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Group Insurance 105 views August 6, 2021
If you are looking to protect the finances of your employees from death or disablement due to an accident, Chola Comprehensive Group Personal Accident Policy could be the right option for you. As the name suggests, this plan offers comprehensive coverage with its wide range of basic and optional covers.
Before we discuss them in detail, have a look at the highlights of the plan mentioned below.
- Accidental Death Cover
- Permanent Total/Partial Disablement Cover
- Education Grant Cover to Two Children
- Tuition Benefit
- Daily Hospital Cash Benefit
- Family Transportation Benefits
- Ambulance Charges Cover up to INR 1,000
- Repatriation of Mortal Remains Benefit
- Reimbursement of Cremation Cost
- Coverage Against Cost of External Aids
- Convalescence Benefit
- Broken Bones Benefit Up To 100% of the Sum Insured
- Accidental Miscarriage Cover
- Terrorism Cover
- Lump Sum Benefit on HIV Diagnosis up to INR 25,000
- Burn Injury Benefit
- Double Payout owing to death due to air carrier (Scheduled/ Unscheduled Flights)
Continue reading this page to understand the features and benefits of the group plan.
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Table of Contents
Let’s Understand the Features and Benefits of Chola Comprehensive Group Personal Accident Policy
We have discussed the benefits of the Comprehensive Group Personal Accident Policy below.
Basic Coverage
Accidental Death Coverage
If an insured person faces an accidental death during the policy period within twelve months of the occurrence of the injury, Chola MS will pay a fixed sum insured to the nominee or beneficiary. This comprehensive group personal accident policy also pays up to 3% of the sum insured or INR 6,000 for transporting the mortal remains from the place of death to the hospital, residence, cremation or burial ground. If an insured person uses ambulance services after an accident, the policy will also cover up to INR 1,000 on such expenses.
Coverage Against Performance of Religious Ceremonies
Apart from accidental death coverage, the policy also pays up to INR 5,000 or actual costs (whichever is lower) against the expenses incurred on the religious ceremonies till the time of cremation and anyone post-cremation ceremony.
Permanent Total Disability Coverage
If an insured member faces an accident that results in permanent total disability (the disability should continue for at least twelve consecutive months), the policy will pay a definite percentage of the sum insured as per the below table.
| Disability | Percentage of the Sum Insured |
|---|---|
| Loss of sight of both the eyes | 100 |
| Loss of two entire hands or two entire feet | 100 |
| Loss of one entire hand and one entire foot | 100 |
| Loss of sight of one eye and such loss of one entire foot or hand | 100 |
| Complete loss of hearing of both ears and complete loss of speech | 100 |
| Complete loss of hearing of both ears or complete loss of speech and loss of one limb or loss of sight of one eye | 100 |
| Comatose State | 100 |
Note: The overall coverage will not be more than 100% of the sum insured.
Accidental Permanent Partial Disability Coverage
In case of a permanent partial disability due to an accident, the policy will pay up to 50% of the sum insured as per the extent of losses. To know more, check the below table.
| Losses Covered | Percentage of Sum Insured |
|---|---|
| Loss of one entire hand | 50 |
| Loss of one entire foot | 50 |
| Loss of use of one eye | 50 |
| All Toes | 20 |
| Great Toes - both phalanges | 5 |
| Great - One phalanx | 2 |
| Other than the great toe, if more than one toe is lost, each | 2 |
| Loss of hearing in both ears | 60 |
| Loss of hearing in one ear | 30 |
| Loss of Speech | 60 |
| Loss of four fingers and thumb of one hand | 40 |
| Loss of four fingers | 35 |
| Loss of thumb - Both phalanges | 25 |
| One phalanx | 10 |
| Loss of Index finger - Three phalanges | 10 |
| Two phalanges | 10 |
| One Phalanx | 10 |
| Loss of Middle finger - Three phalanges | 6 |
| Two Phalanges | 6 |
| One Phalanx | 6 |
| Loss of ring finger - Three phalanges | 5 |
| Two Phalanges | 5 |
| One Phalanx | 5 |
| Loss of little finger - Three phalanges | 4 |
| Two Phalanges | 4 |
| One Phalanx | 4 |
| Loss of metacarpus - first or second (additional) | 3 |
| Sense of Smell | 10 |
| Sense of Taste | 5 |
| Any Other Permanent Partial Disablement | As assessed by the panel doctor of the insurer |
Optional Benefits
This comprehensive group personal accident policy offers a few optional benefits at an additional premium. We have talked about some of them below. Do check.
Weekly Benefit
Under this benefit, the insured member will get a weekly benefit during continuous temporary total disability. Such temporary disability should prevent him/her from engaging in employment or occupation. The coverage amount will be up to 1% of the sum insured per week for a maximum of 100 weeks.
Multifold Permanent Total Disablement Benefit
If an insured person faces permanent total disability due to an accident, the benefit will increase by up to 400%. The other options are 100%, 200% and 300%, from which you can choose as per your need.
Education Grant Cover for Dependent Children
If a person dies or faces permanent total disability during the policy period, the policy will offer education grants to a maximum of two dependent children studying in an educational institute as a full-time student (on the date of accident).
Education Encouragement Grant Cover
When an insured person faces an accidental injury that leads to an admissible claim under basic cover of accidental death or permanent total disablement, the policy will offer educational encouragement grant to the eligible child of the insured person. The policy will offer this optional benefit for a maximum of four continuous years or until the child reaches 23 years.
Tuition Benefit
The policy will also reimburse the fees for home tuition if an insured person is unable to attend the college/school due to an accidental injury.
Hospital Daily Cash
Insured members will also get daily hospital cash benefits for each continuous and completed 24 hours of hospitalization due to an accident. This benefit will be available up to 45 days per person per policy period. Other options are 15 and 30 days.
You can also choose from multiple per day limit options – INR 500, INR 1,000, INR 2,000, INR 3,000 and INR 5,000. In case of a stay in an ICU, the per day limit will increase by 100%.