Group Personal Accidents
Group Personal Accident Insurance
This Insurance is intended to provide for the payment of compensation in the event of the insured sustaining death or disablement by bodily injury, resulting solely and directly from accident caused by external, violent and visible means Covering employees of a firm /company / Association or Club(i.e. with employer – employee relationship) for Named and Unnamed employees.
The cover provided by the policy is world-wide. Payment of claim, however, can be made only in India in Indian Rupees.It may, however be noted that :-
- The number of persons and the sum insured in each Group should be specified when the cover is
- Only members of an Institution / Association / Club / Society etc., (where the Group is well defined and a register of membership is maintained and it is possible to find out the number of members at any given time) can be covered.
No group should be formed with main purpose of availing insurance. There should be a clearly evident relationship between the member and the group manager for services other than insurance. Where a homogeneous group of persons may decide to buy a group insurance policy to achieve saving in cost, a person negotiating “group” rates and then going round finding, members to insure will be considered as a legitimate group.
Medical Expenses
The policy may be extended to include payment of medical expenses up to 10% of the sum insured or 50% of the admissible claim amount or the actual expenses incurred towards medical expenses whichever is lower by charging 20% extra premium. The medical benefits are in addition to benefits provided under the policy.