What is Personal Accident Insurance Cover?

This is a nonlife insurance product that provides monetary compensation for expenses or loss of income caused by death or bodily injury arising out of an accident.

According to data on road safety, thousands of commuters die or are disabled in some way every year as a result of traffic accidents. Road accidents have grown far too common as the world’s population and the number of two and four-wheelers grows.

Personal accident insurance, in general, protects the insured and his family in the event of an accident, allowing them to be compensated for injuries, death, entire or partial incapacity, or any other accident caused by violent, visible, or external factors.

Elements of a Personal Accident Insurance

In order for a Personal accident insurance claim to be payable, the proximate cause must be an accident:

unforeseen
unintentional
unexpected
undesigned

Scope of Coverage of Personal Accident Insurance

24 hours a day, 365 days a year
anywhere in the world
while at home, work, or play
on business or pleasure trip

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Basic Personal Accident Insurance Coverage

Accidental Death and Disablement

When an injury results in death &/or disablement within 180 days after the date of the accident, the company shall pay the benefits subject to the percentage of the principal sum provided in the policy schedule.

Partial List Of Benefits

BENEFITS	% OF PRINCIPAL SUM
Loss of Life	100%
Loss of both hands, or all fingers and both thumbs	100%
Loss of both feet	100%
Loss of sight of both eyes	100%
Loss of arm at or above elbow	65%
Loss of arm between elbow & wrist	50%
Loss of one hand	50%
Loss of four fingers and thumb of one hand	50%
Loss of four fingers	35%
Loss of thumb	15%
Loss of index finger	10%
Loss of middle finger	6%
Loss of ring finger	5%
Loss of little finger	4%

Optional Personal Accident Insurance Coverage

Medical Reimbursement

When by the reason of injury, the policyholder shall require:

treatment by a legally qualified physician or surgeon
confinement in a hospital
the employment of licensed or graduate nurse

The company will pay the actual expenses incurred from the date of the accident for such treatment including medical reimbursement but not to exceed the maximum amount payable.

Accident – Burial Expense

The policy will cover funeral expenses upon the death of the insured person as a result of accidental bodily injury up to the limit selected in the schedule.

Unprovoked Murder or Assault

Pays the principal sum for death caused by unprovoked murder or assault Exceptions:

Those holding any elective government position;
Those actually engaged in political activities;
Those performing investigative, security, or police functions;
Those entrusted with collections, payments, keeping or handling of money, public or private, pursuant to duty.

Hospitalization Cash Assistance

As a result of an accident the insured has to be hospitalized, the company will pay each day of confinement up to a maximum of 30 days up to the limit selected in the schedule.