Increasingly employees are spending most of the day in the office or working for their employer. So there is a possibility that he may meet an accident at the workplace. Though the employer may compensate the employee to some extent, often the compensation is not adequate. So increasingly businesses of all sizes in Singapore are providing group personal accident cover to their employees as part of the compensation package. Some details of the group cover are provided for reference so that employers and employees are aware of how they benefit.
Coverage
The group accident insurance policy will cover a wide variety of accidents. Realizing that the loss caused due to an accident can vary, the compensation will also vary. In case of the death of the insured person in an accident, the compensation will usually be paid to his family members or a person who he has specified. The insurer will often also pay for the funeral expenses. In some cases, the employee may lose a limb due to the accident, suffer the loss of hearing or eyesight, brain injury, which will adversely affect his career, After the accident, the income of the employee will reduce, and the insurance policy should compensate the employee for the financial loss.
There are other accidents where the affected employees cannot work for a few days, months, or weeks, his productivity is reduced. In these cases, the insurer may pay the employer to compensate for the losses due to the injured employee. Additionally depending on how severe the accident is, the insurer will pay for the hospitalization, medical expenses, especially doctor consultation fees. In some cases, loss of income due to illness can also be included in group insurance coverage.
Additionally, the insurance may also provide other assistance, like trauma counseling for accident victims and insurance coverage for family members.
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Benefits
The main advantage of the group policy is to provide financial security to the employees so that they do not have to worry about what will happen to their families after an accident. While employees can apply for personal accident insurance, they should be aware, that they will have to spend their free time to find a suitable insurance policy. The monthly premium which they will have to pay will also be higher. In cases of businesses with more employees, the insurance company is aware that only a few employees will claim the insurance, so they will charge a lower premium per employee. This makes the group cover more affordable for the employer since the insurance payments are lower and he can include it in the compensation package for the employee.
Claim processing
Another advantage of having group cover for an employee is that the claims processing will be faster if there is an accident, especially if the employee is working in a large and reputed company. Most insurance companies, like other large companies, are giving a low priority to the claims of individuals who pay less compared to large companies with hundreds or thousands of employees, so if the individual has a choice he should opt for a salary package that includes accident insurance.
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