In the course of taking insurance or owning one, you have most likely heard the term riders. Riders are optional coverage you can purchase in addition to your current insurance policy to safeguard yourself against life’s uncertainties by paying a little more. It is usually taken to protect the insured’s dependents from financial hardship or stress if something unfortunate happens to the insured. Therefore, when choosing an insurance company, choose one that offers the option of riders with group personal accident insurance.
Generally, when you purchase insurance, you get the option of adding riders. It is more cost-effective and better than purchasing a separate policy for the same coverage. Some insurance plans include riders, while others allow you to customise coverage to meet your specific needs. This article will explain the rider benefits under Plum Insurance‘s group accident coverage.
What are the benefits of Plum Insurance’s group personal accident insurance?
Group personal accident coverage is an insurance cover that employers purchase for their employees to protect them from financial strains stemming from accidents and injuries. The ongoing COVID-19 pandemic has made it necessary for medical costs to be high. Furthermore, the high medical inflation rate can be hard on one’s savings. A group accident insurance plan can provide some financial relief to employees in such circumstances. Here are some of the advantages of Plum Insurance’s group personal accident coverage:
- Accidental death benefit
- Partial disability benefit
- Total disability benefit
- Ambulance charges benefit
- Transportation of mortal remains benefit
- Bone safety protection benefits
- Child welfare fund
- Option of adding riders
What are rider benefits in group personal accident insurance?
Riders act as an extended cover to your base insurance policy. Although the sum assured is less than the base policy, the premium payment is also lower. These help the insured build a substantial corpus for their dependents for unfortunate events.
It is noteworthy that group insurance plans do not offer any tax benefits to employees because the company pays the premiums. Nonetheless, employers can claim the expenses as business expenses and write them off as a tax deduction. Furthermore, they can also avail of tax benefits on the riders.
Here are the optional rider benefits you can avail yourself of with a group personal accident policy:
- Group Health Insurance
Plum Insurance provides group health insurance to its customers. It can broaden your coverage to include maternity benefits, day-care treatments, and even room rents.
Additionally, any pre-existing medical conditions that an employee may have are also covered. Besides, there are no pre-medical examinations; thus, there is no fear of insurance policies being rejected.
The coverage also offers the facility of cashless claims. The cashless facility means that you can avail medical care at any hospital in the network without paying a penny upfront. The only condition is that you must plan the treatment in advance and notify the company’s human resources department.
Another critical benefit of opting for a rider is that you can cover the employee’s parents, spouses and children. It saves the employee from taking a family insurance plan cover.
Last but not least, there is no waiting period and employees can avail themselves of the benefits of this insurance from day one. Additionally, new employees are not required to wait until the end of a certain period to become eligible.
- Group Term Life Insurance
These are specially designed policies to cover the unfortunate demise of an employee. Whether you are a large company or a startup, you can choose the term plan as per your number of employees and needs. In the event of the unfortunate demise of an employee, the employee’s nominee receives a guaranteed compensation benefit.
The primary advantage of this rider is that it covers all employees under the insurance plan without necessitating any medical examinations. This strategy can also assist firms in accumulating a gratuity for their employees and paying those benefits over time. So, how do employers go about doing that? They deposit the money into a gratuity fund and entrust it to seasoned financial specialists. Additionally, you can take unlimited on-call doctor consultations and detailed annual checkups for your employees.
Further, with Plum Insurance, you can experience a seamless and 100% digitised claims settlement process. In addition, for any clarification of doubts, they have a 24/7 effective customer support system. They also offer WhatsApp support.
In a nutshell
We hope this article will help you understand which riders you can choose with your Group Personal Accident Insurance policy. Always keep in mind that you must select these riders while you purchase the insurance; you cannot add them later. Once you have chosen the riders, you are instantly eligible for benefits of both your base insurance policy and the riders.
You can even access healthcare treatments anywhere with your digital health ID card. This Government initiative allows you to get faster treatments with all your medical records digitised in an online portal. You can claim the costs later with your group insurance plans. Further, if you need any guidance on registration, you can always take the help of experts at Plum Insurance.