Group Personal Accident Insurance
This policy can be taken as an individual or for a group. When an individual takes the policy, it is referred to as Personal Accident Policy. When it is taken by at least two or more persons of the same group, it is referred to as Group Personal Accident Policy
This policy covers financial costs during the unfortunate event of an accident resulting in an injury or loss of life. This policy ensures the financial well-being of the families of the insured. Also, it covers medical and other expenses by giving huge amounts as compensation to the insured for any injury resulting from an accident.
Coverage of this policy depends on the terms and extensions purchased. However, most cover these:
If the insured person’s injury from the accident results in their passing, the insured’s family member receives the compensation.
If an accident results in a permanent disability for an insured person and lasts longer than 12 months, the insured person will receive compensation equal to the amount insured.
If the insured becomes partially disabled, the insurer will pay between 2% and 60% of the total sum insured, depending on the terms of the policy. This is applicable if the disability lasts more than a year.
Weekly benefits will be provided to the insured if he is fully disabled. It is provided for a temporary period to compensate for the loss of income.
Ambulance charges are reimbursed if the insured has to be taken to the hospital because of injury.
The policy will reimburse all expenses while transporting the insured’s mortal remains to the ground or home.
All the hospitalisation charges and medical expenses related to the insured will be reimbursed.
