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Why group personal accident Insurance?
We know that employees are a company’s greatest asset. We also know that accidents happen unexpectedly. They can take place at work, home, on holiday or while walking about. When they do, it’s important to have a solid accident insurance plan on your employees’ side. It provides protection against serious accidents and gives them the financial support they need to focus on recovery.
Group Personal Accident insurance (GPA) is a corporate or institutional policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is offered to employees (by the employer) as a benefit.
GPA policy offers worldwide, 24/7 protection for your employees. It’s a valued part of an employee benefits package because it offers the much-needed comfort at a time when employees and their families are worried and feeling vulnerable.
The insured limits may be based on the following two options: Fixed Benefit where a lump sum is agreed upon prior to the inception of the policy or Multiplier Benefit where the limit is based on a multiple of the annual salary, most commonly 3 or 5 times the annual salary.
In the event of loss of life or fatal injury following an accident, the beneficiary is the person who receives the payout. It is therefore necessary to nominate the beneficiary as you apply for GPA Insurance.
WHAT YOU NEED TO KNOW
What Is Group Personal Accident Insurance?
Group Personal Accident (GPA) Insurance policies are policies offered to organizations or companies, who wish to insure their employees against possible perils like Accidental Death, Dismemberment, Permanent Total Disability (PTD), Temporary Total Disability (TTD) etc. GPA allows organizations to cover all their employees under a single policy, which will be cost effective as they will get a group discount when compared to Individual Personal Accident policies.
What Benefits Do You Get?
1. Accidental Death – in the event that life is lost the policy will pay the total sum insured. 2. Permanent Disability – in the event of permanent disability caused by an accident. 3. Weekly payment – pays a weekly income for the period out of work as a result of injury. 4. Medical Expenses – re- imburses for medical expenses that arise from treatment. 5. Emergency Evacuation – covers emergency medical evacuation expenses and 5. Funeral Expenses.
What Factors Impact GPA Insurance Premium?
Group Personal Accident insurance is a comprehensive cover that can be bought for large as well as small groups. The premium or rating differs from group to group. The factors influencing the discount offered include the size of the group, occupation of the insured members, sums insured of the members and the group’s loss history in the previous years for the organization.
Do Companies Really Need GPA Insurance?
You might not want to think about it, but how would you and your family cope financially if you were in a serious car accident? If injuries prevented you from working, your income could be in danger, especially if you sustain a permanent disability. It’s also important to think about whether your dependants would struggle to make ends meet if you died. GPA cover can give you and your employees peace of mind that they’d receive some financial compensation should the worst happen.
Do I still Need GPA If I have Life and Health Insurance?
While it is true that with Life and Health insurance coverage in place, an individual or group has reasonable cover, it must be remembered that sometimes following an accident, the insured may end up with a Disability or Dismemberment, in which case neither of these policies will offer cover. Hence having GPA policy in place remains important.
What Are The General Exclusions Under The Policy?
No claim for a benefit under this policy will be admitted by the insurer if death or disability rises indirectly from – war or invasion of any kind, active participation in mutiny, riots, and strikes, intentional self-injury or suicide, alcohol or drug abuse, medical or surgical treatment, participation in any hazardous sport such as bungee jumping and racing in a motorcycle or vehicle.