Authored by: Mr. Rakesh Goyal, Director, Probus Insurance, Insurtech Broking Company
It is very important for companies to consider the needs of their employees and keep them happy and satisfied to build a better business and working environment. Companies take several efforts on this front and try to offer the possible benefits to their employees. Such initiatives motivate the employees to do better and be a part of the organization for a comparatively longer duration. Also, considering the needs of the employees may also in return enhance the reputation of the company and have more aspirants willing to join the company.
One such benefit that we are going to talk about today is insurance. Employers offer various policies to their employees, but the two most popular ones are General Personal Accident Policy (also termed as GPA) & Group Medical Coverage (also termed as GMC). This policy can be highly beneficial as it helps cover the employees under certain unprecedented situations that might lead to a high financial burden. Scroll down to read more about these policies in detail and understand whether one should opt for one or not.
Let’s talk about GPA first! Life is all about uncertainty, and there can be situations such as accidents that can lead to fatal injuries or disability. This group insurance policy comes as a savior under such situations. It covers unfortunate circumstances and comes with accidental death cover, displacement cover for depreciation, education fund coverage for dependents, cover for transportation/ambulance, and total/partial/permanent disability.
Some of the other benefits of having this plan are that it still covers when an employee is not on duty or outside the country. The premiums are comparatively lower to the standalone plans and bore completely or partially by the company and also comes with few in-built features.
Talking about the Group Medical Cover, also known as GMC, this coverage is customizable, unlike the GPA. Such plans are designed as per the needs of the organizations. The premiums are comparatively lower than that of the individual health plans and are usually paid by the employer. One can also add additional benefits (as per the company policies) or buy a new health plan along with this to cover the additional family members who are not included under this plan.
Such plans are beneficial as it covers the hospitalization expenses, OPD expenses, maternity and infant health, daycare procedures, pre and post hospitalization, etc.
The bottom line is both of these covers come with their own set of advantages and are opted by companies to benefit their employees during unprecedented situations. Although there could be some exclusions of these plans, it still offers a good level of coverage. One can always opt for a separate plan along with these plans, based on the needs or exclusions so as to ensure complete and sufficient coverage during unfortunate situations.