normally covered by the policy, allowing the insured and their family to meet their financial obligations.
  • Partial disabilities – If any unfortunate accident occurs, it can result in a loss of eyesight, writing abilities due to loss of limb, hearing ability, etc. Hearing abilities can be affected due to severe shock post an accident; physical injuries can cause damage to limbs/other body parts, etc.

Some group personal accident insurance plans offer compensation for partial or permanent disability if the insured is out of work due to the accident. Generally, a % of the sum insured is offered to them to compensate for their loss of salary income. Since it is circumstantial, the compensation can vary from case to case. This proves to be of immense help to the dependents of the family’s sole breadwinner.

  • A childcare facility is offered to the insured who has been in an accident resulting in death. Employees of the company are entitled to educational benefits for up to two children.
  • Group personal accident insurance policies propel transparency and help establish a lasting relationship between the organisation and its people. This is because the employer limits their employees’ support and goes the extra mile to care about their family members.
  • The employee’s trust is bolstered when they know that the employer will be there to care for their loved ones in the event of a crisis.
  • A group accident policy can help employers hire and retain quality employees.
  • It also provides a competitive advantage to the company compared to its competitors, who are not offering any such medical cover.

Wrapping Up!

You must think and act beyond your core operations to ensure your organisation’s success in its truest form. Employers can offer a digital health ID card to their employees, which will facilitate in helping them to avail of medical care anywhere. The ID card comes with a unique identification number that can be used to view your medical information and history if you need support from a hospital or a healthcare professional. To understand how to apply for a digital card by following the basic steps and get going!

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