Collective insurance ‘Private Life’
The Securex collective insurance Private Life extends the normal coverage of occupational accidents insurance with coverage for accidents that are not related to your employee's professional activity.
The Occupational Accidents Insurance only covers occupational accidents and accidents to and from work. Moreover, the boundaries between professional and private life are not always as clear. That is why this insurance policy covers those accidents of your employees that are not related to their professional capacity. This means the limited intervention by the social security system is completed.
How does this insurance cover work?
You can choose from two calculation formulas:
- Compensation equal to that provided for in the Act on Occupational Accidents (basic act).
- Compensation based on a multiple of the annual wages.
Below is an example in figures of the equivalent calculation method.
Example: Your employee (aged 40) falls down the stairs at home and is thus unfit for work. He earns 50,000 euros on an annual basis.
Is he temporarily unfit for work for 100 days for example?
He will receive his guarantee income during the first month at home (30 days).
From day 31 the Securex benefit amounts to:
(€ 50,000 x 90%) / 365 = € 123.29
In total: € 123.29 x (100 days – 30 days) = € 8,630.30
The health insurance fund’s intervention is deducted from this benefit.
Is the employee permanently unfit for work?
Then this annuity is converted into capital and is immediately paid out. For someone aged 40, who is 50% unfit for work, this amounts to: 415,515 euros (€ 50,000 x 50% x age coefficient 16.6206).
Did the employee die as a result of the occupational accident?
Then this annuity is converted into capital and is immediately paid out. For a widow aged 40 this means: 249,309 euros (€ 50,000 x 30% x age coefficient 16.6206).
What about the medical costs?
We will reimburse the difference between the effective costs and the intervention of the health insurance fund to your employees.
Did you opt in favour of the annual wages calculation method? Then there are different possibilities. We will gladly review the details with you.
