Group Personal Accident Policy
If you are working on a Multi National Company, you might have heard about this term. Group Personal Accident Policy (GPA) this is an insurance policy taken by the employer for the employees of a company to protect them from unfortunate incidents.
Human Resources - Biggest Asset
Always the employees of a company are their biggest assets, so the health of the employees are major concern of a company. Usually this functions as a normal insurance policy but the premium is paid by the company, which is deducted either from the employee salary or paid by the employee welfare committee of the company or shared by both. GPA includes workers of a factory, employees of a governmental organization, Institutions, Industries etc.
Characteristic of GPA policy
- There must be a group of employees at work who must share something in common.
- A representative (usually from HR department) from the company will help the employees with documentation, thus saving cost and time.
- There will be a discount available to group premiums.
- Lower cost than individual policies.
Benefits to employees.
This Insurance covers
- Accidental death
- Disability due to accident
- Dismemberment
Thus employee gets a complete protection until they are on work. Not only employees their family is also gets insurance cover according to the company policy. For this the employee need to pay discounted extra premium.
