Group Personal Accident

Group personal accident insurance  protects a group of individuals financially in the event of an accident-related death, incapacity, or medical costs. Businesses often provide it to employees as a bonus, but other organisations, including social clubs or sports teams, can also buy it.

Anyone who needs financial protection can opt for term insurance. However, it is mostly beneficial for employers, high risk individuals, self employed & likewise. 

The required coverage depends on various factors like income, debts, dependents, and lifestyle. Consider factors like future expenses, outstanding loans, and desired financial assistance for your beneficiaries. Aim for a coverage amount that will replace your income and maintain your standard of living.

The different types of group personal accidents coverage include accidental death coverage, permanent disability ,permanent partial disability. The coverage amount rises over time to account for inflation.Next is the decreasing term. Here, the coverage amount decreases over time, often aligned with reducing debts like mortgages. The next is a convertible term as it is an option to convert to a permanent life insurance plan with cash value during the term.

Generally, term insurance is one of the most affordable life insurance options due to its pure protection nature and lack of investment component. Premiums are based on factors like age and health.