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PERSONAL ACCIDENT POLICY

You can take Accident cover in two ways,

  • As a rider in your Term Life Insurance policy
  • As a separate Personal accident policy.

The benefit of taking a separate Personal accident policy and not as a rider is that,

  • it comes out to be lot cheaper.
  • Premium is not linked to age. Hence for higher age group the cover is much cheaper as a separate policy.
  • you can additionally get covered from a Temporary total disablement which is usually not possible as a rider in term life insurance policy.
accident insurance polices
accident insurances

Accidental Death Cover

  • The possibility of someone dying from an accident on the way of buying a lottery ticket is much higher than the possibility of he winning the lottery ticket.
  • This is lumpsum benefit (Sum Insured) payable to nominee upon death of the insured.
  • The accident should be direct and should not be linked to any other causes.
  • For example, if a person gets a seizure and then meets an accident because of that seizures may not be considered as covered under the policy as the reason for accident is Seizure which may be pre-existing condition at the time of taking policy.
  • The death should happen within 1 year of the date of accident. Apart from the Death benefit, the nominee is also paid 1% of sum insured towards the transportation of mortal remains and another 1% of sum insured towards the funeral expenses.

Permanent Partial Disability

Permanent Partial Disability% of Sum InsuredPermanent Partial Disability% of Sum Insured
Hearing of both ears75%A foot at the ankle40%
An arm at the shoulder joint70%Hearing of one ear30%
A leg above mid-thigh70%A thumb20%
An arm above the elbow joint65%An index finger10%
An arm beneath the elbow joint60%Sense of smell10%
A leg up to mid-thigh60%Sense of taste5%
A hand at the wrist55%Any other finger5%
A leg up to beneath the knee50%A large toe5%
An eye50%Any other toe2%
A leg up to mid-calf45%

Temporary Total Disability

If the accident is such that it prevents temporarily and completely performing each and every duty pertaining to his employment or occupation, then the insurance company will pay for a fixed lumpsum benefit on weekly basis.
The fixed benefit is limited to 25% of the monthly income.

personal accident policy

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