What is Personal Accident Insurance?
Have you ever wondered what would happen if you suffer from an accident or injury that affects your ability to work? Here’s everything you need to know about personal accident insurance cover. A Personal Accident Insurance offers financial compensation in the event of bodily injuries leading to total/partial disability or death caused due to accidents. This policy ensures the financial stability of an individual and his family if he/she gets injured or dies in an accident.
Who Should Buy Personal Accident Insurance?
A Personal Accident Insurance is essential for everyone, irrespective of their age, occupation, and health. You should ideally buy this plan as soon as you start working. Even after taking extensive precautions, accidents do occur. This may result in disablement or loss of limbs or sometimes even death. In that case, a personal accident insurance policy proves to be a saviour. The premium of a personal accident cover depends on the occupation you are in.
Mentioned in the list below are three categories under which occupational risks can be segmented.
|Low Risk||High Risk||Very High Risk|
|Teachers||Cash carrying employees||Journalists|
|Lawyers||Builders, contractors & engineers engaged in superintending functions only||Worker at explosive industries|
|Bankers||Garage & motor mechanics||Mountaineers|
Benefits of owning a Personal Accident Insurance Policy
Nobody wants to get into an accident, but it’s an unfortunate reality for a lot of people every year; while you can’t plan for the when and where you can surely prepare yourself against the trauma of the event.
When a major car wreck happens, or a simple trip and fall incidence happens, then is the time when you will realize the advantage of having a personal accident cover. Since the number of vehicles is increasing exponentially in India, chances of meeting a road accident has increased to another level. As we have already mentioned earlier, it's always better to be safe than sorry; we advise you to buy a personal accident insurance policy to get a financial cushion against such mishaps.
To give you a better understanding of the same, we have listed down a few advantages of having a personal accident insurance policy.
- Family security
- Worldwide coverage
- No requirement of medical tests and documentation
- Substantial coverage at low premium
- Reimbursement of medical expenses
- Education fund for children
- Easy and hassle-free claim process
What Does This Personal Accident Insurance Policy Cover?
Even if you are extremly cautious on the roads, your safety is not guaranteed. At Reliance General Insurance, we endeavour to provide you with the best possible personal accident insurance cover for you.
- 100 % of the sum insured on
accidental death of the insured person
Permanent Total Disability-
- 100 % payment of sum insured on permanent total disablement
- 100 % payment of sum insured in the event of loss of two limbs/two eyes or one limb and one eye
- 50 % payment of sum insured in the event of loss of one limb or one eye
- Specified percentage of the sum insured will be paid in case of
permanent partial disability
- This personal accidental insurance policy also has some
value added benefits –
- Carriage of mortal remains
- A lump sum of two per cent of capital insured will be paid for transportation in the event of accidental death outside the residence (subject to maximum of Rs. 2,500)
Medical Expenses Extension-
- Personal Accident Insurance Policy can be extended to cover medical expenses on the payment of extra premium.
- Get benefit up to 40% of the compensation paid in settlement of a valid claim under the policy or 20% of the relevant sum insured or actuals, whichever is less.
What Does This Personal Accident Insurance Policy Not Cover?
We have tried to cover all the scenerios that may occur after an accident, but it is quite impossible to cover all of them. This personal accident insurance policy does not cover the following:
- Compensation under more than one clause for same period of disability
- Any claim in the same period of insurance exceeding the capital sum insured
- Payment of compensation due to death or disablement arising out of
- Suicide, attempted suicide etc.
- Pregnancy and/or childbirth
- War and nuclear perils
- Ionizing radiation or radioactivity
- HIV / AIDS / or death due to any disease
- Natural death
Apart from the personal accident policy cover, Reliance also offers a variety of
health insurance plans like
family mediclaim policy,
health insurance for senior citizens and
cashless health insurance cover.