Life has the ability to generate unpleasant surprises, such as accidents, and possibly alter one's dream and cause economic difficulties for the family. In addition, even your family is covered in the unfortunate event of death or disability. Not only for individuals but personal accident coverage is also purchased for groups. A company can buy personal accident coverage for its employees, or a service provider can offer personal accident coverage to its customers. A bank can buy personal accident coverage for its account holders and their credit card holders.
A person traveling on a commercial aircraft gets accident insurance coverage with the payment of a nominal premium. Similarly, those who book train tickets online get accident insurance. An employer that buys accident insurance coverage for its employees or a service provider for its clients is basically a group of personal accident coverage. The covered persons do not have to carry out insurance purchase procedures. The entity that purchases the group's personal accident coverage completes the procedures and the insurance company issues a major insurance policy. In the case of an injury that results in the loss of the life of the Insured within one calendar year after the date of the Accident, the company will pay the principal amount.
Always read the list of exclusions. No matter, how comprehensive your group personal accident insurance coverage is, always know the cases where you are not covered. Every policy terms have a list of exclusions.
One should check with the insurer which all exclusions can be included in the GPA policy as add-on covers by paying the extra premium. This is very critical for all the team members.
Assess the group personal accident insurance plans provided by different insurers under the lens of provided tips and ensure wider coverage at the low-cost premium.