What is group personal accident policy?

Asked by: Khalid Kiehn  |  Last update: February 11, 2022
Score: 4.5/5 (51 votes)

Group personal accident insurance offers financial protection in case of injury or death resulting from an incident that occurs on the job. If your employees have an accident while working abroad, this type of group insurance policy helps pay the cost of lost wages or medical expenses from an injury.

What is group personal accident insurance?

Group Personal Accident Insurance provides a comprehensive coverage for all expenses associated with accidents. In case of the accidental death of the insured, 100% of sum insured is paid to the nominee. ... This policy provides protection against insured's burns arising due to an accident.

How is group personal accident premium calculated?

A weekly benefit of Rs. 5000 or 1% of the sum insured will be paid out to the insured. Fixed medical expenses of Rs. 5000 or 10% of the total sum insured or 40% of the total admissible claim will be paid to the insured as medical expenses.

What are the 2 main types of personal accident insurance policies?

Broadly speaking, there are two types of personal accident insurance – Individual Personal Accident Insurance and Group Personal Accident Insurance. Individual Personal Accident Insurance:The first one is meant for individuals and it offers more coverage compared to the group insurance type.

What is Pais scheme?

Personal Accident Insurance Scheme (PAIS) for KCC holders: All KCC holders up to the age of 70 years are covered under PAIS with a risk coverage of `50,000/-for death due to accident caused by outward violent and visible means/Permanent total disability/Loss of two limbs or two eyes or one limb and one eye and `25,000 ...


36 related questions found

What is the difference between stated benefits and group personal accident?

Stated Benefits cover, whereas it is additionally charged for under the Group Personal Accident policy at a rate of 13.21% of the weekly cover.” e) Complainant has about 25 years' experience in the short-term insurance industry and was well aware of the difference between the two benefits.

What are the benefits of personal accident insurance?

There are multiple benefits of personal accident insurance. It offers safety and security to your family if something happens to you or your family. It also helps you sustain financially in cases of accidents. If an accident leads to disability or death, it can have an untoward impact on your income.

How do I claim a group personal accident insurance?

How to claim a Group Personal Accident Insurance
  1. Steps to follow in case of a death claim. Notify the policy issuing office immediately. ...
  2. Documents Required. Claim Form, ...
  3. Steps to follow in case of an injury claim. Notify the policy issuing office immediately. ...
  4. Documents Required. ...
  5. Disability Claim. ...
  6. Death Claim Rejection.

What is the difference between WC policy and GPA policy?

WC or Personal Accident (GPA)

Both provide similar coverage in case of death or disability. The GPA cover is not limited by work related accidents and is flexible on choice of higher sum assured but does not provide the security of unlimited liability cover as in WC.

Is group personal accident insurance mandatory?

According to the India Motor Tariff, 2002, a compulsory personal accident cover has to be part of the motor insurance policy. This cover is applicable in both cases: if a person buys only a third-party policy or a comprehensive policy which has both third-party and own-damage covers.

Can I have 2 personal accident insurance?

It is perfectly legal to buy and hold more than one policy. However, do remember that the combined sum assured of all the life insurance policies should not exceed the human life value. A friend passed away in a road accident recently.

What is a group insurance plan?

What Is a Group Health Insurance Plan? Group Insurance health plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer's risk is spread across a group of policyholders.

Who is eligible for WC policy?

In addition, labourers employed in engineering, manufacturing, mining, farming, and other menial jobs can also opt for this WC policy. On the other hand, employers in non-seasonal business units with less than 10 employees can buy ESI.

What is WC policy?

A Workmen Compensation insurance policy is a commercial insurance policy that covers the legal liability of an employer to provide compensation to its workmen in case of their death or accident.

Is WC policy mandatory?

In India, for all manufacturing units with more than 20 employees, having a Workmen's Compensation Insurance is mandatory to have insurance benefits for workers or employees as per the Employees' State Insurance Act, 1948.

Which of the following contingencies is not covered under personal accident policy?

Claims that arise out of past illnesses or sicknesses: If it is determined that the policy holder suffered from burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, etc.as a result of any ...

How many types of accidental insurance are there?

4 The company offers three different types of accident coverage and plans: basic, plus, and premium, and these flexible plans can be adjusted based on your needs.

What is an example of accidental injury?

All combined, burns and scalds, falls, and poisonings are responsible for 86% of home injury deaths. Drowning only comprise 3% of home deaths, and fire arms only 1%. All accidents are preventable. Trips and falls are the leading cause of unintentional home injury and cause 43% of home injury deaths.

What are stated benefits?

What is Stated Insurance? This policy covers a company should any of their staff members, principals, partners or directors be disabled, killed or injured caused by accidental, violent, external and visible means.

Who is covered under Workmen Compensation Act?

Every employee (including those employed through a contractor but excluding casual employees), who is engaged for the purposes of employer's business and who suffers an injury in any accident arising out of and in the course of his employment, shall be entitled for compensation under the Act.

How is WC policy premium calculated?

The maximum amount of wage to be considered while the calculation is Rs. 12,000 p.m. and for the additional wage the premium should be estimated based on 6.25% of the book rate for the occupation, subject to the following minimum limits: 2 per mille (thousand) per annum for workers engaged in manual labor.

Who qualifies for compensation fund?

If you get injured, contract a disease or die while working, you or your dependants can claim from the Compensation Fund. The fund pays compensation to permanent and casual workers, trainees and apprentices who are injured or contract a disease in the course of their work and lose income as a result.

What are the types of group insurance?

There are four types of group insurance plans offered by insurance companies in India:
  • Group Life Insurance.
  • Group Health Insurance.
  • Group Personal Accident Insurance.
  • Group Travel Insurance.

What is the difference between individual and group insurance?

Group plans are chosen by the employer to accommodate the needs of everyone being covered at the company, so they typically offer as many providers, locations, and services as possible. Individual plans are chosen by the employee for the employee, not based on the needs of coworkers.

What are the advantages of group insurance?

The significant advantages of a group insurance policy include: Customized plans with lower premiums. Better employee retention and talent acquisition.