Quick Summary
Group Medical Cover (GMC) and Group Personal Accident cover (GPA) are two types of group policies provided by the organization to its employees. Let us dive deep and understand how they are different from one another.
Group Medical Cover (GMC) and Group Personal Accident cover (GPA) are two types of group policies provided by the organization to its employees. Let us dive deep and understand how they are different from one another.
Group policies are generally insurance policies provided by an organization to its employees. GMC (Group medical coverage) and GPA (group personal accident) insurance policy are two popular group insurance policies in the market. In this article, we are decoding what these two policies are and which is better for your employees.
A group medical coverage (GMC) also called group health insurance (GHI) covers all hospitalization-related expenses made by the employees. In fact, accidental hospitalizations are also covered in GMC. Group health insurance is a highly customizable insurance policy. Employers/HRs can choose what they want to add to the policy to best suit the employees. For example, you can choose what can be the maternity cover, if dependents need to be added, ICU and room rent limits and more.
Group personal accident policy covers all expenses incurred by an individual due to an accident. This policy protects employees from financial strains after accidental injuries. This policy takes claims only related to accidents. GPA policies are generally worldwide in nature.
When a claim is denied, the insured receives a detailed refusal letter as official notification. This letter is thoroughly communicated, not just to the insured, but also to various stakeholders involved in the claim process. Specifically, the point of contact managing the claim, any beneficiaries, and the organization's human resources department are also informed. This ensures that all relevant parties are aware of the decision and can take any necessary follow-up actions.
Navigating the process of claiming group personal accident insurance can be straightforward if you follow the right steps. Here's a breakdown of what to do:
By adhering to these steps and providing the necessary information when requested, you can facilitate a smooth claim process for your group personal accident insurance.
What steps are involved in the claim settlement process for group personal accident insurance?
When filing a claim under group personal accident insurance, several steps need to be followed to ensure a smooth settlement process. Here's a breakdown of those steps:
By following these steps, claimants can navigate the intricacies of the settlement process effectively. Understanding these procedures helps manage expectations and ensures that all parties are adequately informed along the way.
By following these steps, policyholders can ensure a smoother and more efficient claim assurance experience in group personal accident insurance.
GMC is a more comprehensive cover whereas GPA covers only accidents. GPA can be bought as a rider (add-on) to your GMC. This way, you can include coverage for disability and death due to accidents in your GMC as hospitalization is already covered.
Overall, if you are deciding between GMC and GPA, your best bet is GMC as it provides more value to your employees.
Read: Why including parents in group health insurance policy is important
Pazcare offers all types of group insurance for the best prices in the market. We are IRDAI certified broker and work with all the insurers in India to get you the best policy. Along with this, you also get the Pazcare admin/HR dashboard to manage your employee benefits insurance easily. You can make endorsements, get reports, check usage CD balance, etc. without depending on the TPA or insurer.
As a cherry on top, with group health insurance from Pazcare, there is also a super top-up option. Super top-up in health insurance allows employees to increase their cover and add dependents to their policy by paying a premium.
Employers provide GMC (Group Medical Cover) and GPA (Group Personal Accident Cover) to employees. GMC provides health insurance coverage for hospitalization due to various medical conditions. Whereas, GPA provides health insurance coverage specifically for hospitalization resulting from on-road accidents. In the event of disability or death due to an accident, the employee/the family receives the total sum insured.
The organization purchases GMC or Group Medical Cover for the employees. The premiums are cheaper due to group coverage. The employees can include their spouse, children and parents/parents-in-law based on the policy type. Individual health insurance covers only the policyholder and has higher premiums than GMC. GMC policy covers pre-existing disease and maternity costs without the addition of a rider.
GPA full form in insurance is Group Personal Accident Insurance/Cover. It is an insurance policy that covers hospitalisation expenses due to on-road accidents.
GTL or Group Term Life Insurance is a life insurance cover that provides a lump sum insured to the dependents insured in case of their death. However, a Group Personal Accident Cover (GPA) provides health insurance coverage to the employees in the case of hospitalization due to an accident and provides the sum insured in case of partial/permanent disability or death.