How Do You Structure Your Group Personal Accident Policy Across Employee Levels?

Hello everyone, we are currently reviewing the Group Personal Accident (GPA) policy for our workforce, and I'm interested in understanding how other organizations structure this.

Sum Insured Amount under GPA Policy

Specifically, I wish to learn about: What is the sum insured amount provided under your GPA policy?

Consistency of Sum Insured Across Employee Levels

Does the sum insured remain consistent across all employee levels/bands, or does it fluctuate based on designation, grade, or salary band?

Criteria for Variation in Sum Insured

If there is a variation, could you please elaborate on the criteria of this variation (for example, percentage of Cost To Company, job level, seniority, etc.) and provide an indicative sum insured for each level?

Any benchmarks, best practices, or insights on how you've established your structure would be greatly appreciated.

Thank you in advance!

As an HR professional, structuring a Group Personal Accident (GPA) policy requires careful consideration to ensure it meets the needs of the diverse workforce. Here are some practical steps to establish a robust GPA policy structure:

1. Determine Sum Insured Amount:
- Assess the industry standards and legal requirements to set an appropriate sum insured amount that adequately covers employees in case of accidents.

2. Consistency vs. Variation:
- Decide whether the sum insured will be consistent for all employee levels or vary based on factors like designation, grade, or salary band.

3. Criteria for Variation:
- If opting for variation, define clear criteria such as percentage of Cost To Company, job level, seniority, or risk exposure to determine the sum insured for each level.

4. Benchmarking and Best Practices:
- Research industry benchmarks and best practices to ensure your GPA policy aligns with market standards and offers competitive coverage.

5. Employee Communication:
- Communicate the GPA policy structure transparently to employees, highlighting the coverage details, eligibility criteria, and any customization options available.

6. Regular Review:
- Periodically review and update the GPA policy structure to adapt to changing organizational needs, regulatory requirements, and industry trends.

By following these steps and considering the specific needs of your workforce, you can establish a well-structured Group Personal Accident policy that provides comprehensive coverage and supports employee well-being.