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Insurance Article

What Is Personal Accident Insurance?

September 02 2014

Definition of Personal Accident Insurance

What does this insurance offer?

  • Compensation to nominee

    Personal accident offers compensation to the nominee in the event of accidental death of the insured.
  • Compensation on permanent or temporary disability

    In case of permanent or temporary disability, personal accident insurance provides security to the insured and his or her family by offering a compensation for the loss of livelihood.
  • Reimbursement of hospitalization cost

    insurance cover hospitalization expenses and also earmark a sum for daily allowance during hospitalization.

How is it different from other insurance ?

  • Fills the gap in a finance portfolio

    Health policies promptly reimburse expenses relating to medical exigencies while life insurance policies offer the assured sum in the eventuality of death. Personal accident insurance on the other hand step up to neatly fill the unnoticed gap in a finance portfolio by securing the potential monthly earnings of a family.
  • Secures family earnings

    Cover the risk of partial or complete loss of earnings of the breadwinner of a family. insurance may be extended to offer coverage to all kinds of accidents - major and minor that may result in physical separation or loss of use of limbs, organs etc.
  • Universal coverage

    Personal accident insurance offers a worldwide coverage to the insured.

Who should opt for personal accident insurance?

All individuals who wish to create a contingency plan to meet liabilities in case their earning capacity is impaired should opt for personal accident insurance. For example, salaried employees who need to pay monthly EMIs for a home loan.

What should be the ideal sum assured for personal accident insurance?

It is advisable to avail the personal accident cover for a sum that takes into consideration the insured's monthly earnings including earning from salary as well as other avenues.


A personal accident insurance policy is instrumental in supporting the insured's family so that they continue to lead a normal life despite the loss or discontinuance of income.

Disclaimer: Insurance Awareness initiative. 

ICICI Lombard General Insurance Company Limited,
ICICI Lombard House,
414, Veer Savarkar Marg,
Prabhadevi, Mumbai - 400025.
IRDA Reg. No. 115.
Toll Free 1800 2666
Fax no - 022 61961323.
Email us at customersupport@icicilombard.com
Visit www.icicilombard.com
CIN: (U67200MH2000PLC129408). EC014AA1826IA

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