Personal Accident Insurance
Personal Accident Insurance
The concept of providing the personal accident policy is that, in case of an accident to the insured person and if he happens to be the earning member, the entire family will suffer initially, for hospitalization expenses and subsequently due to the loss of earning of the person. To assist the family at the time of such a critical situation, the P.A. policy will provide help to the family.
This policy can be given to any earning person from the age group of 18 to 70 Yrs.
The PA policy covers “WORLDWIDE “.
All types of Accident is covered. Various types of coverages are there and the coverage and the Sum insured depends upon the “GAINFUL INCOME “of the individual. Proposers are categorized into three categories, according to the nature of work they do and premium is also charged accordingly.
Benefits of the policy
| 1) | Death | 100% of Sum Insured |
| 2) | Loss of two limbs/two eyes or loss of one limb and one eye |
100% of Sum Insured |
| 3) | Permanent Total Disablement from injuries other than named above |
100% of Sum Insured |
| 4) | Loss Of one limb or one eye | 50% of Sum Insured |
| 5) | Permanent Partial Disablement | % of CSI ranging from 1 to 75 % |
| 6) | Temporary Total Disablement | 1% of CSI per week, limited to Rs.5000 up to a maximum of 100 weeks |
Expenses for carrying the dead body:
Expenses for transporting the dead body from the accident place to his hometown will be paid @ 2% of CSI or Rs.25,000 whichever is less.
Education Grant :
In addition to the above Education Grant for dependent children for a single child below the age of 25 yrs 10% CSI subject to a maximum of Rs.25,000 will be paid.
For 2 children below the age of 25 yrs, 10% of CSI subject to the maximum of Rs.50,000 will be paid.
Medical Expenses :
A PA policy can be extended to include Reimbursement of medical expense also to the extent of 40% of the “ VALID CLAIM “ amount or 10% of the Sum insured whichever is less subject to payment of additional premium @ 20% of the basic premium.
Family Package Cover:
Family package cover can be provided for a family wherein the earning member can have CSI as per norms and his/her spouse will be provided 50% CSI of the earning member and children between the age of 5 and 25 will be covered for 25% of CSI of the insured.
Group Personal Accident Policy:
A group of persons working in industries/Associations/Institutions can have a Group Personal Accident policy.
Tailor-made Group Personal Accident Policy:
For larger groups running into several hundred can be provided the Tailormade group personal accident policy. This policy can be issued to cover “ All Employees On the Roll “ with selected Sum Insured. Hospitalization expenses up to a maximum of Rs.1 Lakh due to the accident and also Outpatient treatment in case of minor injuries up to certain limits can be reimbursed.