All About Your Accident Insurance Plan

Table of Contents

Introduction

Your employees are your biggest asset. They work hard to build and maintain your organization’s brand image and reputation; therefore, treating them well should be your top priority. This can mean extending a compassionate shoulder or lending the human touch wherever and whenever required. When working together to achieve a common goal, your employees become your extended family, and as you take care of your family, it is your responsibility to take care of your employees as well. It can be done in multiple ways. You can provide them benefits like a group personal accident insurance plan, in addition to group health insurance, to give them adequate coverage when faced with unforeseen situations like an accident.

Employees working at the office premises or travelling for work (including travelling to the office and back) are always at a risk of getting involved in accidents. The risk is further enhanced when the work or workplace uses machines which might cause serious injury. In such situations, accidents can never be ruled out. Implementing a group personal accident insurance plan would be a wise decision. This will not only extend the human touch toward your employees but will also secure your contingency expenses, including incidents of occupational hazards or accidents involving one or more employees. Having proper coverage proves to be very beneficial for the employees and employers in the case of contingencies. Employees are financially secure, and they are well taken care of due to the insurance coverage.

What is a Group Personal Accident Insurance Plan?

As the name suggests, it is an insurance plan securing more than one person, preferably a group, because of some common purpose such as working for an organization against any personal accident which might cause injury, permanent damage or the death of any person in the group.

The question that might be asked right now is why you need such an insurance plan? As an employer, you are responsible for standing by your employees and their family in times of need, such as medical emergencies, permanent disability or death.

Your employee is the earning member of their family. Any injury to them would cause a loss of income and inconvenience the family because of an outflow of money. This is where such an insurance plan comes in handy.

In case of minor injuries, the insurance plan would help the employee and their family seek hospitalization without worrying about the hospital bill. In the case of permanent damage, your employee and their family would be covered by the insurance plan for medical and collateral expenses. On the death of the earning member, the insurance plan would cushion the family trying to overcome the irreparable loss by taking care of some financial liabilities (on behalf of the organization), as mentioned in the policy document.

Interestingly, such an insurance plan not just provides a protective net against any accident for the employees but also exists for the company owner or any board member of the organization. Therefore, this type of insurance covers one and all within a group from any accident.

What are Some of the Benefits of Accident Insurance Plans?

Some of the key benefits of implementing such an accident insurance plan include:

Helping the organization cover financial liabilities due to any employee’s death, permanent damage or hospitalization. This is because such a policy takes care of all the expenses while the employer regularly pays the policy premium.
Getting the claims settled quickly and without hassle for the organization, the employee or their family members. The claims are processed even faster in case of fatalities or permanent damage, so that the dependent family can grieve in peace.
Creating a comfort zone in terms of managing medical expenses and providing an accidental cover in case of serious injuries or death. This way, you can show that you care for your employees’ well-being. Further, such a move would also be appreciated by the government and can be incentivized, though you need to consult your chartered accountant for the same.
Such a group insurance policy provides many benefits in case of injury, disability or fatality (benefits are received by their nominee or family members, as may be prescribed by the insurance plan).

Some of the other benefits include:

Payment of lump-sum benefit to the family/nominee in case of the employee’s accidental death.
Suitable compensation in case of permanent total disability, as decided by the insurance company.
Suitable compensation in case of permanent partial disability, as decided by the insurance company.
Reimbursement of medical bills in case of accidental injury.
Depending on the insurance plan, other things may also be included as part of the compensation, such as the ambulance cost, OPD cost, etc.

However, these insurance plans do not cover:

Self-inflicted injuries
Pregnancy-related complications
War-like situations
Illegal activities
Accidents under the influence of intoxicants

Accidents tend to happen suddenly. However, they leave a permanent mark on the lives of those involved and their near and dear ones. For employees, who are the family’s sole breadwinners, an injury, disability or fatality can cause a lot of pain. While such grief cannot be overcome easily, the employees of your company and their family members can at least be reassured financially. This can only happen if you make the decision to implement a group personal accident insurance plan. You and your employees are covered on any rainy day with such an insurance plan. You may also provide them group term life insurance for all-rounded security.

Get in touch with experts at Plum Insurance, share your requirements and then go through the range of customisable insurance plans they come up with as per your desired needs. Go through the plan, understand its advantages and benefits, check the coverage and how it can be beneficial to your employees and select a plan that is most suitable to meet your requirements.