5 Reasons to Buy Group Personal Accident Insurance
No matter how safelywe drive, road mishaps can still occur due to thenegligence of others and many unavoidable circumstances. Statistics suggests fatality rate of 11 per 100 of the population in the year 2015 alone (source: Road Safety in India Status Report 2015). With increasing speed and motor vehicles on Indian roads, this number is slated for increase. Road accidents could lead to death, partial or total disability, affecting the working capacity of the person, causing financial losses to the victim and the employers who rely on the capacity of the individual.
Group personal accident insurance, comes as a life saver for the employees in such scenario, as well for the employers. Most of the companies are now advocating on insuring their employees under group personal accident insurance policy.
As an employee of an organisation, you should have a knowledge of group personal accident insurance and how can you benefit from it? And, why companies need to insure their employees? However, first, let us understand what this insurance policy is all about.
What is Group Personal Accident Insurance?
Group Personal Accident Insurance is a policy that covers the risk of anaccident caused by external means leading to physical injury or death. Physical injury includes permanent total or partial disability or temporary total disability.
Which groups can for this insurance policy?
This insurance policy is granted to the employees by the employer in case of private or public companies. This product offers coverage against the events not only in the workplace or residence but also on the way to work.
Why should you buy Group Personal Accident Insurance?
Life is uncertain and therefore, and the accident policy insures you and your family against any unfortunate events. Unlike any other policies, you do not have to get your medical check-up done when it comes to personal accident insurance. If your company grants you Group Personal Accident Insurancethen you should take the chance to get yourself and your dependents insured. There are several reasons that will prompt you to sign up for this.
- Road Accidents
The risk of road accidents is one of the reasons why one should go for this insurance. According to the Ministry of Road Transport and Highways more than 400 people lose their lives in road accidentseveryday in India. Even if you drive safely, you still may get into road accidents because of other’s negligence or rash driving. As a result,your family may have to suffer. However, if you are insured, the monetary compensation can help your family at the time of distress.
- Disability from Accidents
If you are the breadwinner of your family, then road accidents leading to permanent total or partial disability can prove serious. It will become difficult to handle the expenditure because disability willmake it tough for you to earn your livelihood. In such case, group personal accident insurance helps in compensating for the loss caused by accident.
- Covers Hospitalization Expenses
Another major benefit for buying this insurance is that it covers you against hospitalization expenses. Accidents, be it big or small, needs emergency medical care and for this,you have to pay a lot from your pocket. However, if you are insured,you can pay your hospital expenses.
- Compensation For Loss of Income
If you buy group personal accident insurance, then you can be assured that you can have full financial protection during unfortunate events like accidental death or physical disability. The policy will offer you or your family complete compensation in case of accidental death. Also, this policy will help you and your family when you are in need of money.
- Can be availed worldwide
The compensation from accident insurance can be beneficialnot just in India but also abroad. So, if you meet with an accident outside India and needtreatment, then the insurance can be availed for the hospitalization and recuperation expenses.
So, these are some of the major reasons that should encourage you to buy group personal accident insurance. If you are a sole earner thenundoubtedly, it becomes our responsibility to offer our family with financial protection. Whether the sum insured is less or more, it will be enough to meet your requirement. As an employer, while insuring your employees against theaccidental hazards, choose the best by checking various insurance plans,go for add-ons to enjoy more benefit, inquire about the insurer and read the reviews and fine print of the policy.