Group Personal Accident
It is an insurance policy issued to a group rather than individuals covering the consequence of unexpected accidents as Death, Disability etc. met by members included in the group. This is an employee benefits policy which provides indemnity to insured beyond working hours also i.e. 24*7. Sum insured could be flat/uniform for each member or it could be graded. Generally, these policies are purchased by Corporates Large, Small or Medium Enterprises for employees and their families, but Clubs/Societies/Other specific groups could also opt for this insurance policy. These policies are issued on all or non-basis.
Coverage
Below covers could be availed in this policy on payment of agreed premium.:
>> Total Disablement (PTD) - Compensation of 100% of sum insured
>> Permanent Total Disablement (PTD) - Compensation of 100% of sum insured
>> Permanent Partial Disablement (PPD) – Compensation depends of severity of disablement, as per the table specified in the policy
>> Temporary Total Disablement (TTD) – Compensation will be in form of weekly benefit. Generally its 1% of the sum insured subject to maximum Rs. 5,000/- per week or actual weekly salary whichever is lower
>> Medical Expenses - Reimbursement upto 40% of the claimed amount or actual medical bills or 10% of CSI, whichever is lower
>> Worldwide coverage.
MAJOR EXTENSIONS AVAILABLE
>> Below extension are available upto a specified and agreed sum insured in policy on payment of additional premium
>> Cremation charges Expenses in case of death
>> Carriage of Dead body Expenses in case of death
>> Repatriation of Mortal Remains Expenses in case of death
>> Family Transportation Expenses in case of death and/or disability
>> Child Education Benefit – Onetime payment in case of death claim, could be claimed upto 2 children below 25 yrs in case of death
>> Vehicle & Home modification expenses in case of disability
>> Cost of prosthetic limbs in case of disability
>> Terrorism
MAJOR FACTORS DETERMINING THE PREMIUM
>> Size of the Group
>> Demographics of the Group like Age, Occupation Etc.
>> Covers Opted in the Policy
>> Low claim ratio discount (Bonus) or High Claim ratio loading (Malus) will be applicable to the premium at renewal of the policy depending on the incurred claims ratio for the entire group insured
GENERAL EXECUTIONS
>> Natural Death
>> Accident caused due to intoxication or abuse of drugs
>> Animal and Insect bites
>>
Accidents outside the geographical boundaries
The policy can be taken by any individual or organization who own the equipment.
This is an annual policy i.e for 12 months
The
Sum Insured under the EEI Policy should represent the New replacement value of
the Equipment
No.
Instalment facility is not available as this is an annual policy.
Duly filled proposal form providing details of equipment, sum insured, location and add on covers required is to be submitted.
No. But it can be insured under separate Special contingency policy.
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Heading Electronic Equipment Insurance:
Detail Electronic Equipment Insurance
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CLAIM PROCESS:
>> Inform the insurance company with a rough estimate of the loss as early as possible.
>> Take all steps within your power to minimize the extent of the loss or damage
>> Preserve the parts affected and make them available for inspection by a representative Or Surveyor Deputed by Insurer
>> Furnish All Such Information and Documentary Evidence As the Insurer May Require