6 min read
Ever wondered about the difference between the Group Mediclaim Policy VS Group Personal Accident Insurance Plan offered by employers? Read on to know the difference between the two.
Employee satisfaction has become a key feature of the corporate world in the last decade. Thus, most businesses give top priority to employee satisfaction through the extensive range of perks and added benefits so that they could retain their employees in the organization. Among the various perks offered to employees in most organizations, the Group Mediclaim Policy and the Group Personal Accident Insurance is very common. Both these plans help the employees with all kinds of healthcare problems and emergencies to lighten the financial burden of the employees.
However, most people get confused about the two terms. Let us get into details of these plans to understand their difference better.
Group Mediclaim insurance policy for employees is a custom made plan that is provided to a group of people with similar perks and benefits. Thus, each member of the plan receives equal advantages in the form of expenses related to hospitalization, maternity care, OPD expenses and so on.
Group Personal Accident Insurance is a plan that is custom made to suit the requirements of employees in case of accidents, and accidental injuries. This insurance plan covers the employee irrespective of whether he/she is on duty or off, living in the country at the time of the accident or abroad, etc. The plan includes coverage such as education cover for two dependent children, ambulance charges and several other add-ons.
Both these plans, namely Group Mediclaim Policy and Group Personal Accident Insurance are designed to cater to the specific needs of a group of employees. However, there are some distinctive differences between the two plans as mentioned below:
|Categories||Group Mediclaim Policy||Group Personal Accident Insurance|
|Basic Purpose||To cover the healthcare requirements and related expenses of employees.||Customized plans to cover employees against unforeseen events like accidents, injuries etc., which might cripple the employee for life or might lead to the death of the person.|
|Coverage||Coverage is extended to the family of the employee.||Coverage is offered against bodily injuries of employees suffered due to accidents. Or in case of death of the employee.|
|Limitations||The plan doesn’t cover any treatment that is done outside the geographical limit of the policy.||The plan covers treatment irrespective of any geographical area.|
|Benefits||The plan benefits employees against the financial expenses incurred because of ailments, injuries, maternity and childcare, and any kind of non-fatal mishap.||Here, reimbursements are provided in case the employee gets injured or dies in an accident. Also covers the consequential expenses of such injuries.|
As already discussed, Group Mediclaim policy for employees helps the insured individuals with the expenses of treatment and hospitalization at a very low premium. Hence, these plans are very economical, making them an ideal choice for the employers.
Here are some detailed benefits:
This plan, again, offers substancial coverage and is known for its 24-hour accident policy that works globally. Here are some benefits:
Some of the top insurers offering Group Personal Accident Insurance policy are namely:
Under some circumstances, these plans might not be applicable. Below are some such situations:
A group plan allows several benefits and securities to individuals of an organization. Below are some benefits that make them worthwhile for employees and employers alike in an organization:
We believe the article has helped you understand what is group personal accident insurance and group mediclaim policy. Both these plans are crafted to suit different employee requirements. The group plans are customized as per the needs of a particular group of employees and help them in the event of sudden accidents or health issues. Thus, both employer as well as the employee and their families are benefitted under such plans.
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
While accident insurance only helps cover costs associated with accident-related injury treatments, health insurance helps cover costs associated with unforeseen health issues. The costs associated with disabilities caused by accidents are not covered by health insurance, but they are by accident insurance.
Group Personal Accident (GPA) Insurance shields policyholders' families from financial hardship in the event of accidental death or disablement. Businesses and other industrial facilities may provide this policy as accident insurance for their staff, members, etc.
An insurance policy for health care covers unexpected emergency hospitalization from the start of the policy without a waiting period. Normal health insurance, however, does not provide the insured with personal accident coverage.
The primary distinction between group health insurance and individual health insurance is the sharing of coverage among a group of individuals who are connected by a predetermined condition. A personal health insurance plan, however, only covers the policyholder.
It is typically made available to groups of people, like employees or customers. Accidental injury coverage, death benefits, global coverage, and supplemental features like hospitalization coverage and medical expense reimbursement are all important aspects of GPA insurance.
vView this post on Instagram
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Universal Health Coverage Day is observed every year on December 12 to make sure that people around the world can have access to high-quality health services.
The quality of air continues to deteriorate in India, especially in the northern region with the air quality index (AQI) in the critical category. This.
A vibrant land of cultural coalesce, India amuses the world with its unique values and diversity. The festivals play a significant role in this regard..
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
Like in other products, GST is levied on health insurance policies too. But did you know that an NRI or non-resident Indian with a health.
Antibiotics are like marvels of medical sciences which have transformed the healthcare sector by limiting some of the deadly infections. From the earliest discovery of.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue