Group Accident Insurance For Startups


Startups are known to offer an energetic work atmosphere to their employees where they not only get to wear multiple hats and enjoy a high degree of ownership and work flexibility. To keep this vibe up and attract the right people, startups often resort to non-monetary benefits such as free meals, unlimited leaves, cab facility, etc.

However, there is one fringe benefit that helps you win your employee’s hearts but also of their loved ones, and that is a Group Accident Insurance plan. We will find out what it is and how it helps both the employer and the employees in this article, so read on!

What is a Group Accident Insurance Policy?

A group accident cover is a group insurance plan that provides insurance coverage to a specific group under a single policy against accidental hazards. It is generally opted for by employers for their employees. It provides coverage for all bodily injuries, partial/total and temporary and permanent disability, terminal illness caused due to an accident, and accidental death.

Why Should Startups Offer Group Accident Cover To Their Employees?

A group accident plan offers the following host of benefits to startups:

1. High Employee Retention Rates:

One of the direct benefits offered by a group accident cover is high employee retention rates. By providing such comprehensive and affordable coverage to your employees, you convert them that they matter to you and the company. This realisation of being valued motivated them to stay longer with the company.

2. Brand Value Appreciation: Startups need to build their name in the market from scratch. There is no better way to do so than via an organic source such as word of mouth. Your happy employees become ambassadors of the company’s culture and help your startup build its brand value among working professionals.

3. Peace of Mind: This type of coverage also helps you provide a peaceful working environment to your employees, which benefits the company in multiple ways. An employee with a peaceful mindset does not only have a high work concentration, but is also more efficient.

4. Helps Meet Employee Fringe Expectations: Owing to the wide adaptability of group personal accident plans, they have gained entry into the standard expectations of an employee from a company. Thus, it helps you meet their default fringe expectations.

5. Inculcates a Feeling of Belongingness: When you take care of your employees’ insurance needs and need for financial stability, they feel like they belong to the company. An employee who works for the company considering it their own is lean in terms of resources and all of their costing decisions.

6. Enhanced Employee Performance: All the above factors collectively contribute and get reflected in the performance of your employees. Better performance of your employees helps you meet your targets either before time or in an exceeding manner.

What Should Startups Look For in a Group Accident Insurance Plan?

As a startup owner, you should look for the following features in a group accident cover to ensure the complete protection of your employees:

  • 100% sum assured in case of accidental death: You must choose a group accident plan which pays 100% sum assured amount to the employee’s family in case of accidental death and disability of all types, namely partial, total, temporary, and permanent.
  • Compensation during disability: Another feature you must ensure to get is a weekly or monthly compensation payout to the employee if they suffer a disability, rendering them unfit to earn either temporarily or permanently.
  • Child care benefit: Another must-present feature is child care benefit in case of the employee’s death or disability. This benefit provides financial assistance to help the affected employee’s child complete and further pursue their education. Plum Insurance offers an education welfare fund of INR 10,000 per dependent child with its group accident cover.
  • Road ambulance coverage refers to the insurance coverage for the expenses incurred for arranging and availing a road ambulance to take the injured employee to the hospital or back home.
  • 24*7 claim support: As necessary as it is to offer comprehensive coverage, it is a good and responsive claim support service. You should choose a group accident plan which offers 24*7 claim support. Plum Insurance offers a 24*7 WhatsApp claims support facility.
  • Transportation of mortal remains: Loss of a loved one is tough and devastating. As a responsible employer, you should try and ensure the maximum possible help from your end to the family of the affected employee. You can go an extra mile by ensuring financial coverage for expenses incurred in the transportation of the mortal remains of the deceased employee from the site of the accident or cremation grounds.

Take Away

Accidents can happen anytime and anywhere. But, we should not just surrender to this fact. Instead, as a startup owner, you must be ready with insurance coverage for your employees to stand together with them in such tough situations. A group accident insurance plan not only helps you convey your care for your employees and, from a business perspective, enables you to keep away operational hiccups. These plans allow you to ensure that your employees have access to quality medical treatment, which can help them return to work quickly and with no financial worries!

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