815
5 min read
Updated on Oct 28, 2022
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:
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.
PayBima Team
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.
Food not only helps provide nourishment and facilitate survival but can also essentially serve the purpose of medicine. So can be proven by its role.
A new and exclusive health insurance benefit to Govt. employees and pensioners in Kerala In its fervent attempt to ensure that every individual in every.
Buying a health insurance plan is essential, but several people refrain from investing in such plans, and prefer investing in fixed deposits, mutual funds, and.
Nature has bestowed us with many beneficial trees and plants that we may not be aware of. Moringa or Drumstick plant is one such tree,.
Be it a huge conglomerate or a small business, a health insurance plan is imperative for one and all. Securing your employees and their families.
Are you looking at easy and effortless reimbursement claims for your health insurance? Here are some important things you should know about medical claim Reimbursements..
April 17 marks the World Haemophilia Day which is commemorated annually and is dedicated to people who have haemophilia. Let us discuss the history and.
Malaria is a disease caused by infected mosquito bites. On the occasion of World Malaria Day on April 25, 2023 let us highlight the commitment.
April 10 marks the event of World Homeopathy Day every year emphasising the importance of Homeopathy and its influence on health. Let us read more.
World Health Day is observed every year on April 7 to draw attention to a particular topic related to global health. The day marks the.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
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.