A personal accident insurance policy is a kind of health insurance policy, it covers accidental injuries, disability, or death along with education and other facilities like marriage to the dependents of the policyholder. It can be purchased with motor insurance or separately.
You can choose the best personal accident policy plans by following the method provided below.
Why is PA cover required?
When you start working, a lot of risks are involved in it, though adequate precautions are taken by you, accidents occur, this makes you think of a personal accident policy.
Personal accident policy may be purchased from eighteen years of your age till seventy years. you may take a policy cover of Rs 1 to 5 lakhs depending on the premium amount to be paid. To claim motor insurance, a personal accident policy is mandatory.
How is the personal accident cover premium calculated?
The premium for a personal accident policy is calculated on the type of employment or occupation of the insured person and considering the risk level in his work, it is divided into different categories according to risk level.
Insurance companies have personal accident policy plans ready, you can check them by visiting their websites.
for eg.
The table consists of
sum insured =100000
premium to be paid =48 (may vary according to risk category)
and what is covered in the policy ie. injuries, death, and education for dependents.
Personal accident policy plans
Insurance companies divide the plan into different categories, they are
Basic plan
In this plan, accidental death is covered along with the transportation of mortal remains and children's education.
Advance plan
This plan includes permanent partial and total disablement.
Comprehensive Plan
This plan includes temporary total disablement.
Personal accident policy provides cover in case of
Accidental death
The nominee of the insured person gets 100% compensation for the loss of life, or If a person meets in an accident during the policy period, and his death occurs after 12 months, the cause of the death should be related to the accident only.
Permanent total disability
If someone gets injured and loses a part of the body and is handicapped for life can get 100% compensation, if the policy you have purchased has this cover.
Permanent partial disability
If a person has been injured with minor injuries or disablement of shoulder, joint, or thumb due to an accident, the insured amount as per the insurer plan is allotted.
Add on cover
Children's education
in case of accidental death or total disability, the cost of education of the two children studying may be bared by the insurance company.
Marriage benefit
One of the major life expenses such as the wedding of the dependent daughter is covered.
Benefits for dependents
At an extra cost, it covers the insured and his family, his legal spouse, and dependents such as parents and two children up to 25 years in age.
Other benefits given are,
Accident hospitalization,
Medical reimbursement,
Mortal transportation,
Modification of accommodation and vehicle.
Personal policy claim settlement
Inform the insurer through their customer care contact numbers or write an Email at their registered Email id.
Provide the necessary details required by filling out the claim form.
Documents required to complete the claim process should be provided.
A personal accident policy can be purchased online easily.
All major motor insurance companies have their personal accident insurance policies, check the plans, and you can contact company customer care for support. just fill in your details, pay the premium, and the policy is issued.
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