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Group Personal Accident Insurance is a benefit policy that provides peace of mind to your workforce should they be injured, permanently disabled or killed by accidental means like traffic accidents, accidents at work, mugging by thieves, non-political riots or similar events. It also pays out for injury or death caused by drowning, exposure to noxious fumes, snake bites; hi-jacking, social sports among other causes.
a. Death Benefit – the policy pays out the tax-free insured limit which is usually a minimum of 3 years current earnings at the time of death.
b. Permanent Disability – the policy pays out a percentage (%) of the death benefit where an employee becomes permanently disabled due to occurrence of an insured event. For example, you get involved in an accident and lose a limb. Your doctor determines that you are 25% disabled and the policy pays out 25% of your death benefit.
c. Temporary Total Disablement – the policy pays out weekly earnings for an employee who due to the nature of their injury is recovering at home usually for a minimum of 2 years.
d. Medical Expenses Shortfall – cover for medical expenses incurred due to the insured events. For example, if a road accident occurs that leaves you requiring medical attention, the policy will pay for medical expenses up to the limit insured.
This policy can be extended to cover non-Executive directors. Spouses and children can also be covered for the period they travel in company
vehicles.
