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Insurance Article

Individual Accident Insurance plan

June 02 2009

Quick Facts:

Personal Protect Policy

Age Limit: 18 to 80 Years
Length of Policy Available: 1 / 3 / 5 Years
Sum Assured: Rs. 3 / 5 / 10 / 15 / 20 / 25 Lakhs

 Some of these alarming statistics published by National Crime Records Bureau reveal that:

  • 4,00,517 accidental deaths were reported in India during 2013
  • As per WHO, India accounts for the highest number of deaths from road accidents
  • Every 3 minutes, an Indian dies in a road accident
  • 80 deaths and 14 injuries occur every day due to road-rail accidents
  • 73 deaths are recorded every day due to truck accidents
  • 89 deaths get reported every day due to two-wheeler accidents

While minor accidents can incapacitate you temporarily, major accidents can severely impact your life and affect your family's well-being. A sound insurance plan to safeguard you from the financial repercussions of meeting with an accident is the need of the hour.

Personal Protect Insurance Policy

Personal Protect Insurance Policy is a unique policy designed to take care of your financial worries in the unfortunate event of an accident. The policy offers to compensate you or your kin in case you meet with a fatal accident or become disabled for life. It also provides for hospitalization expenses due to any accidental injuries.

What does the Policy Cover

Death Due to Accident - It is impossible to compensate for the loss of a loved one. This policy ensures financial support to the nominee of the policyholder by providing the insured amount.

Permanent Total Disablement (PTD) - A crippling injury that leaves you disabled for life is a traumatic experience. What can be worse is losing your job due to such disablement. This individual accident insurance policy offers 100% sum insured in accidents that may lead to loss of gainful employment due to permanent disablement. A person suffers PTD in the following seven cases:

Permanent Total Disablement

Loss Due to and WITH Physical Separation Total and Irreversible Loss WITHOUT Physical Separation Loss of Sight
1. 2. 3. 4. 5. 6. 7.
Loss of both hands Loss of both feet Loss of the entire hand and one entire foot Loss of both hands Loss of both feet Loss of one hand and one foot Loss of both eyes

Reimbursement of Hospitalization Expenses - One need not exhaust one's savings to cope up with the hospital bills. Personal Protect Plan lets you compensate your medical expenses arising due to hospitalization within a week of your accident. A minimum of 24 hours of hospitalization is required to avail this optional cover.

Daily Allowance during Hospitalization: This add - on feature supplements your cash flow and provides monetary relief while you undergo treatment at the hospital. It offers to compensate you for a maximum of 30 days in a year. Subject to the extent of your coverage a daily allowance of Rs. 1000 or Rs. 2000 can be availed.

Acts of Terrorism - Injuries afflicted due to any acts of terrorism are also covered by this plan.

What are the Benefits of Personal Protect Policy

Family Security: A personal accident insurance plan secures your family's future and provides assistance to settle your financial liabilities in case you meet with an accident.

Customization: Here, you have the opportunity to customize your coverage by selecting the sum insured and duration of policy from multiple options. Depending on your current earning capacity, future earning potential, and extent of liability you may choose an appropriate amount of sum insured for financially securing yourself.

Wide Coverage: Various types of accidents like road accidents, rail accidents, terrorist attacks and natural calamities are covered under this policy.

No Medical Tests: Unlike other policies, one need not undergo cumbersome medical checkups to avail Personal Protect Policy.

7 Documents Required During a Claim

• Post-mortem Report
• Death Certificate
• Medical / Hospital Report
• Discharge Card
• Completed Claims Form
• Any Other Document Required by the Company

Easy Process: This policy follows a hassle - free claim process. Availing the policy is also equally easy as it involves minimal documentation.

Online Availability: One also has the option of purchasing this policy online

Factors Affecting Premium

Premiums for Personal Protect Policy depend upon the sum insured, the tenure of the policy and add-ons, if any.

Major Exclusions of the Policy

Educating yourself about the terms and conditions before selecting any insurance policy is always strongly recommended. Personal Protect Policy does not cover claims that arise due to the following:

  • Hospitalization due to sickness (not as a consequence of any accident)
  • Intentional self - injury
  • Attempted suicide / suicide
  • Venereal diseases
  • Accidents under state of intoxication
  • Accidents due to consumption of liquor or drugs
  • Mental disorders
  • Minor or major injuries during adventure sports, war, nuclear perils, childbirth or pregnancy
  • Other circumstances like invasion, mutiny, arrests, etc. A personal accidental plan safeguards your financial interest in case of a mishap. Make an informed choice and secure your family's financial health with the Personal Protect Policy.

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