Types of Personal Accident Insurance Policy
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Individual Accident Insurance
This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident. -
Group Accident Insurance
Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.
Accidental Insurance Coverage Benefits
- Accidental Death Cover: An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.
- Permanent/Total Disability Cover: In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policy holder.
- Permanent Partial Disability Cover: If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.
- Temporary Total Disability: In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.
Major Inclusions & Exclusions
INCLUSIONS
- Accidental Death
- Permanent Total / Partial Disability
- Accidental Dismemberment
- Medical Expenses / Hospitalization Charges
- Child Education Support
- Life Support Benefit
- Burns, Broken Bones and Ambulance
- Daily Allowance
EXCLUSIONS
- Committing a criminal act or being involved in war activities, suffering from a mental disorder.
- Participating in the naval, military, air force, adventurous or sports activities.
- Natural Death
- Pre-existing disability or injury
- Childbirth or pregnancy
- Suicide or self-injuries
- Non-allopathic treatments
- Influence of intoxicants
