~The company emphasizes the need for corporations to opt for accidental insurance on the International Day of Disabled Persons, observed on December 3rd~
Bengaluru, 1 December 2022: Plum, an employee health insurance platform catering to 1,800+ corporations and startups, emphasizes the need for companies to provide for Group Personal Accident (GPA) covers this International Day of Disabled Persons, observed on December 3rd. India has an estimated three crore individuals with disabilities, of which over 30 lakh individuals are employed. According to a recent National Sample Survey report, over 70% of those individuals were not disabled from birth, indicating how disabilities can occur through accidents or critical health issues at any stage in an individual’s life.
The impact of an accident and disability can disrupt one’s life and compromise an entire family’s savings. Companies today are addressing this through holistic insurance policies – a combination of Group Health Insurance (GHI) and Group Personal Accident covers.
Abhishek Poddar, Co-founder & CEO, Plum said, “We are all prone to accidents; be it at the workplace, while commuting or even during travel and leisure. The impact of such mishaps can be irreparable and draining on a family’s lifetime savings. While companies today are aware of Group Health Insurance (GHI) there needs to be an increased awareness of Group Personal Accident covers which go that extra mile in protecting an individual from untimely and unfortunate adversity. At Plum, over 25% of our clients have availed GPA covers for their employees and we urge every company to financially protect their employees from unforeseen circumstances.”
Plum has been driving ‘inclusion through insurance’ and placing emphasis on the holistic healthcare of employees —physical, mental and financial. It is important for companies and employees to be aware of the range of covers available under Group Personal Accident Insurance to be able to make more informed decisions.
Akshay Golechha, Head of Partnerships, Plum said, “Personal Accident cover should not be perceived as just ‘a road accident cover’ as its purview is vast, making it truly comprehensive and inclusive for many kinds of disabilities. Further, a group personal accident policy typically offers a wider bouquet of benefits as compared to a retail/individual one. The primary cover provided by typical retail policies is for accidental death and permanent disability. In contrast, GPA insurance typically provides cover for temporary disability as well as loss of income during the period of disablement without any waiting period. Further, it is also possible to avail of cover for burns, fractures, coma, and mishaps occurring during adventure sports, as well, seldom seen in retail policies. GPA cover can also help support the expenses related to lifestyle modifications necessitated from a disability or accident, and some modern policies even provide cover for daily income support, EMI protection and trauma counseling.”
From a cost perspective, Golechha added, “GPA insurance cover is quite affordable. Today, one can avail of a quality GPA cover of INR 10 lakh for as little as INR200 per employee per annum.”
GPA insurance covers disabilities and conditions that include: loss of arm or leg, complete or irrecoverable loss of sight, loss of foot below ankle, loss of sense of smell, loss of any toes, loss of fingers, fractures and dislocations, burns, coma as well as expenses incurred on accidental hospitalization, funeral expenses, ambulance charges, transportation of imported medicine, daily income support emergencies;, air ambulance, and much more.
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