US-based insurance holding company Transamerica has expanded its workplace benefits offerings by updating Transamerica Accident Insurance and Transamerica Critical Illness Insurance.
The company said that the refreshed policies available for employers are driven by customer feedback and offer greater benefits for the insured employees.
Transamerica Accident Insurance policy helps the insured to cover unexpected medical costs. The flexible offering comes with customisable plans to meet the requirements of a diverse workforce.
The new benefits with Transamerica Accident Insurance include an organised sports benefit rider; acupuncture or chiropractic benefits; and mental health benefits. It also includes observation benefits that covers cost when the insured is held in a hospital emergency room for observation.
The other offering, Transamerica Critical Illness Insurance, offers a lump-sum benefit for illnesses not covered by major medical insurance.
According to a company statement, the offering now includes payments up to 110% of the benefit amount for most conditions; child benefit payments up to 200%; and Covid-19 treatment benefits among others.
The insurer can also receive up to $1,000 under the offering’s second opinion benefit.
Transamerica Employee Benefits senior managing director John Stanley said: “Transamerica recognises the need for protection that goes beyond common conditions.
“With that in mind, we have designed our accident and critical illness supplemental insurance solutions for a modernised workforce. We enhanced these policies to include benefits that employees want and use.”