What are the benefits under a typical GPA policy?
Most GPA policies cover the following benefits:
Capital Benefits :
Accidental Death / Accidental Dismemberment . Permanent Total Disability and Permanent Partial Disability
Accidental Medical Expenses (Fixed or Variable) / Weekly Indemnity (Temporary Total Disability)
Educational Allowance / Repatriation of Remains / Home & Vehicle Modification / Family Transportation, Burns, Broken Bones etc
- Accidental Death : Death of the insured as a result of an accident
- Accidental Dismemberment (AD) : Fixed % of Sum Insured amounts of the policy will be paid out if the covered employee loses a bodily appendage, sight or hearing because of an accident. Additionally, AD generally pays benefits for the loss of limbs, fingers, toes, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly listed in the terms and conditions of the policy.
- Permanent Total Disability : Event of disablement of permanent, total & irrecoverable nature because of which the person cannot be gainfully employed in his current occupation or the occupation for which they are employed for)
- Permanent Partial Disability : Accident resulting in disablement of permanent but partial & irrecoverable nature like actual loss of thumb, forefinger, toe etc
- Accidental Medical Expenses : Inpatient or outpatient medical expenses incurred by the insured following an accident for treatment
- Weekly Indemnity (TTD) : Temporary disability arising out of an accident, preventing an employee from attending office, policy pays a weekly benefit amount upto a period of 52/104 weeks.
- Education Allowance: - In case of an accident death, % of the principal sum insured is paid towards the education benefit of the children of the insured
- Family Transportation: - As a result of an accident and the insured is confined in the hospital due to an accident outside his residence, actual transportation expenses of the immediate family member to reach the insured is reimbursed
- Repatriation of remains: In the event of unfortunate death of the insured, the cost of funeral services, embalming, coffin charges etc will be reimbursed
- Home/ Vehicle Modification allowance: In-case of PTD reimbursement to the insured will be made towards the cost of modifying his/her house or vehicle to overcome disability