India Post, in collaboration with TATA AIG, introduced an exclusive offering- the IPPB Tata AIG Group Accident Guard Policy, affordably priced at just ₹399. This general insurance solution is tailored to safeguard individuals against unforeseen accidents, providing financial security and peace of mind.
Leveraging the vast network of India Post, this policy ensures accessibility and convenience, making comprehensive protection available to everyone.
What is a group accident insurance or group accident guard?
A specific group of individuals, usually workers for a corporation or members of an organisation, can be covered against unforeseen accidents or injuries by group accident insurance, also known as group accident guard. This insurance offers financial protection by covering medical expenses, hospitalisation costs, and sometimes, lost income resulting from accidental injuries.
It acts as a supplemental insurance to personal health coverage, enhancing the benefits available to the insured individuals. By offering such coverage, organisations aim to support their members or employees in times of unforeseen accidents, ensuring a safety net that helps maintain financial stability during difficult periods.
Features of group accident insurance
Listed below are the features of group accident insurance.
Comprehensive Coverage: Typically covers a range of accidents from minor injuries to major incidents, ensuring broad protection.
No Medical Exams Required: Generally, there's no need for individual health screenings to qualify, simplifying enrollment.
Entry Age: Group accident insurance policies usually have a wide entry age bracket to accommodate all working-age groups. This could typically range from 18 to 65 years.
Policy Tenure: The tenure for group accident guard policies is often 1 year, with the option for renewal at the end of each policy term. This is because the premiums and coverages might need to be reassessed annually based on changes in risk factors and market conditions.
Policy Offered To: The primary condition is that insured individuals should form part of a defined group as per the insurer's policy terms. Given IPPB's mission to serve the underserved and bring more people into the formal financial system, the policy might be designed to be easily accessible to IPPB customers, possibly with minimal paperwork and eligibility criteria.
Why Do You Need Group Accident Insurance or Group Accident Guard?
Group Accident Guard, is essential coverage designed to offer financial protection and support to employees or group members in the event of an accident.
Financial Support for Unexpected Medical Expenses
It provides a safety net for members, covering costs that traditional health insurance may not, such as deductibles, copays, and non-medical expenses.
1). Enhanced Employee Benefits Package
Offering such insurance can enhance a company’s benefits package, making it more attractive to current and potential employees, and aiding in talent retention and recruitment.
2). Protection Against Loss of Income
Offers income protection for individuals unable to work due to accident-related injuries, ensuring financial stability during recovery.
3). Peace of Mind
Knowing they have protection in the event of an accident, employees can work with greater peace of mind, potentially leading to higher productivity.
4). Ease of Management
Group policies allow for easier and more efficient administration for the organisation, with premiums often being more affordable than individual accident insurance plans.
What is covered in group accident insurance or group accident guard?
Here is what is covered in group accident insurance:
Accidental death: Financial compensation for the beneficiaries.
Permanent total disability: Coverage in case of disabilities caused by an accident.
Temporary total disability: Support for temporary inability to work due to an accident.
Accidental dismemberment: Compensation for the loss or loss of use of limbs or eyes due to an accident.
Hospitalisation expenses: Reimbursement for medical expenses incurred due to an accident.
Repatriation of remains: Coverage for expenses related to transporting the deceased's body after an accident.
What’s not covered in group accident insurance or group accident guard?
Here is the list of what is NOT covered in group accident insurance or group accident guard.
Pre-existing medical conditions
Accidents under the influence of alcohol or drugs
Suicide or self-inflicted injuries
Injuries or accidents from participating in criminal activities
Claims arising from war, civil war, or any war-like operations
Participation in adventure sports or hazardous activities
Nuclear contamination or radiation exposure
Pregnancy or childbirth-related complications
Injuries from professional sports activities
Here are some details about the policy, based on the general features commonly found in group accident insurance policies, although specific premium amounts and coverage options can vary.
Premium: The premium for the IPPB Tata AIG Group Accident Guard Policy is mentioned as ₹399. It is important to understand that this is a fixed premium for a predefined coverage limit and duration. Group accident insurance policies are typically offered for a year, and the premium is a lump sum payment covering this period.
Coverage Options: Group accident guard policies usually provide coverage for various unfortunate events stemming from accidents, including death, permanent total disability, and sometimes partial disability.
Here’s a brief outline of what each of these could mean in the context of group accident insurance:
Death: In case of the insured individual's death due to an accident, the nominee would receive the sum assured as defined in the policy.
Permanent Total Disability: If the accident results in a permanent total disability, meaning the insured cannot engage in any employment or occupation for remuneration or profit due to the disability, the insured might be entitled to receive the full sum assured.
Permanent Partial Disability: Depending on the policy, if the insured suffers from a permanent partial disability, a certain percentage of the sum assured may be payable. The percentage often depends on the severity and type of disability.
Claim Process
To initiate a claim, the insured or their nominee should immediately inform Tata AIG through their designated contact channels - email, phone, or by visiting the nearest Tata AIG branch.
It is imperative to provide all necessary details regarding the accident, including the time, place, and nature of the accident.
Documentation plays a crucial role in the claim process. The claimant must furnish duly filled claim forms, medical reports if applicable, FIR or police reports in case of accidental death, and any other documents that Tata AIG might require for verification and processing purposes.
After submitting these documents, Tata AIG's dedicated claim processing team evaluates the claim based on the policy terms and conditions. They aim for a speedy resolution, ensuring that legitimate claims are settled promptly to provide financial support to the insured or their beneficiaries during challenging times.
Thus, the IPPB Tata AIG Group Accident Guard Policy, aims to provide financial security to individuals in case of accidental emergencies, underscoring a significant step towards accessible and economical insurance solutions for the masses.
Premium & Coverage Options in Group Accident Insurance or Group Accident Guard
Premium Options in Group Accident Insurance
| Fixed up to Rs 60,000/- or actual claim, whichever is lower | |
| Fixed up to Rs 30,000/- or actual claim, whichever is lower | |
| 10% of Sum Insured or Rs. 10,00,000/- or Actuals, whichever is lower in amount for max 2 eligible children | |
| Rs 1000/- per day up to ten days (One day deducible) | |
| Rs 25,000/- or the actuals, whichever is lower | |
| Rs 5000/- or the actuals, whichever is lower | |
Basic Option in Group Accident Insurance
| Fixed up to Rs 60,000/- or actual claim, whichever is lower | |
| Fixed up to Rs 30,000/- or actual claim, whichever is lower | |
Source: ippbonline.com
Please note: The entire information in this article isn’t absolute & it’s subject to change. It may differ from policy to policy & insurer to insurer.
For more details, visit coverfox.com or connect with our insurance experts who will guide you more on Group Accident Insurance.
