Group Mediclaim & Group Personal Accident Insurance – Know Everything
Have you ever wondered about the difference between a Group Mediclaim Policy VS Group Personal Accident Insurance Plan provided by an employer? Read on to learn the difference between the two.
Employee satisfaction has become a global concern over the past decade. Therefore, many businesses give priority to employee satisfaction through more activities and benefits in order to retain their employees in the organization. Among the various products offered to employees in many organizations, Group Mediclaim Policy and Group Accident Insurance are the most common. All these plans help workers with various health problems and emergencies to reduce the financial burden of workers.
However, many people get confused with these two words. Let’s discuss these plans in detail to understand their differences.
What is Group Mediclaim Policy for Employees?
Group Mediclaim insurance for employees is a custom-made plan offered to a group of people with similar benefits and benefits. Therefore, every member of the scheme receives equal benefits in the form of expenses related to hospital, maternity care, OPD expenses etc.
What is Group Accident Insurance?
Group accident insurance is a plan that is designed to meet the needs of workers in the event of an accident, as well as accidental injuries. This insurance policy covers the employee regardless of whether he is on duty or not, living in the country at the time of the accident or abroad, etc. The plan includes support such as education fees for two dependent children, ambulance fees and more. Additional Information.
Difference between Group Mediclaim Policy and Group Personal Accident Insurance
Both the plans, namely Group Mediclaim Policy and Group Personal Accident Insurance are designed to meet the needs of the working class. However, there are distinct differences between the two plans as explained below:
|Groups||Mediclaim Policy Team||Group accident insurance|
|Main Purpose||Providing for health and financial needs related to workers.||A comprehensive plan to protect employees from unforeseen events such as accidents, injuries, etc., which can disable the employee for life or even kill the person.|
|Explanation||Benefits are provided to the employee’s family.||Coverage is provided against bodily injury to workers who are injured as a result of an accident. Or the death of the employee.|
|Limitations||This policy does not cover any treatment that is done outside of the policy limits.||This plan covers support regardless of region.|
|Goodness||The plan benefits employees against expenses incurred due to illness, injury, maternity and child care, and any non-fatal complications.||Here, compensation is provided if the employee is injured or dies in an accident. They also pay for the consequences of such injuries.|
Detailed understanding of Group Mediclaim Policy
As mentioned earlier, the Mediclaim Group policy for employees helps the insured with the cost of treatment and hospitalization at a very low cost. Therefore, these plans are very economical, making them a good choice for employers.
Here are the detailed benefits:
- Hospital cost – This includes the cost of hospital stays, medication costs, and other costs that the hospital pays.
- Pre-Post Hospitalization Fees – Includes fees for consultation, testing and so on.
- Expenses for the maintenance of mothers and children – The system also includes a place to reimburse the costs that were spent on childbirth for working women. Benefits include during pregnancy, infancy and postpartum.
- It Affects the Whole Family – Many organizations cover employees’ family members under such plans to allow them to cover longer periods of time. Family members usually include the spouse and children. Sometimes fines are also paid to parents and in-laws.
- They can be found in the hospital without money – Many private insurance companies allow free hospital stays for employees to benefit from.
- Day Care Policy – Many group plans allow employees to take advantage of day care facilities at specific facilities or hospitals.
The top insurers that offer Policy Group Mediclaim are:
- Bajaj Allianz Group Mediclaim Policy
- Bharti AXA Group Health Insurance
- IFFCO TOKIO Group Health Insurance
- MAX Bupa Group Health Insurance etc.
Comprehensive understanding of Group Accident Insurance
The system also offers extensive support and is known for its 24-hour emergency policy that operates worldwide. Here are some benefits:
- Death due to Accident – If an employee dies as a result of an accident, the policy pays for the cost of the employee’s treatment up to the amount of the insurance.
- Workers’ Disability (full/partial) – This scheme provides compensation to workers with total or partial disability.
- Good additions – There are many benefits offered under group plans such as transport and ambulance among others.
- Passengers – The plans also provide additional benefits or premiums that may be provided by the insurer or employer under group plans.
- Crushed – This policy covers an employee who has lost limbs/eyes etc. in an accident.
Some of the top insurance companies that offer Group Accident Insurance policy are:
- SBI Group accident insurance
- HDFC ERGO Group Personal Insurance Insurance Policy
- Tata AIG Group personal accident insurance
- IFFCO Tokio Group accident insurance etc.
Circumstances in which these policies do not apply
In some cases, these plans may not work. Below are some similar scenarios:
- If the insured meets with an accident due to the use of drugs / alcohol.
- Self-inflicted injuries.
- If he wants to kill himself.
- If any damage is caused by criminal acts,
- If the disease is transferred due to sex etc.
Benefits of combining Group and Corporate Insurance
Group plans allow several benefits and protections for people in the group. Below are the benefits that make them important to employees and employers alike in an organization:
- Cheap and easy payments – Group plans help employees through lower premiums because most of these plans are more expensive compared to individual plans.
- It reduces financial problems – These plans encourage employees by reducing their financial stress on the cost of health care for employees and their family members. Thereby they help retain employees in the organization.
- Tax Benefits – These insurance plans also provide tax benefits under the Indian Income Tax Act.
- Quick Resolution – In addition, easy and quick processing of returns is another benefit of such a process. Here, the company ensures that the employee receives immediate compensation for his losses.
We hope this article has helped you understand what group accident insurance and mediclaim are all about. All these plans are designed to suit the different needs of employees. Group plans are tailored to the needs of a particular group of employees and help them in the event of an emergency or health issue. Thus, both employers as well as the employee and their families benefit under such plans.
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