| Insurance >> Professionals >> Personal Accident |
| Suitability |
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| The cover is for the age group of 5-70 years |
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| Salient Features |
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- It is an Annual Policy
- It covers death or bodily injury due to accident
- Sum insured is based on earnings and capacity to pay premiums
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| Benefits |
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| There are three types of benefits available under the policy categorised as Table I,II and III |
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| Table I |
Death only : The total sum Insured is paid as compensation |
| Table II |
On Death only : The total sum Insured is paid as compensation
Permanent Total disablement resulting in loss of two limbs or two eyes or a combination of one limb & one eye - the injury merits in payment of the Total sum Insured as compensation
Loss of limb or loss of sight of one Eye : the 50% of the sum Insured will be paid
Permanent Partial Disablement : In case of minor injury the percentage of compensation is assessed by the attending surgeon |
| Table III |
In addition to the covers available under Table I & II
Weekly compensation is paid for a total period of temporary disablement subject to a maximum of 104 weeks at the rate of 1% of the Sum Insured or Rs.5000/ which ever is lower
These benefits are available only for those who have income from gainful employment |
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| Other Benefits |
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- A sum equal to 1% of Insured Sum, subject to a maximum of Rs.15000,is paid in case Permanent Total Disability results in loss of employment
- A sum equal to 1% of Insured Sum or Rs.1000 which ever is lower is paid for Transporting the dead body of the insured to his native place
- Cumulative bonus of 5%-50% on Insured Sum is given depending upon the successive renewals.
- Two Children of age less than 23 years are provided Educational Fund at 10% of Insured Sum or Rs.5000 per child whichever is lower.
- The Accident cover is for 24 hours . But if cover is taken for 'on duty only' then, 75% of the normal premium is charged.
- Cover can be granted beyond the age limit of 70 at an extra premium of 10%
- To cover the Medical expenses an extra premium of 10% is charged, if you want to cover 25% of claim for Personal Accident. A premium of 25% extra is charged to avail a claim of 50%. But as far as the claims settlement goes 10% of sum Insured or 25% claim / 10% of sum Insured or 50% claim, which ever is less is paid.
- Spouse,children and dependent parents can be covered under a package, and package discount is available
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| Minimum premiums charged per Rs. 1000 sum insured |
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| Schemes |
Normal risk |
Heavy risk |
| Table I |
Rs. 0.45 |
Rs. 0.90 |
| Table II |
Rs. 1.00 |
Rs. 1.90 |
| Table III |
Rs. 1.50 |
Rs. 3.00 |
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| Requirements |
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| Completed Proposal Form |
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| Recommendations |
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| In these days of accident prone atmosphere,it is strongly recommended for every one to go in for this cover. It is a low cost policy with high benefit (you pay about Rs.150 per 1 lack of sum insured.) |
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