Personal accident insurance is an annual coverage that pays out in the event of injuries, incapacity, or death resulting only from violent, accidental, external, and visible incidents. Medical Expenses Covers medical costs incurred as a result of treating you after an accident, such as dental and optical costs.
What are the procedure for personal accident insurance claims?
An accident cannot be predicted, and its outcome cannot be predicted either. Personal accident insurance can thus be used to reduce the financial costs associated with such sad incidents. This policy provides protection against unintentional death and disability.
What is Personal Accident Insurance?
Personal accident insurance covers not only the tragic events that occur as a result of accidents, but also the loss of income as a result of the accident. This insurance covers any unpleasant events caused by road, rail, and air accidents, collisions, fire, explosions, and other causes. The insurance also compensates you financially if you become disabled as a result of the accident and are unable to work. As a result, the insurance also provides a monthly income to assist you in carrying on with your life.
This coverage is also available as a rider on life insurance. In this case, however, the policyholder will not be able to take advantage of all of the benefits offered by a standalone policy.
Types of Personal Accident Insurance
Individual Personal Injury Insurance and Group Personal Accident Insurance are the two main types of personal accident insurance.
- Individual Personal Accident Insurance: This sort of insurance is for individuals and provides more coverage than group insurance. It covers not just death but also short- and long-term incapacity as a result of an accident.
- Employer-provided group personal accident insurance: Employers give this type of insurance to their employees. These policies only provide minimal coverage and do not include the benefits of a standalone policy.
What all Personal Accident Insurance Covers?
The following advantages are available to policyholders under a personal accident insurance policy:
- Accidental Disability: Any policyholder who is partially or completely disabled (physical impairments and inability to work) can file an accident disability claim. Total disability might be long-term or short-term.
- Accidental Death: If a policyholder is killed in an accident, he or she can file a claim for accidental death coverage.
- Accidental dismemberment refers to any accident that results in the loss of limbs, fingers, toes, sight, permanent paralysis, or other bodily functions.
- Terrorism Act: Any injuries to the insured caused by terrorists are covered by the policy.
- Hospital Cash: If an accident results in hospitalization, money is paid each day, up to a certain number of days.
Eligibility Criteria
A person whose job has a high level of danger should always consider purchasing personal accident insurance to safeguard themselves and their loved ones. Otherwise, anyone above the age of 18 can purchase the policy. The average entering age is 65 years old. This age, however, varies depending on the supplier. It can also be anything between 5 and 65 years old for some suppliers.
Personal Accident Insurance Claim Process
Policyholders must be informed of the process in order to file personal accident insurance claims on time after an occurrence so that they do not lose time approaching the insurance provider. Let’s take a look at the procedure:
- Inform the insurance company’s customer service department as soon as possible after the accident, either through the internet or by calling the customer service hotline.
- Other documents may be necessary depending on the circumstances – death, partial disability, total disability, and so on.
- The insurance company then undertakes an investigation to determine the validity of the claim.
- If the claim is denied, the corporation may request additional documents, and if it is still unsatisfied, it may reject the claim.
Documents Required for Claim Process
It is critical to be aware of the paperwork that must be presented to the insurance provider in order to receive personal accident insurance claims on time. For various types of claims, different sets of documents are required. Let’s have a look at some of the paperwork, which may change depending on the supplier.
Cases Where you Can’t Claim Personal Accident Insurance (Exclusions)
There are some major inclusions and exclusions in a Personal Accident Insurance Policy that any policyholder or individual should be aware of. Because some exclusions and inclusions vary depending on the plans offered by different insurance companies, it is important for individuals to understand the plan before purchasing it.
Companies Offering Personal Accident Insurance in India
Personal accident insurance is now available both online and offline, allowing you to take advantage of its benefits. Personal accident insurance is offered by a number of companies in India, including:
Advantages of Buying Personal Accident Insurance
It is preferable to be cautious than to regret later. As a result, purchasing personal accident insurance to handle the financial risks associated with accidents and other problems makes sense. Let’s take a look at some of the benefits of personal accident insurance:
- If the policyholder is disabled for a period of time, he or she is entitled to weekly or daily financial benefits.
- You can also purchase personal accident insurance for yourself and your family.
FAQs
Although the risk of a desk job is low, uncertainties can arise at any time, so it is always a good idea to be prepared for any unexpected events.
Q3. Do I have to take a medical exam to get a personal accident insurance policy?
No. A medical exam is not required to acquire a personal accident policy.
Yes, businesses such as SBI General, ICICI Lombard, and Reliance General offer Education Funds.
Q5. If a person dies as a result of a sickness, will the deceased’s family be entitled to death benefits under the personal accident policy?
Yes, there is a free-look period that usually lasts 15 days from the start of the policy during which one can cancel the policy and receive a refund of the premium paid. During the free-look time, no claims must be made.
Can I buy personal accident cover separately?
Simply put, Personal Accident Cover is a type of general insurance that provides financial protection to the policyholder or dependents in the event of the two-wheeler owner’s accidental death, disability, or injury.
According to The Motor Vehicles Act, 1988, two-wheeler riders in India are required to purchase or renew a Personal Accident (PA) policy while purchasing or renewing a Comprehensive Cover or Third Party Bike Insurance Policy.
The PA cover is granted to the policyholder (owner-rider), and they are only eligible for financial coverage if they have a valid driver’s license. The coverage is available to car owners between the ages of 18 and 65.
Who can take personal accident insurance?
Work in a construction area, crossing a road, entering an organization’s premises, slipping on a wet floor, and any other activity that involves physical injury can result in injury. An insurance provider makes life easy for you by allowing you to file a claim whenever you need it. Life isn’t always as we anticipate it to be, but it can be far worse if you don’t have personal accident insurance. What if you are involved in an accident and lose both limbs, one or both eyes, your thumb, hearing ability in one or both ears, and eye sight in one or both eyes? What if you’re permanently disabled? What if you pass away? These are terrifying questions, but they are also facts of life. As a result, you must acquire some backup plans for your and your family’s safety in order to have some control over dealing with such unknown events or situations.
Who can buy Personal Accident insurance policy?
According to this policy, anyone in India between the ages of 18 and 70 can get personal accident insurance and receive a payout of up to 5 lakhs. The best thing about a personal accident insurance policy is that it has no geographical limitations, as it can cover you anywhere in the world. In addition, any injury covered by the policy is subject to payment by the insurance company.
What is the difference between personal accident and personal injury?
This is where personal accident insurance comes in handy. Personal accident insurance, often known as personal injury insurance, is an add-on to your car insurance policy that protects you, the driver, as well as your vehicle.
Why do I need personal accident insurance?
A personal accident plan covers you against medical expenditures and lost wages as a result of an accident. Most accidents result in injuries that require treatment and rehabilitation for a short or lengthy period of time. Accidents can result in permanent impairment or death in extreme situations.
What documents is not required for a claim under personal accident policy?
- Cuttings from the newspaper, if any, and any other pertinent records If available, a chemical analysis report English translations of vernacular documents
- In the absence of a nomination under the policy, a Succession Order/legal heir certificate/legal documents must be used to establish legal heir identity. Any other documents that the Company Accident Hospitalisation may request
- Receipts in advance and at the end (All receipts shall be numbered,signed and stamped)
- Test results, X-rays, scans, ECGs, and other films (including doctor’s orders that such tests be performed)
- School Identity Card or Certificate from the educational institution, as well as proof of age of the kid for whom this benefit is requested.
Claim documentation should be sent to the Royal Sundaram Offices in your area, the address of which may be found by phoning our toll-free number 1860 425 0000.
Which is not covered under personal accident policy?
A group personal accident insurance policy does not cover the following causes of injury or death: Death by natural causes. Compensation for those who have died or been injured as a result of trying suicide. Pregnancy includes childbirth, miscarriage, abortion, and any complications that may arise as a result of the pregnancy.
Which of the following is not covered in personal accident?
Under the individual personal accident coverage, there are some exclusions. In the official policy wordings, the official comprehensive list of exclusions and terms and conditions will be communicated. However, the following is a general list of exclusions:
No claim will be honored under this policy if the policy holder’s burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, or other injuries were caused either intentionally or by intentional negligence.
No claim will be honored under this policy if the policy holder suffered burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, hospitalization, or other injuries as a result of participating in a civil or foreign armed conflict.
Injuries sustained while the policyholder was under the influence of drugs or alcohol include the following: No claim will be honored under this policy if it is determined that the policyholder suffered burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, etc. while under the influence of drugs or alcohol.
AIDS, HIV, or other STDs: No claim will be honored under this policy if it is determined that the policyholder suffered from burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, or required hospitalization as a result of an STD.
If it is determined that the policyholder suffered from burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, or required hospitalization as a result of active participation in any type of labor disturbance, strike, demonstration, protest, riot, or public disturbance, the policyholder will be entitled to compensation.
If the policyholder is injured while on duty with any of the armed forces, no claim will be eligible under the individual personal accident policy because of burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, and so on.
Burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, and other injuries that occur as a result of the policyholder’s participation in any adventurous sports, such as bungee jumping or river rafting, will not be covered under this policy.
Claims arising from previous illnesses or illnesses: If it is determined that the policyholder suffered from burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, etc. as a result of any existing medical conditions or the worsening of an existing illness, claims will not be honored under this policy.
Claims arising from pregnancy or delivery complications include: Claims under this policy will not be honored if the policyholder suffered burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, required hospitalization, or other injuries as a result of the policyholder’s pregnancy or childbirth.
Is personal accidental cover compulsory?
Personal accident insurance is required in India for all car owners. Regardless matter whether you are purchasing a third-party liability-only or comprehensive policy for your vehicle, this coverage is required. If you do not have a PA cover as part of your car insurance, you will be subject to legal action under the country’s laws.
The purpose of a PA policy is to ensure that all car owners are covered against personal accidents up to the minimum coverage limit required by law. Personal accident coverage is required by the India Motor Tariff of 2002 with every automobile insurance policy. As a result, it is included in both the comprehensive and third-party liability-only policies.