Group Accident Insurance

Group accident insurance can cover more than one person under one policy. This is an ideal plan for corporate houses, companies, and business houses. Different organizations find this policy very useful since they can cover all their employees under policy. This is a very cost-effective policy for them. They can secure a group with one single premium. All the members of an organization come under this policy and if anyone of the group meets with an accident.

The group accident insurance policy covers not only financial crisis during an accident, but it also ensures a lot of mental peace and security of the secured people. If any person from the secured group meets with an accident, he will get a cash benefit every month. This is beneficial for the organization as well, since they can be assured to gain the compensation for financial loss. The company can get the compensation fees from the insurance company instead of giving away from their own wallet. However, there is an important clause in this insurance policy, which everyone should know before opting for this.

The accident should take place while the group will engage in a group activity. For example, if there is a cricket match between two teams, and any of the team members gets injured, he will get the cash benefits, if the group is covered by an accident insurance policy. For this reason, some group accident insurance policies are offered for special activities and events.

The group accident insurance coverage:

• Broken bones due to accident
• Temporary disability due to accident
• Permanent and partial disability due to accident
• Accidental death

The benefits and advantages of group accident insurance:
The cash benefits can be received on a weekly basis.
If there is any permanent disability or death happens due to the accident, the Policyholders can get lump sum cash benefits.
The insurance cover is available for 24*7 or sometimes some insurance companies provide cover only for working hours.
There is a certain limit of duration of the policy validity.

Group accident insurance providers: In India, there are many insurance companies, which offer accident insurance including group accident insurance plans. Some of them are mentioned below:

• Apollo Munich Health Insurance
• Bajaj Allianz General Insurance Co. Ltd.
• Reliance General Insurance Co. Ltd.
• ICICI Lombard General Insurance Co. Ltd.
• Apollo DKV Insurance Company Limited

Last Updated on 15/06/2011

>> More About Insurance