Employee satisfaction increases an organization’s productivity. Much of this satisfaction comes from the insurance benefits provided by the organization to its employees.
To keep the employees content, organizations offer several benefits including a privileged Mediclaim policy and Health insurance.
There is a range of insurance policies under which employers hold employees. Among these, two of the most preferred policies include the Group Medical Coverage (GMC) and the Group Personal Accident Policy (GPA).
These policies bear all the expenses incurred due to unusual incidents and circumstances held at the workplace. Both of these policies offer financial and medical coverage to the employees to protect them. Let’s understand what exactly is a GPA Health Insurance and a GMC Health Policy.
What Is A Group Medical Coverage Policy?
As discussed above, a firm provides a set of medical coverage policies, or let's just say a Mediclaim policy to its employees. All employees enjoy the same benefits from this policy.. One of the crucial features of GMC Health Insurance is that it permits employers to personalize their choices as per the organisation's specific requirements. In addition, as the risk is spread to several individuals, these policies hold a premium that is much less than individual Mediclaim policies.
Ideally, the insurance firms analyze and calculate the premium for group medical coverage based on a number of factors. This includes,
- Demographic factors such as occupation, age, and income of the members
- Total number of employees covered under the Mediclaim
- Add-On purchases (if any)
Advantages Of The Group Medical Coverage Policy
- Female employees get a good maternity coverage
- The Policy covers all hospitalization expenses
- Provides reimbursement for daycare processes
- Several firms extend their medical coverage to the families of the employee including both their dependent parents and spouse
- Cashless facilities at the networked hospitals
What is a Group Personal Accident Policy?
In simple terms, GPA (Group Personal Accident) policy is a group health insurance policy that offers financial protection to employees against accidents leading to disability, injuries, and sudden demise.
When a certain employee meets with a fatal accident, (irrespective of the fact that he/she is on duty or not, or the accident takes place inside/outside the country), this GPA policy covers all the financial expenses incurred in the hospitalization process. Considering the brilliant coverage that it provides, the GPA insurance policy is also referred to as the 24-hour worldwide accident policy.
Advantages Of The GPA Insurance Policy
Some top advantages of the GPA Health insurance include,
- In case the employee meets with an accident, the insured member receives complete compensation to carry on with the treatment charges according to the policy terms. However, the accident should be fatal, i.e, leading to disability or dislocation/ dismemberment of any body part.
- The GPA Health Insurance covers the entire cost of carrying the deceased individual to the funeral, thus providing charges for the same
- It covers all ambulance charges
- Accidental death claims or sudden demise/incidents are covered
- By chance, if the insured employee faces a sudden death, GPA Health Insurance provides compensation to their dependent children for carrying on with their education.
Conclusion
- It’s important to note that the terms and conditions of both these healthcare policies might vary from insurer to insurer.
- As an employee, it is your duty to be aware of each of the policy terms to avail the best out of these brilliant healthcare coverages.
Also Read: Health Insurance for Parents with Add-On covers
