Personal Accident Insurance
Suitability
The cover is for the age group of 5-70 years.
Salient Features
It is an Annual Policy .It covers death or bodily injury due to accident. Sum insured is based on earnings and capacity to pay premiums.
Benefits
There are three types of benefits available under the policy categorized as Table I, II and III.
Table I Death only :- The total sum Insured is paid as compensation
Table II On Death only:- The total sum Insured is paid as compensation
Permanent Total disablement resulting in loss of two limbs or two eyes or a combination of one limb & one eye-the injury merits in payment of the Total sum Insured as compensation.
Loss of limb or loss of sight of one Eye :- the 50% of the sum Insured will be paid
Permanent Partial Disablement:- In case of minor injury the percentage of compensation is assessed by the attending surgeon.
Table III In addition to the covers available under Table I & II.
Weekly compensation is paid for a total period of temporary disablement subject to a maximum of 104 weeks at the rate of 1% of the Sum Insured or Rs.5000/ which ever is lower.
These benefits are available only for those who have income from gainful employment.
Other benefits
A sum equal to 1% of Insured Sum, subject to a maximum of Rs.15000,is paid in case Permanent Total Disability results in loss of employment
A sum equal to 1% of Insured Sum or Rs.1000 which ever is lower is paid for Transporting the dead body of the insured to his native place
Two Children of age less than 23 years are provided Educational Fund at 10% of Insured Sum or Rs.5000 per child whichever is lower.
The Accident cover is for 24 hours . But if cover is taken for 'on duty only' then, 75% of the normal premium is charged. Cover can be granted beyond the age limit of 70 at an extra premium of 10%
To cover the Medical expenses an extra premium of 10% is charged, if you want to cover 25% of claim for Personal Accident. A premium of 25% extra is charged to avail a claim of 50%. But as far as the claims settlement goes 10% of sum Insured or 25% claim / 10% of sum Insured or 50% claim, whichever is less is paid.
