Group of People in a firm of a firm, company, association, club or society can be covered under GPA policy. Coverage can for named or unnamed employees/members.
IRDAI License Number: IRDAI/INT/ISNP/2022/250
Group of People in a firm of a firm, company, association, club or society can be covered under GPA policy. Coverage can for named or unnamed employees/members.
An organization can take this policy for their onroll employees.
Coverage:
In event of any bodily injury sustained due to accident the policy seeks to compensate the policyholder as per terms/conditions of the policy. Aggregate benefits under the policy are limited to capital sum insured.
Age:
Persons of 5 to 70 years can be covered under the policy. Persons over 70 years up to 80 years are coverable with loading of premium in case of renewal.
Risk Group:
For purpose of premium the persons are divided in 3 groups.
I. High
II. Medium
III. Normal on basis of occupation of person insured
Coverage:
1. Death
2. Permanent Total Disability (PTD)
3. Permanent Partial Disability (PPD)
4. Temporary Total Disability (TTD) with weekly benefit
5. Medical Extension
Add-ons under Group Personal Accident Insurance are:
Sum insured can be on the basis of monthly salary or fixed.
Exclusions under Group Personal Accident Policy are:
In a GPA policy of a fast growing IT company, there are frequent joining of the employees due to which the employees do not get the coverage from day one.
The insurance company had rejected the claim on the grounds of non coverage of such employees.
We were able to convey to the Insurance company that the CD deposit so maintained takes care of such exigencies and claims were paid accordingly.
Complete reconciliation of data was done to ensure all the existing members are covered. Monthly details of addition and deletion of members was comprehensively done for future.
A business man died due to snake bite
the claim was rejected on the ground that animal bite is by specific mention not covered under the policy
the case was presented to Insurance company that animal bites within the definition of accident --Sudden , violent and external . Animal bite comes within the purview of the difinition of an accident, later on it was accepted by the Insurer.
One should structure the policy in such a way that Animal Bite is not specifically excluded from the policy.
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