Group Personal Accident (GPA) Insurance Policy
Accidents are common and when they happen they render a person incapable to work.
This loss of work results in loss of income and if the person suffering an accident
dies, the family suffers a major financial loss. As such, a personal accident policy
is useful as it pays a benefit if the insured suffers accidental death or injuries.
Even a group of individuals might avail a group personal accident insurance plan
which covers the members of the group against accidental death and injuries. A group
personal accident policy provides a wide scope of coverage against numerous contingencies
which might be caused by an accident.
Here are the important features of Group Personal Accident Insurance Plan:
Group Personal Accident Insurance Coverage Granted
Though the actual coverage granted by a group accident insurance plan varies between
different plans, there are some basic coverage features which are common in almost
all policies. These include the following:
- Accidental death – if any of the insured members face death due to
an accident, the accident insurance plan pays a lump sum benefit to the bereaved
- Permanent total disability – total disability is when the individual
loses both limbs, eyes, etc. and is permanently disabled. A lump sum benefit is
paid in case of such disability.
- Permanent partial disability – losing one limb or one eye, etc. are
examples of partial permanent disability. Such disabilities are also covered by
- Ambulance expenses – group personal accident insurance plans usually
cover the costs incurred in transporting the injured to the hospital through an
- Fractures – many group personal accident policies also cover bone fractures
under their scope of coverage.
- Transportation of mortal remains – in case of accidental death, the
cost of transporting the dead body of the member is also covered under the plan.
Eligible Groups for GPA Insurance Policy
A group personal accident insurance policy is available only for registered groups
such as business organizations wherein. Employers can take a personal accident policy
for employees. Registered groups like trade unions, banks and their accountholders,
members of a registered club or associated, etc. can opt for a group personal accident
plan. Employer-employee groups are the most popular group wherein the employer avails
an accident insurance policy for employees for their financial well-being.
The amount of benefit paid depends on the nature of contingency faced. For instance,
in case of accidental death and permanent total disability, 100% of the Sum Insured
is paid as benefit. In case of partial disabilities, however, a portion of the Sum
Insured is paid which is specified in the policy. Ambulance costs, fractures, transportation
of remains, etc. have a pre-defined limit and the benefit paid is the actual cost
subject to a maximum of the pre-defined benefit.
Exclusions of GPA Policy
There are some common exclusions which are not covered under the plan. The exclusions
include natural death, suicidal death, pregnancy related injuries, war related contingencies,
Additional Optional Coverage Features of GPA Insurance
Besides the basic coverage features, many plans also provide additional benefits
like payment of a weekly benefit during the course of recovery, hospital daily cash
allowance, children's education fund in case of death or permanent disability, coverage
for medical expenses, etc.
A group personal accident policy is a very important cover especially an employee
accident insurance plan. These plans provide coverage in case of accidents and the
resultant injuries. If you are looking for the best personal accident policy, you
can visit Paybima where you would find numerous
options. You can do a personal accident insurance comparison, choose the best personal
accident policy and buy it to easily secure your group. Personal accident insurance
comparison is necessary as different plans offer different coverage benefits.