Difference Between Group Mediclaim Vs Group Personal Accident Insurance

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5 min read

Updated on Oct 28, 2022

Group Mediclaim & Group Personal Accident Insurance – Know Everything

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.

What is Group Mediclaim Policy for Employees?

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.

What is Group Personal Accident Insurance?

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.

Difference between Group Mediclaim Policy and Group Personal Accident Insurance 

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.

Detailed understanding of Group Mediclaim Policy

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:

  • Hospitalization costs – This includes the cost of staying in hospital, costs of procuring medicine, and other costs levied by the hospital.
  • Pre-Post Hospitalization costs –   Includes the costs incurred for consultation, tests etc. covered under pre-hospitalization as well as the procedures undertaken during post-hospitalization.
  • Maternity and Child care costs –  The plan includes a reimbursement facility for expenses incurred during maternity for female employees. Benefits also include through the stages of prenatal, infancy and postnatal.   
  • Covers entire Family – Most organizations cover the family members of employees under such plans to allow them extended coverage. The family members usually covered include spouse and children. In some cases cover is also extended to parents and in-laws.
  • Can avail cashless hospitalization –  Most insurers under group plans allow cashless hospitalization facility to the employees to benefit them further.
  • Day Care Procedure –  Many group plans allow employees to benefit from the facility of day care procedures at particular centers or hospitals.     
    Top insurers offering Group Mediclaim Policy are:
  • Bajaj Allianz Group Mediclaim Policy
  • Bharti AXA Group Health Insurance
  • IFFCO TOKIO Group Health Insurance
  • MAX Bupa Group Health Insurance etc.

Detailed understanding of Group Personal Accident Insurance

This plan, again, offers substancial coverage and is known for its 24-hour accident policy that works globally. Here are some benefits:

  • In case of death due to Accidents – If an employee dies due to an accident, the plan covers the expenses incurred in the treatment of the employee depending on the sum insured of the policy.
  • Employee Disability (total/partial) – The plan offers compensation to employees in case of any disability of total or partial nature.   
  • Added benefits – There are many additional benefits offered under group plans like transportation and ambulance charges among others.
  • Riders – The plans also offer many add-ons or rider facilities that can be availed by the insured or employee under group plans.
  • Dismemberment – The policy covers an employee who loses limbs/eyes etc. in an accident.

Some of the top insurers offering Group Personal Accident Insurance policy are namely:

  • SBI Group personal accident insurance
  • HDFC ERGO Group Personal Accident Insurance Policy
  • Tata AIG Group personal accident insurance
  • IFFCO Tokio Group personal accident insurance etc.

Circumstances under which these plans are not applicable

Under some circumstances, these plans might not be applicable. Below are some such situations:

  • If the insured meets with an accident due to the use of drugs/alcohol.
  • In case of injuries that are self-inflicted.
  • In case of suicide attempt.
  • If any damage is caused due to criminal activity,
  • In case the disease is transferred due to sexual activity etc.

Advantages of including Group Insurances by organizations

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:

  • Affordable and easy premiums – Group plans support employees through affordable premiums as most of these plans are cost effective as compared to individual plans.
  • Reduces financial burden – These plans motivate employees by lowering their financial burden in terms of healthcare cost of the employees and their family members. Thereby they help to retain employees in an organization.
  • Tax Benefits – These insurance plans also offer tax benefits under the Indian Income Tax Act.
  • Quick Settlement – Further, the easy and fast settlement of reimbursement is another benefit of such a policy. Here, the company makes sure that the employee receives compensation immediately for their losses.

Conclusion

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.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

 

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