Group Personal Accident Insurance
If you are new to insurance and someone told you that your family ought to take a GPAI, you probably thought it was some kind of a health drink. GPAI is the acronym for Group Personal Accident Insurance. Group Personal Accident Insurance basically covers the specific group of people insured in this policy against any particular risk pertaining to and causing death or any injury, while the policy period is in place.
The Group Personal Accident Insurance is ideal for almost all age groups of people, that seek to protect themselves and cover themselves against any sort of personal accident although on an individual platform. In case the groups are greater than 25 people, then the insurance companies also offer group discounts. The insurer makes more money when more people are covered, and hence usually the group discount is phenomenal when the group strength is as high as 500 people!
The losses incurred by one when involved in an accident, alone or in a group, is always a traumatic experience of accepting reality as it is and getting down to earth. It is followed by physical uncertainty and depression. A serious injury can also prevent you form going to work. In order to combat such situations, people usually take up a Group Personal Accident Insurance Plan, in order to make sure that any one in the family that meets with a group accident may be covered in the policy claims.
In order to compensate for the arrival of such losses as these, Insurance companies are offering compensations, for those covered under the period that faces death or any serious injury.
Mostly, in the case of death, the insurance is complete, and the beneficiary gets the entire insured amount. The same is the case with permanent disabilities, or the loss of both eyes.
Loss of a single limb, or loss of a single eye may gain beneficiaries half the benefit of the insurance from the government. Temporary partial disability and permanent partial disability are other injuries covered under this policy and claims can be made for a percentage for the insured amount.
In most cases, the insurance company will entertain only a particular clause for the same, exact period of disability. If there are per chance more than one clauses pertaining to the claim, the insurance company is at the freedom to give loans, but carefully.
It is also advisable to check on the following activities and see if the insurance company covers these before taking up the group personal accident insurance from that particular company. Some of the activities that are not usually covered by the insurer are:
• Normal and routine medical, physical and other such health related appointments, checks and examinations that are not related to diagnosis, admission, injury or illness or treatment that is not required from a medical perspective in the first place.
• Cosmetic, plastic or dental surgery or care or remedies, unless really found required due to an injury, in turn caused by an accident.
• Innate or hereditary abnormalities, anomalies and medical conditions that result from such conditions.
• Nervous or medical disorders, alcohol treatment and abuse, drug rehabilitation, drug abuse treatment, insomnia , sleep disorders and convalescence of rest care.
• Purported miscarriage, abortions and pregnancy.
• Illnesses that preexist or are already present before the insurance policy was taken.
• Attacks on self or attempts to harm self by exposing himself or herself to life threatening situations and circumstances while sane or while insane.
• Civil disobedience or insurrections of any form , officially undeclared wars of any sort of violent, war like activities, military, air or naval service during the period or an undeclared war or while under the command or orders of war like situations or the restoration of public order.
• Participating in mobs, riots and rebellions or committing acts of assault or acts of felony.
• Taking part in competitive racing events such as motorcycling, automobile racing, or cycling races based on competition.
• Riding motorcycles, or riding motorcycles as a back seat or pillion rider for practice purposes, or taking part in hill or mountain climbing events and contests, reliability tests and speed-time tests.
The ability to procure a Group Personal Accident Insurance, the costs involved and the premiums to be paid are all subject to change and really depend on the occupation of the insured person. The insurance companies usually classify jobs available in the market as Risk classes one, two and three.
Risk class one comprises those that are engaged in management, administration of functions, accountants, lawyers, doctors, consultant engineers, architects, bankers, teachers, or those engaged in similar operations that mainly involve indoor work areas.
The risk class two comprises those that are involved in manual labour, operators of machinery, car drivers, truck drivers, trailers or heavy vehicle drivers, cash carrying workers, veterinary doctors, superintending engineer, site engineers, contractors, or those involved and engaged in similar operations as these.
The final and the third risk class comprises those that are working in highly dangerous work places and risky jobs such as in underground mines, those working with explosive magazines, race jockeys, circus performers, race drivers, horseback riders, big game hunters, mountain climbers, winter sporting contestants, skiing, ice hockey contenders, river rafting, horse polo, polo, or activities of similar nature and occupations.
Sometimes, institutions, work places, clubs and other such organizations offer the insurance cover for a group personal accident insurance to all its members, workers, or students. It is important to read all the clauses in any insurance policy paper in order to be fully aware of all the activities that are not covered under that policy before going for the policy itself. The group personal accident insurance policy is very useful whenever a group such as the family, a class of students on a n excursion, or a group of friends want to take insurance together to suit all their purposes and also to get it at a reduced rate.
It is always best to consult the insurance company, clear all doubts, and leave no table unturned, or questions unanswered while availing such a scheme. A well informed decision can save one a lot of stress at the last minute as to whether they will be covered by the policy or not, at times of need.
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Personal Accident Insurance (PAI), also known as Accidental Death and Dismemberment Insurance, pays a benefit in the event of an accidental death. It also pays a full or partial benefit in the event of dismemberment, loss of vision or loss of hearing because of an accident. Personal Accident insurance is an affordable supplement to life insurance. Personal Accident Insurance (PAI) provides accidental death benefits and emergency medical expense benefits to the renter and all passengers. Personal accident policies are one of the clearest examples of non-indemnity insurance contracts. Benefits-eligible employees have the opportunity to elect additional accidental death and dismemberment coverage. The CGU Voluntary Workers Personal Accident policy has been designed to provide income protection to people who are injured while performing voluntary work. Personal accident insurance policies were earlier issued for one-year terms like any other non-life insurance product. PAI can be taken out by a business or individual.
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