Personal Accident Policy (P A)
Death or bodily injury resulting solely and directly from accidental which is caused by external violent and visible means. It is different from health Insurance and Life Insurance. While Mediclaim cover only hospital/ medical expenses but in Personal Accidental Policy the payable claim is the sum outlined in respect of any of the Insured personal for the contingencies effect as chosen by Insured.
An accident can Crisis and disaster on our lives at any time and anywhere. An accident is one such nightmare that will break you emotionally, Physically, and financially too. An accidental injury needs immediate medical attention and hospitalization. Even if the accident isn’t fatal and causes severe injuries or physical disability, it’s going to end in a loss of income and unexpected loss. A personal accident policy is that the only way to manage this unforeseen crisis. Good personal accident insurance provides you a lump sum amount paid within the event of death and total permanent disability and partial permanent disability resulting from an accident.
The need for a Personal Accident Policy
Personal Accident Policy a Very cost-effective insurance tool to keep your family safe and financially secure in case of accidental death or disability. • An accident may not result in death, but it may just leave you without the ability to earn. In such a scenario, the PA policy is basically crucial to assist you to deal with the sudden financial crisis. It helps in bringing your life back on track. • The best gift you can give your family to lead a normal life even after a tragedy
Type Of Cover
there are 4 type cover in Personal Accident Policy Define by Table Benefits
- cover of the -1
- cover of the table -1A
- Cover of table -2
- Cover of table -3
Table -1 COVER ONLY Accidental death
If the Insured meets an untimely death due to an Accident, then Nominee or Legal Hairs are paid death benefits. That’s they are covered against financial insecurity
Table 1A Cover Permanent total disability (P T D)
Due to Accident If the Insured is rendered completely disable or Loss of sight of two eyes or loss of use of two hands or feet or loss of use one hand and one foot or loss of The sight of one eye and loss of use of one hand or foot. Also, cover as per govt. of India’s total permanent disability rule. Nominee or legal hair Get 100% of the sum Insured
50% of Disability – Due to Accident if Insured loss one eyesight or loss of use one hand or foot as per 50% disability norm of govt. of India. Nominee or legal hair Get 50% of sum Insured
Table 2 Cover Permanent total & Partial disability
Apart from Permanent total disability table 2 cover Permanent partial disability, Permanent partial disability means that the Insured is still able to function in his or her chosen work, but not at full capacity. examples of permanent partial disability loss of Finger or fingers Toes, Limbus, hearing loss, and vision damage, etc. as per policy Schedule. Nominee or legal hair Get Claim as per policy Schedule.
Table 3 Temporary total disability (T T D):
Depending on the individual personal accident the policy that Insured Purchase; Insured can avail temporary total disability coverage. Under this benefit, if the insured individual is rendered completely disabled, even if temporarily because of an accident, they are eligible for benefit pay-outs. This type of disability refers to a condition that can be restored by treatment or medicine, and the insured can return to their original productive and working capacity.
coverage of Job Loss
Due to Temporary total disability Insured cannot perform their duty so Insurance company Compensate his or her financial loss according to policy schedule generally it is cover up to 104 weeks and 1% of sum Insured Maximum 5000 per week but it will vary Insurance Company TO Insurance company. Shipra Finance guides you on how to make a claim and help in documentation.
Additional Benefit
- Sum Insured Enhance / No claim Bonus, Generally, Insurance company giving 5% no claim bonus each claim-free year up to 50% of sum Insured, Cumulative bonus will be lost if the policy is not renewed within the grace period.
- Coverage of Children Education due to permanent total disability, loss of eyes or limbs, or death, the cost of education for their dependent children (up to two children) up two 23 years age will also be covered under the policy for up to a pre-specified limit.
- Transportation benefit: Insurance company giving the additional benefit of transportation/ Ambulance as per policy documents Schedule
- Medical Expenses Cover Insured can opt Medical Expenses Covered on payment of additional premium. Reimbursement of Medical Expenses incurred following an accident up to 40% of the valid claim payable under claimant amount according to the table or 10% of the total Sum Insured whichever is less, it may be vary Insurance Company to Insurance company
There are 3 type Premium category as Per Occupational Risk
- Normal Risk – Bureaucrats, doctor, layers Accountants Architects, Bankers, Insurance, Administration, Consultant, Teacher, clerical job and similar occupation
- Medium Risk – Builder, Contractor, Engineers in the supervisory job, veterinary surgeon, paid driver and people engaging in similar nature of the job, manual labor, Police Personal, Cash carrying Employee, Motor mechanics, Machin operator, athletics, sportsman and people engaged in woodworking.
- Heavy Risk- Personal Working in Mines, explosives, magazines, the worker involved in electrical installations with high tension supply, circus personnel, personal engaging in racing on wheels or horseback, big game hunting, mountaineering, winter sport, skilling, ice hockey, polo and personally engaged in the occupation of similar hazard and police/ CRPF personnel engaged a similar type of hazardous job.
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Premium Rate as per National Insurance Company Ltd.Table of BenefitsRate of normal riskRate of Medium RiskRate of Heavy Risk|.40 per Mille.60 per Mille.90 per Mille|A.45 per mille.65 per Mille1.5 per Mille||.90 per Mille1.25 per Mille1.9 per Mille|||1.5 per Mille2.00 per Mille3.00 per Mille
