Personal accident insurance covers the risk of bodily injuries arising directly from an accident that was caused by external, violent and visible means and results in death or disablement either permanent or temporary.
Group Personal Accident policy can be taken over and above a WC policy to provide extra benefit to the employees as compensation payable under WC is quite less. It is a benefits policy and cannot be a substitute for a WC policy.
Unfortunate accidents have a knack of throwing the financial footing of a whole family out of kilter for a long time and the number of people getting injured in a traffic or other accidents is staggering. Being a breadwinner of the family, an accident can create serious financial problems by ruining the comfort and security one works so hard to provide. That’s why it is important to be well prepared for all these situations. One way to secure your financial and mental outcome is to go for “Personal accident insurance”.
It is a comprehensive cover for small as well as large companies, irrespective of the size (Big/small), it can be customized to meet the requirements of any group.
In case of the demise after an unfortunate accident, the principal amount is paid by the insurer
Disability (Total/permanent partial):-
Insurer pays the compensation up to sum assured in case if the insured is partially/permanent disabled in an accident and continues to be so till 1 year
In case the insured is met with an accident and is taken to a facility by an ambulance, the ambulance charges are reimbursed.
Charges for transportation of mortal remains:-
Charges are reimbursed in case the body is to be transferred from accident site to the health care facility/residence/crematorium ground
Insurer pays a weekly compensation to the policyholder in case he/she is fully disabled for a temporary time in an accident
Compensation for broken bones:-
Policy clearly states which bones are covered, and based on that, the policyholder is given a lump sum account
Claim processing is divided into 3 parts: Intimation, processing, settlement!
In case of disability:
In case of Death:
After submission of the required documents, the claim is processed, it will either be:
Approved: A cheque is sent to the insured
Rejected: A rejection letter is sent out the insured/HR/Contact person