Insurance is a form of risk management, primarily against the risk of uncertain loss. There are personal and general schemes. Many companies take a group personal accident insurance scheme, to ensure the safety of their employees. It offers comprehensive financial protection due to uncertain events leading to permanent disability or death.

Every employee has a family that is financially and emotionally dependent on them. So it’s a priority of every employee to secure their future. It is the best option to safeguard their employees against an uncertain event. The various offers in the scheme benefit employers as well as employees. It covers all the employees all the time, even during foreign trips for business purposes. It is covered worldwide. Employees are an important asset for a company, so the employer should ensure the safety and security of the employees in uncertain events.

Importance of the scheme:

• It offers protection against unfortunate events which lead to death or disability.
• It assures to settle the claim as quickly as possible to the policyholder or nominee.
• It helps employers to avoid the burden of liability, as the total expenses were paid by the insurance company.
• This policy is important for company reputation as the employees feel secure that the company is concerned for them.
• It helps the company to avoid financial burden for an uncertain event.

Highlights of the scheme:

• It provides comprehensive coverage for all expenses associated with accidents.
• In case of accidental death 100% insurance is given to the nominee.
• If loss of vital limbs occur 100% insurance is given to the employee.
• Partial payment is given for the temporary complete disability.
• The partial amount is paid for permanent partial disability.
• It offers insurance for insured burns and broken bones as well.
• It offers all the hospital bills.
• It offers funeral costs as well.

There are some additional benefits of the scheme, it also covers the educational expenses of the dependent children. It also offers trauma counseling benefits. Policies can be extended to employees’ immediate family having insurance or underinsured. It also includes loss of income due to illness. It offers the expenses for employees under medical treatment and unfit to work.

All these insurance policies can be modified according to the organization’s needs. It is of the prime importance of the employer to ensure the safety of their employees from some uncertain events. The policy can be selected according to the group of employees and the work of the employees. So the best policy that suits the work and the employees should be selected and ensure the future security of their employees. With these group insurance policies, the employer can gain the trust and respect of the employees. This gives a good working environment in the company.