Group Personal Accidental (GPA) Insurance
Accident - means a sudden, unforeseen, uncontrollable, and unexpected physical event to the insured person caused by external, violent, and visible means occurring under the circumstances described in a hazard applicable to that person.
This policy is purely an accident instigated policy. It covers the financial risk due to death, disability and loss of earnings caused due to an accident. It reduces the financial burden on the family due to loss of earnings.
Flat (Insurance Cover remains same throughout)
Graded (Insurance Cover can be increased in midterm with change in Grade/ Promotions)
Multiples of CTC/Basic (Maximum up to 10 times of CTC and may vary from Insurer to Insurer)
Combination of the above
Scope Of coverage
Compensation is payable in case of Accidental Death. In such a loss, 100% of the Sum Insured is paid.
Compensation is payable if the accident results in the loss of two limbs or two eyes or one limb &/or one eye. Compensation is also payable if the accident results in loss of speech & loss of hearing in one or both ears. The benefit given depends on the degree of loss.
Permanent Total Disability
Permanent Total Disability means total and permanent inability to engage in every occupation or employment for compensation or profit. You are appropriately qualified, experience for the rest of your life. Compensation is payable if Permanent Total Disablement is caused due to an accident. In such a situation, 100% of the Sum Insured is payable.
Permanent Partial Disablement
It means the Insured Person has suffered a permanent loss of physical function or anatomical loss of use of a body part, substantiated by a physician's diagnosis. Compensation is payable in case of partial disablement caused because of an accident. In this case, the amount payable is based on the degree of disability incurred.
Temporary Total Disablement
means disability, which wholly prevents such Insured Person from performing every duty about his occupation.
A weekly payment of up to 1% of Sum insured or agreed Sum or the actual net weekly salary (whichever is lower) is given for each week up to a maximum of 104 weeks.
A good Group Personal accident policy must cover Accidental death, permanent disablement, broken bones, ambulance charges, the mortal remains transportation charges, weekly benefits of the healing costs, in case of entirely/temporary disablement.