Personal Accident Cover: 7 Things To Know
Eligibility For This Cover:
Any adult residing in India can take the policy covering himself or herself and dependent family members between the ages of 5 and 70yrs.
Death Or Injury Due To Illness Is Not Covered:
Death or injury due to any illness or disease is not covered under this insurance, even if such disease might be linked to the nature of the job.
Selection Of The Sum Insured:
As we all know that the human life is priceless and it’s very difficult to put a value for it. Hence the principle of indemnity cannot be applied in this policy. However it becomes necessary to apply some yardstick for fixing the sum insured so that human lives are not overvalued for ulterior motives. Hence the capital sum insured is restricted to 72 months income from gainful employment.
This means that income from property or shares will not be taken into account. For non working spouse, the sum insured is restricted to 50 percent of the sum insured of earning spouse, which is subjected to a maximum of 
1,00,000 and for dependent children to 25 percent of the sum insured of earning parents, subjected to a maximum of 50,000.
In case of Gramin Personal Accident, Student Safety, Raj Rajeshwari, Bhagyashree policies; the sum insured is fixed.
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