Personal Accident Cover: 7 Things To Know
BENGALURU: Our day to day life is governed by very tight schedules related to our work environment and it will be wrong to say that we don’t come across any accidents in our lives. However to protect ourselves from accidents, we opt for personal accident cover. If you are looking for a personal accident cover, here are some key points you should keep in mind before going for one, according to economictimes.com.
Highlights:
Personal accident cover offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means. The policy operates worldwide and is a 24 hours cover. Different coverages are available ranging from a restricted cover of Death only, to a comprehensive cover of death, permanent disablements and temporary total disablements.
Types Of Personal Accident Covers:
Table A:
Temporary Total Disablement; where the insured person becomes temporarily disabled from undertaking any work as a result of an accident, for e.g. fracture of legs. In such cases, a weekly payment of 1 percent of the capital sum insured, subject to a maximum limit; is paid for the number of weeks or maximum 100 weeks, during which the insured person is totally disabled.
The insured can claim only under any one of these sections as a result of any one accident.
Table B:
Permanent Partial Disablement; where a part of the body becomes permanently disabled due to an accident, e.g. total and irrevocable loss of use of a finger due to an accident. In such cases, a percentage of the capital sum insured as specified in the policy is paid.
Table C:
1. Loss of two limbs or both eyes or one limb and one eye wherein 100 percent of the capital sum insured is payable.
2. Loss of one limb or one eye wherein 50 percent of the capital sum insured is payable.
3. Permanent total disablement other than above, e.g. paralysis due to an accident, wherein 100 percent of the total capital sum insured is payable.
Table D:
Death cover wherein 100 percent of the total capital sum insured is payable.
Note: The insured can claim only under any one of these sections as a result of any one accident.
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