Group personal accident vs Group medical cover – Key differences

What is Group Personal Accident?

GPA insurance, or group personal accident insurance, is a policy designed to cover accidents that lead to injury, disability or death. This plan steps in when an unexpected accident happens, offering financial support to the affected person or their family.

It is common among businesses, from small startups to large firms, because accidents can take place at any time.

Here is what GPA insurance typically covers:

• Full payment (100% of the sum insured) if an accident causes death.
• Compensation for permanent disabilities, like losing a limb or eyesight.
• Temporary disability support, where you get an amount if you can’t work for a while.
• Medical expenses that are connected with the accident, such as hospital bills or ambulance costs.

For example, if your employee slips and breaks a leg at work, GPA could cover their medical costs and provide some income support during recovery. It is all about giving peace of mind when life takes an unexpected turn due to accidents.

What is Group Medical Cover?

Group medical cover, often referred to as GMC, is a broader health insurance policy that protects your employees against a range of medical emergencies, not only accidents. GMC ensures your employees have access to healthcare for illnesses and injuries alike. Unlike GPA, which focuses only on accidents, GMC covers hospital stays, doctor visits, and treatments for various health issues.

Here is what GMC usually includes:

• Hospitalisation costs for sickness or injury, like room rent and surgery fees.
• Pre-and-post-hospitalisation expenses, such as tests or follow-up visits.
• Daycare treatments, where you don’t need to stay overnight in the hospital.
• Coverage for common illnesses.

Suppose your team member falls ill with dengue. GMC would cover their hospital bills and medicines, ensuring they recover without financial stress. It is a comprehensive plan for overall health protection, widely offered by employers to their workforce.

GMC vs GPA

Now that you know what GPA and GMC mean, let’s compare them. Both plans are valuable, yet they cater to different needs. Here is a how:

For instance, if you are in a factory where accidents are a concern, GPA insurance might be your priority. On the other hand, if you want all-around health support for your employees, GMC fits better. Some companies even combine both for complete coverage, depending on their budget and workforce needs.

Another key point is how claims work. With GPA, you might get a fixed payout for a broken arm, no matter the hospital cost. With GMC, you submit bills for reimbursement, covering actual expenses up to the policy limit.

How to choose between the two?

Choosing between GPA and GMC depends on what you value most for your employees. Group personal accident insurance is your go-to if you are worried about accidents and their sudden financial impact. It is straightforward, affordable, and perfect for those in riskier environments.

Group medical insurance offers a wider safety net, covering a range of medical expenses like, including illness, hospitalisation, surgeries, etc. Both policies are indicative of an interest in employee well-being.

Conclusion

Group medical cover ensures that your employees have access to better medical facilities without worrying about the costs. It includes hospitalisation, consultations, medications, surgeries, etc. On the other hand, Group personal accident covers unwanted incidents. It offers coverage for injuries, disability and death.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.