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This type of insurance provides a lump sum payout for accidental injuries or death, and pays for medical expenses.
What Does Group Personal Accident Insurance Cover?
- Loss of Body Parts/Body Functions: Pays a lump sum for loss of arms, hands, fingers, legs, toes, sight, hearing, and more.
Total Permanent Disability: Pays a lump sum for permanent inability to work. Some insurers may have alternative definitions of this condition, like loss of a minimum number of specific body parts/functions.
- Accidental Death: Pays a lump sum.
The following coverage features are offered in various combinations, depending on the insurer:
- Medical Expenses/Hospital Cash: Pays for medical fees (up to a specified amount). Pays a daily hospitalisation benefit.
- Temporary Disability (Partial/Total): Pays a daily cash benefit while temporarily disabled and unable to work.
- Family Cover: Automatically covers employee’s child & spouse.
- Reservist: Covers employees performing reservist duty.
What Does Group Personal Accident Insurance Not Cover?
- Individuals over 65-75 (depends on the policy)
Pre-existing physical or mental defect or infirmity
Illness, diseases, infections, AIDS, HIV, and HIV-related illnesses
Childbirth, miscarriage, pregnancy or any other complications thereof
Injuries or death from criminal acts
Professional sports activities of any kind
Hazardous sports activities such as mountaineering, cave exploring, parachuting, hang gliding, hunting, racing of any kind (other than on foot), scuba-diving, bungee jumping and water ski jumping
- Pilots or cabin crew, unless they’re travelling as fare paying passengers
Radioactive and nuclear weapon material accidents
Do I Need Group Personal Accident Insurance?
This type of insurance is helpful if:
You want to offer attractive benefits to retain & motivate your employees, and attract new hires.
- You want to help your employees get back to work quickly. Cash payouts will greatly help your workers with medical expenses.
- You want to be seen as a caring employer, making sure your employees and their families are well looked after in case of unfortunate accidents.
Group Personal Accident Insurance vs WICA Insurance
Clients frequently ask us about the difference between Group Personal Accident Insurance vs WICA Insurance.
Legal necessity: Group Personal Accident Insurance is a non-legally compulsory type of insurance. It’s a good-to-have benefit that you can provide to your employees. On the other hand, WICA Insurance is legally compulsory for manual workers, OR any worker who earns below $2,600/month.
Types of injuries: Group Personal Accident Insurance covers non-work-related injuries. WICA Insurance pays for work-related injuries only.
Coverage breadth: Group Personal Accident Insurance is mainly for lump sum compensation in the event of disablement, paralysis, or death. It’s most useful as a lump sum benefit if a worker becomes disabled, and finds it difficult or even impossible to find employment. The insurance payout is thus critical to cover medical expenses and other costs of living when the employee is unable to support themselves.
How Much Group Personal Accident Insurance Do I Need?
It’s useful to purchase coverage between $100,000 to $500,000 per employee. If you need help determining appropriate coverage levels, speak with our expert brokers today.
How Much Does Group Personal Accident Insurance Cost?
It’s hard to quote a price given that premiums vary wildly depending on your industry, employee age, and number of workers.
However, what’s for sure is that you can save up to 25% on premiums with Provide. Our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.