Importance of Group personal accident insurance
Some of the key reasons why Group personal accident insurance is important:
- 1. Boosts employee morale
When the well-being of employees is safeguarded with Group personal accident insurance, it boosts their morale, fosters loyalty and leads to higher job satisfaction. The employer’s commitment to employee well-being motivates employees to engage positively with their roles, enhancing productivity.
- Provides financial protection to employees
For an organisation, employees are the most valuable assets. One of the ways to make them feel valued is supporting them financially against unfortunate events, leading to injuries, disabilities or death. The policy covers treatment costs and hospitalisation expenses, reducing financial burden on the employees and their families.
- Compensation for death and disability
Depending on the type of disability - temporary or permanent - the insured will be given the entire sum insured or a percentage of the sum insured as compensation. In case of death due to accident, the family of the employee will receive a lump-sum payout.
- Benefits employers
It is a win-win situation for employers also. Group personal accident insurance sends out a clear message that the employer is concerned about the well-being of its workforce. This sense of financial security and support leads to higher job satisfaction, improved productivity and enhanced retention.
- Quick claim settlement
Group personal accident insurance ensures claims are processed faster and seamlessly. The employee doesn’t have to take the stress of following up with the insurer for settling the claims; it’s the responsibility of the employer to handle it.
Conclusion
Medical emergencies can derail your budget if you don’t have enough savings in your kitty. For employees, group personal accident insurance is the backup, ensuring financial protection in case of accidents, injuries, or death. Employees feel valued, leading to improved job satisfaction and retention.
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 ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.