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I would like to know if applicable then under which law the group accident insurance policy is mandatory for company?
What could be the repercussions of not having one in place?
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If you are not covered under Employees Insurance Act, then workmen's compensation would be applicable.
Companies are offering insurance coverage options to employees. It is to ensure that as an employer they are concerned about the safety of people. So, group accident health insurance is one appropriate option to help them acquire healthcare safety.
The provision of insurance coverage by companies have simplified things for employees. They need not go anywhere else to make an investment in insurance. With this provision, employees can seek the help of the companies so as to get them secured against health risks.
Offering Group Accident Health Insurance plan to employee is a wise decision. Mishaps like accidents and the related injuries can bring a change in lives of people. The injuries caused due to such incidents can hamper the life to a great extent. Nobody can predict or control the extent of the accident. It can even cause several setback on the physical state of the injured. So, it is absolutely worth investing in an accident health cover.
A group accident health insurance plan will cover a group of employees. They all can invest and share the premium to be paid. All covered members can then reap benefits as and when required.
@ Babu Alexander...
Thanks for the reply. It is very helpful in making a decision.
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