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Group Insurance 2561 views October 29, 2020
If we were to name one factor that contributes most towards the growth of an organization, it would be its employees. When you see top organizations around, you will notice that they understand this thing, and that’s why they offer different things to keep their employees happy. Taking care of employees’ health is one of the topmost priorities of an organization. Group Medical Coverage (GMC) Policy and Group Personal Accident (GPA) Policy are two of those things that organizations offer to their employees. GMC and GPA Insurance Policy ensures that employees do not face financial losses due to untimely and unfortunate medical events.
You must be thinking about what these policies offer. Well, GMC and GPA insurance policy take care of all the healthcare benefits at an affordable cost. As you can see both of these insurance policies are Group Health Insurance Plans which means it is provided by an employer to their employees which is a common group of people working in the same organization. The best thing about it is its low cost.
So what exactly is the GMC and GPA Insurance Policy and what are its benefits? We will discuss the same in this article and also what these policies don’t cover so that you can understand better.
Table of Contents
As we said earlier, GMC and GPA Insurance Policy are two of the most popular health insurance plans for employees given by employers. First, we are talking about the GMC Insurance Policy. As you can see from the name, this policy is kind of a Group Health Insurance Plan that covers medical expenses and other additional expenses (as opted by the organization) for a group of common people. The aim behind this insurance policy is quite simple – The times we are living in, the biggest worry that anyone can have is about the medical bills he or she has to pay in case of any health situation. That’s why employers offer GMC insurance policies to their employees so that they don’t need to pay the expensive bills.
Buying individual policies for each of the employees would be complex and too costly. That’s where a GMC and GPA insurance Policy comes into the picture. A GMC Policy can provide similar insurance benefits to all the individuals in a group at a low cost. Regardless of the health risk factors of the people in a group, every individual gets the same benefits at the same amount in a GMC Policy. Many companies bear the total cost of the premium, whereas some companies deduct a certain amount from the salaries of their employees.
The premium of a GMC Policy changes from one Insurance Company to another based on three different factors. We are showing them below. Please have a look.
In the introduction, we mentioned that people enjoy several benefits with the GMC and GPA insurance Policy. Here, we will talk about the benefits offered under the GMC Insurance Policy while we will discuss the same about GPA later. Have a look!
You should know the things that are not covered under the GMC Insurance Policy. It will only help you later. We are showing them below. Do check.
To get the claims under the GMC Insurance Policy, employees will need to submit a few documents that you can see below.
As you can see from its name, this insurance policy helps individuals cover the expenses in case of an accident injury, accidental disability, or accidental death. Employees are considered to be the greatest asset for any organization, and a GPA insurance policy is the method by which the company shows the value to the company. The Insured sum on a GPA Policy can vary from the insurance company and can also be customized according to the Employees’ Salary or category or as per the company’s requirements.
Similar to the GMC Insurance Policy, the benefits will be similar to all individuals in a group, that too at an affordable premium cost. The best thing about this policy is that it is not necessary to be on duty to enjoy the benefits. The policy will cover individuals whether they are on duty or not.
Let’s understand the benefits that employees can enjoy with the GPA Insurance Policy. We are showing them below. Do check.
A GPA Insurance Policy does not cover everything. You can look below to know the things that are not covered under this policy. Please check!
To raise the claims under the GPA Insurance Policy, you will need to submit a few documents. These documents differ according to the type of GPA Claim you want to raise. This means the required documents will be different for a Death Claim than for a Permanent Total Disablement. We are showing them below. Check them out!
For Death Claim
For Permanent Total Disablement/ Permanent Partial Disablement
For Temporary Total Disablement