The inability to earn an income due to an accident can place your employees and their families in an unfavourable financial position and this is why having a financial protection plan is important.
RMA Life offers you the Group Personal Accident cover to help you protect your employees from the inability to earn an income due to an accident. Our improved Group Personal Accident solutions are designed to protect employees and their families against not being able to earn an income in an event they get injured or die because of an accident such as:
- Travelling between home and work
- Accidents outside the workplace
- Recreational sports injuries
What is Group Personal Accident Insurance
Group Personal Accident aims to help businesses who would like to cover their employees for risks associated with life-changing events. These include dread diseases, temporary or permanent disability, or death.
This type of insurance usually has a minimum qualification criterion decided by the employer and RMA Life such as the number of working hours per week, or a minimum salary to qualify for the policy.
We offer a product that works as a cushion to protect employees from possible financial vulnerabilities that come with personal accidents. Our cover options are there to accommodate all employees, irrespective of their salary grades.
What benefits are offered by the Group Personal Accident
Cover definitions:
- Medical expenses – Expenses incurred as a result of treating injuries from an accident
- Temporary Total Disability – Temporary income continuation benefit while the employee is unable to work and is still recovering from injuries
- Temporary Partial Disability – Temporary income continuation benefit when the employee can work, but not to their full potential and while they recover.
- Permanent Disability – Permanent loss of functionality in one or more parts of an employee’s body.
- Death benefit – A lump sum payout to the family, if an employee dies from an accident.
Our solutions
1. Comprehensive GPA benefits
Death Benefit
If an employee dies because of an accident this benefit will pay out four times their annual earnings.
Permanent Disability Benefit
This benefit pays out a certain percentage of four times annual earnings depending on the scale of Permanent Disability according to the AMA table of benefits.
This benefit is an accelerator of the Death benefit. This means that payments made for Permanent Disability reduce the Death benefit pay out.
Temporary Total Disability (TTD)
If an employee is injured, this benefit will pay 100% of their average weekly earnings while the employee recovers from their injuries for a maximum of 156 weeks.
Temporary Partial Disability (TPD)
If an employee gets injured and can work but is incapacitated to fulfil a substantial part of their occupation, this benefit pays out 40% of their average weekly earnings for a maximum of 156 weeks.
Medical Expenses
The medical expenses benefit is there to take care of all medical cost's when an employee gets injured as a result of an accident. This benefit pays for medical expenses that exceed R1,000.00 up to a maximum of R250 000.00 over three years.
2. Classic Option
Death Benefit
If an employee dies because an accident this benefit will pay out four times their annual earnings.
Permanent Disability Benefit
This benefit pays out a certain percentage of four times annual earnings depending on the scale of Permanent Disability according to the AMA table of benefits.
This benefit is an accelerator of the Death benefit. This means that payments made for Permanent Disability reduce the Death benefit pay out.
Medical Expenses
The medical expenses benefit is there to take care of all medical cost's when an employee gets injured as a result of an accident. This benefit pays for medical expenses that exceed R1,000.00 up to a maximum of R250 000.00 over three years.
For more details speak to one of our sales consultants about the key limitations, exclusions, risks, and charges related to our Group Personal Accident solution by contacting us on 0860 222 132 or email us at sales@randmutual.co.za