Know About Group Mediclaim Policy and Group Personal Accident Insurance

Group Personal Accident Insurance
What is Group Mediclaim policy?
Group mediclaimpolicy is a type of health insurance plan used to cover a group of individuals, like fifty or more, with the same benefits to all its members. It is usually a plan for the employees of an organization. It is a valuable benefit for employees as the premium for the plan is borne by the employer. These plans can also be used to cover other kinds of groups like associations, corporate bodies, or institutions. It covers hospital expenses maternity care and also covers families of employees in some cases. The price for the plan is comparatively lesser as compared to individual health insurance plans and also has an added advantage of tax reductions that benefit employers. Also, such organizations offer the valuable benefit of insurance to employers, promotes goodwill, care for their people and lead to healthy work environments. Thus, making it favorable for both the employees and the employer.
‘’Getting insurance is YOUR responsibility to your family and loved ones. You may hate it, but it is your responsibility’’. – Jeremiah Say
What is Group Personal Accident Insurance?
Group personal accident insurance covers accidents for employees under corporate group insurance. It is available for the employees and board or owner of an organization. Such an insurance plan provides complete financial protection against expenses incurred due to the disablement or death of the insured in an accident in accordance with the terms and conditions mentioned in the insurance policy. It majorly covers accidental death, medical expenses incurred due to accident, permanent total disability due to accident or permanent partial disability due to accident. Group Personal Accident Insurance protects the employees of any organization against any unfortunate events. Such a plan assures quick claim settlement and is a great reputation builder of an organization as it gives satisfaction to the employees that the employer is protecting them.
When are these plans not applicable?
Group Mediclaim and Group, Personal Accident insurance, have distinct terms and conditions set by each organization; however, there are a few general circumstances where these plans are not applicable at all. Let’s have a look at them;
Accidents caused due to drug or alcohol abuse Suicide attempts or self-inflicted injuries Engaging in any illegal activity and damage caused by it Loss suffered due to war or military action in the country Alternative or experimental treatment expenses Any sexually transmitted diseases
How do these plans benefit the organization?
Apart from providing safety and security that these plans extend to the employees, the employers are also in favour of these plans as they get offered valuable advantages like;
Motivational tool – As these plans aim to protect employees and bear their major health expenses, it becomes a motivation for the employees and leads to employee retention.
Affordable premium – Being cheaper than individual insurance plans, these group plans turn out to be less costly with low premiums for organizations to buy in groups.
Tax benefit – Such insurance plans bought in groups gives employers a good tax benefit advantage.
Faster settlements – While covering for unfortunate events under these plans, the organizations deal with faster settlements making it easier for them as well to complete the process effectively.
Difference between Group Mediclaim policy And Group Personal Accident insurance
Features Group Mediclaim policy Group Personal Accident insurance
Objective
Broad plan covering medical expenses of all employees of an organization
Custom -made plan to protect employees of an organization from any unfortunate events that may lead to death or disability
Family inclusion
Restrictions
Any treatment taken from outside the set terms and conditions shall not get covered
All treatments get covered irrespective of location or terms
Benefits
Covers employees for hospitalization expenses, maternity and child care expenses
Covers only expenses related to death or disability of the employee due to an accident
The overall insurance industry is expected to reach US$ 300 billion by the end of 2022. Getting group plans for your employees is the best way to protect them and be a part of maintaining a healthy country ahead.
‘’The grace of God is like insurance. It will help you in your time of need without any limit’’. – Sri Sathya Baba
Visit: https://quickinsure.co.in/personal-accident-insurance