Employees are a company’s most valuable asset. If your organisation has made increasing employee performance and retention a priority, a good way to achieve this is by offering a GPA (group personal accident) insurance. Choosing the right plan can help offer life cover, income protection, and total or permanent disability cover. It forms part of an attractive compensation package that helps employers stand out when new workers are considering job options.
GPA covers a host of events, focusing on accidental injuries and death. It can become a part of your employee satisfaction policy and company culture to address their financial needs. Read on to find out more about a GPA for a family.
What Does a Standard GPA Insurance Cover?
An employer pays the premiums for GPA insurance. This policy is particularly useful for industrial establishments and logistics companies. If you are considering a group personal accident insurance for your employees, here are the key features:
Accidental Coverage: If an employee meets with an accident, all medical expenses are covered. This includes hospital room rent, OPD charges, daycare procedures, ambulance transportation, and other hospitalisation charges. Financial aid is also provided for purchasing mobility support devices like crutches and wheelchairs.
Permanent Total Disability: This includes compensation for loss of limbs, both eyesight, hearing in both ears, and speech impairment, due to which the employee is never able to work again. The total sum insured under the GPA will be paid to the policyholder.
Permanent Partial Disability: This is when the employee is able to work but not as efficiently as prior to the injury. It includes semi-disabilities like damage to one limb, one organ or one eye. The employee qualifies for this cover when they are unable to demonstrate their skills in full capacity. The insured can receive anything between 5% to 50% of the sum assured.
Temporary Total Disability: These are injuries that affect an employee completely but for a short time and the damage caused by the injury is reversible. For example, broken hands, injuries that require surgeries or extensive medical treatment. A certain percentage is offered to the insured, depending on the chosen insurance policy.
Physiotherapy: If the employee requires physiotherapy after the accident, GPA covers the expenses.
Child Education: Cover is offered to two dependent children of the employee, in case of death or permanent total disability. The policy will mention a maximum limit for this purpose.
Further, funeral expenses, modification to accident-related vehicles, and compassionate visit travel costs are also covered. If the insured employee disappears after an earthquake or flood, compensation is paid to the beneficiaries.
Exclusions in GPA
The general exclusions in a group personal accident insurance are pre-existing diseases, self-inflicted injuries, bacterial infections, hazardous activities (electrical repair work), STDs, pregnancy and childbirth, substance abuse, non-accidental cases, and criminal activities.
GPA for a family is important for an employee’s peace of mind. It is particularly important if the employee is the sole breadwinner. The policy offers the family compensation and protect their financial future.
