Further to our last ed-post (read here), this is a continuation of the Group Personal Accident Policy (GPA).
In the last post, we wrote about the benefits obtainable when the GPA policy is purchased as an extension of the Group Life Assurance policy. In this post, we will look at the benefits obtainable when the GPA policy is purchased as a stand alone policy as shown below:
- Death: This entails the payment of a lump sum of the employee’s Annual Emolument (or the multiples of same purchased) in event of death.
- Accidental Permanent Total Disability: This entails payment of a lump sum of the employee’s Annual Emolument (or the multiples of same purchased) in the event that the insured person is unable to engage in his/her usual occupation due to accident with a possibility that the disablement will continue for the remainder of life.
- Accidental Permanent Partial Disability: Here, payment of a percentage of the death/permanent disability benefit is made subject to the proportion of disability as specified in the policy schedule
- Accidental Temporary Total Disability: This entails payment of weekly salary (1/52 of annual) for the period of hospitalisation up to a maximum of 104 weeks to the injured employee.
- Accidental medical expenses: This entails the reimbursement of medical expenses resulting from hospitalisation due to an accident which in most policies will be unlimited but subject to reasonability. The payment can either be made to the employee but in most situations will be made to the employer who would have made the payments to the hospital of treatment on behalf of the injured employee.
Again, note that this benefits are not sacrosanct and they may vary from underwriting firm to underwriting firm.
In our next post, we will briefly look at some advantages of having a Group Personal Accident Insurance Policy.