Group personal accident (GPA) Insurance policies are the policies suitable for organizations/companies, who wish to ensure their employees against possible perils like Accidental Death & Dismemberment, Permanent Total Disability (PTD), Permanent Partial Disability (PPD) etc. They look for a Group policy to cover all their employees under a single policy, which will be cost effective as they will get a group discount when compared to Individual Personal Accident policies. In today’s business environment, where companies are competing for quality manpower, providing comprehensive Employee
Benefits are critical to retain employee talent. Hence companies are ensuring Comprehensive coverage for their employees on a 24 hour worldwide basis under the Group Personal Accidents plans.
Since it is a 24 hour worldwide coverage, employees are also covered when they are on vacation or not engaged in any business related engagement…they are covered even when they travel abroad or anywhere in India on business and leisure.
Most GPA policies cover the following benefits:
Capital Benefits : Accidental Death / Accidental Dismemberment . Permanent Total Disability and Permanent Partial Disability
Regular Benefits: Accidental Medical Expenses (Fixed or Variable) / Weekly Indemnity (Temporary Total Disability)
Add Ons: Educational Allowance / Repatriation of Remains / Home & Vehicle Modification / Family Transportation, Burns, Broken Bones etc
Offering GPA to so many different groups has resulted in a satisfactory growth of this line of business over the past years…according to IRDAI, GPA business is estimated to be around Rs.2800 crores and growing at around 20% YOY…while IRDAI doesn’t publish GPA and IPA numbers separately, based on feedback from industry insurers, it is estimated that GPA is currently around 65% of the overall industry Personal Accident numbers.
Group personal accident insurance is a comprehensive cover that can be bought for large as well as small groups. The premium per lac of sum insured differs from group to group and the factors influencing the discount offered for the GPA policy are:
Group Personal Accident policies are not only offered to employee employer groups…Policies can also be purchased by the following organisations:
Usually, GPA policies don’t offer coverage in the following cases: