What is the difference between GMC and GPA Policy?

Today, employees play a huge role in the success of an organisation. A well-motivated workforce helps the organization reach new heights and is a big competitive advantage for the company over their competitors. Thus, employers must do everything in their power to keep employees happy and motivated. One way to do that is to take care of employees during their tough times such as illness, injury or disabilities. A GMC Policy and a GPA Insurance Policy is an excellent way to taking care of the medical expenses of employees.

What is a GMC Policy? - Definition

The full form of GMC Policy is Group Mediclaim Cover. A Group Mediclaim Policy is a type of Insurance Policy which covers the hospitalization expenses of employees during the Policy Period. The Policy also provides coverage for Daycare Procedures, Pre and Post-Hospitalisation Expenses.

A GMC Policy covers all employees of a Company under a single Health Insurance Plan. The Premiums of a GMC Policy are lower than Premiums of Individual Health Insurance Policy. Usually, employers purchase a GMC Policy for their employees. A GMC Policy is also known as a Group Medical Insurance Policy or a Group Health Insurance Policy.

What are the coverages in a GMC Policy?

Group Mediclaim Coverage includes the following:

Hospitalisation Cover: A GMC Policy provides cover for hospitalization expenses incurred by the employees for hospitalization period of more than 24 hours.
Pre and Post-Hospitalisation Coverage: The Insurance Policy also provides coverage for Pre and Post-Hospitalisation Expenses, usually for 30 days and 60 days respectively.
No Waiting Period for Pre-Existing Diseases: Another advantage of a Group Mediclaim Insurance Policy is that Pre-Existing Diseases can be covered without any Waiting Period while Individual Health Insurance Policies have a waiting period of 3-4 years.
Maternity Coverage: A GMC Insurance Policy can also provide cover for Maternity Expenses without any Waiting Period while an Individual or Family Floater Health Insurance Policy have a Waiting Period of 3-4 years for Maternity Coverage.
New-Born Baby Coverage: A GMC Policy provides coverage for New-Born Baby from Day 1 while Individual Health Insurance Policies can provide coverage for New-Born Babies after 90 days or upon subsequent renewals

What is a Group Personal Accident Insurance Policy? - Definition

The full form of GPA Policy is Group Personal Accident Insurance Policy. A Group Personal Accident Insurance Policy provides reimbursement to the Insured in case of Death or Disablement of the Policyholder because of an accident anywhere in the world.

What are the coverages in a GPA Insurance Policy?

A Group Personal Accident Insurance Policy offers the following coverages:

Accidental Death: A Group Personal Accident Insurance Policy provides 100% of Sum Insured as compensation in case the Insured suffers from Accidental Death.
Permanent Total Disability: The Insurance Policy also provides coverage for Permanent Total Disablement and Permanent Partial Disablement resulting from an Accident.
Temporary Total Disability: A Group Personal Accident Insurance Policy provides cover for Temporary Total Disability resulting from an accident such as a Fracture in which case Bed Rest becomes compulsory. In such a case, a GPA Insurance Policy pays a weekly benefit to the Insured, which is specified as a % of Sum Insured.

GMC vs GPA Policy – Know the Difference!

The following table highlights the difference between a GMC vs GPA Policy:

	GMC Insurance	GPA Insurance
Full Form	Full Form of GMC Policy is Group Mediclaim Cover Policy	Full Form of GPA Policy is Group Personal Accident Insurance Policy
Definition	A Group Mediclaim Policy is provides coverage for medical expenses of employees arising out of illness or injury during the Policy Period.	A Group Personal Accident Insurance Policy provides compensation to the Insured in case of Accidental Death or Disablement of the Policyholder.
Coverage	A GMC Policy provides coverage for Hospitalisation Expenses, Daycare Procedures and Pre and Post-Hospitalisation Expenses	A GPA Policy provides coverage for Accidental Death, Permanent (Total or Partial) Disablement and Temporary Total Disablement.
Type of Policy	A GMC Policy is an Indemnity Based Policy which provides reimbursement of actual medical expenses incurred by the Insured	A GPA Policy is a Benefit Policy which provides a lumpsum compensation to the Insured regardless actual expenses incurred by the Insured
Admissibility of Claim	Claim is admissible if employee has been hospitalized for 24 hours or more.	Claim is payable if employee suffers the following due to accident: 1. Death 2. Permanent Total and Partial Disability 3. Temporary Total Disability
Who is covered	Employees and their dependents (Parents, Children and Spouse)	Employees Only
Customisation	A GMC Policy can be customized wrt to Room Rent, Sum Insured, Sub-Limits, Coverages 1. Illness or Injury attributable to War 2. Illness or Injury arising because of Alcohol or Drug Consumption 3. Congenital Diseases	A GPA Insurance Policy cannot be customised 1. Death or Disablement resulting from attempted suicide or self-injury is not covered 2. Any form of Natural Death due to any cause other than an accident is not covered

Get Best Quotes for Group Mediclaim Policy with Qian!

A Group Medical Insurance Policy and a Group Personal Accident Insurance Policy constitute an important benefit package that employers can offer to their employees. The Premiums for a Group Mediclaim Policy and a Group Personal Accident Policy are more cost effective than Premiums for Individual Health Insurance and Individual Personal Accident Policy. Additionally, the premiums for both, GMC and GPA Policies are a tax-deductible expense for the employer, thus making it an extremely cost-effective option.

Qian is an experienced Insurance Broker for Group Health Insurance and Group Personal Accident Insurance Policy. We have tie-ups with top Group Health Insurance Providers in India and can assist you with competitive quotes and quick claims settlement for your GMC and GPA Policies.

You can reach out to the Qian Team for any query regarding Group Health Insurance and Group Personal Accident Insurance Policy via email at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.