One of the biggest assets for any organisation are their employees, and it is the organisation’s responsibility to ensure the best practices of the industry are followed and made available to their own employees.
A Group Personal Accident Insurance Policy, also called a GPA policy is a step closer to achieving this practice. This policy as the name suggests, provides coverage to your employees against any financial liability which may arise due to an accident, covering injury, disability or death.
While we have discussed a situation where you are an employer seeking a policy for your employees and board members. This policy can be availed for individual groups working for Non-Profits and other organized groups like associations etc.
The basic premise of this policy is to provide protection against injury, disablement or death caused due to an accident, for a group of people, who may be an organisation, association, NGO, or any other institution.
A Group Personal Accident Insurance, or GPA Insurance is a policy, which provides a comprehensive coverage against an accident for all the beneficiaries of a group which has availed this policy.
The Group Personal Accident Insurance Policy covers the financial expenses of an insured, arising from an accident leading to any of the following:
- Accidental Death Cover – Cover for accidental death as a result of an injury suffered from an accident.
- Capital benefits cover for disabilities – Lump sum benefits for disablement resulting from an injury suffered from an accident. Compensation is paid either under permanent total disability or permanent partial disability.
- Weekly injury benefits – Loss of income as a result of temporary disablement. Compensation is paid either a percentage of weekly gross salary or a fixed limit for every week of continuous total disablement.
- Medical expenses – Cover for accidental medical expenses for both hospitalization and Out-Patient treatments.
- Child Education benefit
- – Pays a lump sum towards dependent child’s education upon the accidental death or total disability of an insured person.
- Funeral benefit – Covers reasonable funeral and/or cremation expenses following their accidental death.
- Home and/or motor vehicle modification benefit – Cover provides for costs necessarily incurred to modify the insured person’s home and/or motor vehicle, due to permanent disablement.
Reach out to PlanCover.com to structure the right GPA policy for your employees.
Please login or Register to submit your answer