We all in our day to day life are exposed to the risks of accidents. Despite all possible precautions accidents do occur. This may result into disablement or loss of limbs or sometimes even death. To cater to this need insurers have devised an insurance cover, known as Personal Accident Insurance.
Personal Accident Insurance Policy has 'Accidental Death' as compulsory cover and 'PTD, PPD and TTD as optional covers.
Insured may opt for any of the following coverage options :
- Accidental death
- Accidental death + Permanent Total Disability (PTD)
- Accidental death + Permanent Total Disability (PTD) + Permanent Partial Disability (PPD)
- Accidental death + Permanent Total Disability (PTD) + Permanent Partial Disability (PPD) + Temporary Total Disability (TTD)
The minimum age of entry for Individual Personal Accident Insurance Policy is 18 years. However Children from the age of 3 months can be covered subject to either of the parents is concurrently covered with the same Policy. The Maximum age of entry for the policy for adults is 65 years and for children is 23 years.
Family option is available, where family means the Primary Insured Person, legal spouse, dependent children, dependent parents and dependent parents in law.
The minimum coverage available under this policy is Rs 1,00,000 and the maximum coverage available is Rs 1,00,00,000. Sum Insured for Accidental Death Benefit / Permanent Total Disability is limited to 120 times monthly gross income or 10 times the annual gross earnings from gainful employment/occupation.
- PA Policy provides compensation in the event of insured sustaining injuries, solely and directly from an accident caused by violent, visible and external means, resulting into death or disablement be it temporary or permanent.
- Additional benefits available without payment of additional premium like Cumulative Bonus, Children Education Fund, Reimbursement of expenses for the carriage of the dead body.
- Discount for family package cover plan.
- 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 covering death, permanent disablements and temporary total disablements.
- Medical Expenses arising out of accident can be covered as an extension.
- Tax Benefits under section 80(D)
- Accident resulting from Suicide, attempted suicide (whether sane or insane) or intentionally self-inflicted injury, mental or nervous disorder.
- Participation in an actual or attempted felony, riot, crime, misdemeanour, or civil commotion.
- Accident while operating or learning to operate any aircraft or ship, or performing duties as a member of the crew on any aircraft or ship.
- Accident while being under the influence or abuse of drugs, alcohol, or other intoxicants or hallucinogens unless properly prescribed by a physician and taken as prescribed.
- Accident during air travel except as a fare paying passenger on a recognized airline or charter aircraft.
- Accident arising out of and in the course of employment in any branch of the Military or Armed Forces of any country, whether in peace or War.
- Any injury caused by, contributed to, by or arising from nuclear ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel (including any self-sustaining process of nuclear fission) or nuclear weapons material or nuclear equipment or any part of that equipment.
- Any accident/loss arising out of War, civil war, invasion, insurrection, revolution, act of foreign enemy, hostilities (whether War be declared or not), rebellion, mutiny, use of military power or usurpation of government or military power.
- The dispersal or application of pathogenic or poisonous biological or chemical materials; The release of pathogenic or poisonous biological or chemical materials, or Congenital anomalies or any complications or conditions arising there from.
- Committing breach of law with criminal intent.
- Participation in winter sports, skydiving/parachuting, hand gliding, bungee jumping, scuba diving, ballooning, mountain climbing (where ropes or guides are customarily used), all forms of skiing (including but not limited to snow or water), riding or driving in races or rallies using a motorized vehicle or bicycle, caving or pot-holing, hunting or equestrian activities, skin diving or other underwater activity, rafting or canoeing involving white water rapids, yachting or boating outside coastal waters (2 miles), participation in any Professional Sports, any bodily contact sport or/and any other hazardous or potentially dangerous sport for which You are untrained.
- Loss caused directly or indirectly, wholly or partly by infections (except pyogenic infections which shall occur through an Accidental cut or wound) or any other kind of Disease.
- Any loss resulting directly or indirectly, contributed or aggravated or prolonged by childbirth or from pregnancy,