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Insurance Article

What is Group Personal Accident Cover?

March 14 2017
Group personal accident covers

Here’s your all-to-know guide on group personal accident insurance covers

Over 5 lakh road accidents occurred in India in 2015. More than 1.46 lakh people lost their lives in these accidents and many were injured. Road accidents are an economic crisis for families of those who are involved in them. The economic impact could be in the form of loss of income for families losing their loved ones, and permanent total or partial disability caused to the insured.

What is Personal Accident Insurance Cover?

Personal accident insurance cover is a type of insurance, where an insured person or the breadwinner, and his/her dependents are financially protected in the event of an accident. Individuals buy personal accident insurance to cover death or permanent total disablement due to an accident.

What is Group Personal Accident Insurance Cover?

Not just for individuals, personal accident covers are also bought for groups. A company can buy personal accident cover for its employees, or a service provider can offer personal accident cover to its customers. A bank can buy personal accident cover for its account holders and its credit card holders.

A person travelling in a commercial airliner gets accident insurance cover on payment of a nominal premium. Similarly, those booking railway tickets online get accident insurance cover.

An employer buying accident insurance cover for its employees or a service provider for its customers is basically group personal accident cover. The individuals covered do not have to perform the insurance purchase formalities. The entity buying the group personal accident cover completes the formalities and the insurance company issues a master insurance policy.

Group personal accident insurance covers:

  • Accidental death: The insurance company will pay the sum insured to the nominees of the insured.
  • Permanent partial / total disability which includes loss of limbs and eyes: The insurance company will pay compensation as per the policy conditions.

Add-on covers:

  • Hospitalisation: Expenses of hospitalisation following an accident.

As in individual personal accident cover, group personal accident cover also has exclusions. These include:

  • Natural death
  • Self-injury
  • Injury suffered while under the influence of drugs or alcohol
  • Injury suffered while violating law/s
  • Venereal diseases
  • War and nuclear perils
  • Pregnancy

The premium to be paid by individuals for personal accident insurance covers is comparable to term life insurance policies. Group personal accident insurance covers are cheaper than the covers bought by individuals. The group policy is eligible for group discount based on the size of the group. The group discount is slab-wise and increases with the size of the group.

Related Article:

Covered with accident insurance? Here's what you need to be careful of
What Do You Look For When You Compare Personal Accident Policies?

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