Personal Accident Insurance
This policy is basically designed to offer some sort of compensation to the insured person who suffers bodily injury solely as a result of an accident which is external, violent and visible. The policy coverage around 24 hours and all over the world.
The accident may cause impairment, whether short-term or lifelong wounds or even demise.
The following types of coverages are offered under a Personal Accident policy:-
- Death cover wherein 100% of the capital sum insured is payable.
- Loss of two limbs / both eyes / one limb and one eye wherein 100% of the capital sum insured is payable.
- Loss of one limb or one eye wherein 50% of the capital sum insured is payable.
- Permanent Total Disablement other than above e.g. paralysis due to an accident, wherein 100% of the capital sum insured is payable.
- Coverage under Table C
- Permanent Partial Disablement i.e. where a part of the body becomes permanently disabled due to an accident, e.g. total and irrevocable loss of use of a finger due to an accident. In such cases, a percentage of the capital sum insured as specified in the policy is paid.
- Temporary Total Disablement i.e. where the insured person becomes temporarily disabled from undertaking any work as a result of an accident for e.g. fracture of legs. In such cases, a weekly payment of 1% of the capital sum insured subject to a maximum limit, is paid for the number of weeks or part thereof (maximum 100 weeks), during which the insured person is totally disabled.
