Abhishek Sharma is a healthy man with a loving wife and two sweet children. By the age of 34, he has charted his financial path with meticulous forethought and planning. He has planned his finances well, from investing systematically in equitiy fund, to buying life insurance. He has Invested in all right products. One day he met with an accident and lost his legs. Now he cannot work, and all his savings is getting diminished day by day as he has fully utilized the 5 lac mediclaim policy. Although he has sufficient sum assured from Life Insurance but that cannot be paid out because he is alive. This might not be the story of Abhishek only but can happen to anyone. Has anyone ever imagined what would happen if one becomes disabled due to accident.
If he would have invested merely Rs 600-1000/- Rs per annum in getting Personal Accident Insurance cover, he might have passed on the financial burden on Insurance company’s shoulder.
What Personal Accident Insurance Covers
Death Due to Accident
Permanent Total or partial disabilty due to accident(Optional)
Temporary total or partial disability due to accident(Optional)
Medical Expenses incurred resulting an accident(Optional)
The premuim is so low that you can get Personal Accident cover and Permanent total disability cover for 20 lacs by paying just Rs. 900 Per annum. Please note that these covers are not provided by life Insurance companies except in few cases where customer opts for this rider by paying additional Premium.Please find below Below the details of Personal Accident Insurance from National Insurance companySalient FeaturesThe policy compensates individual against death, loss of limbs, loss of eyesight, permanent total disablement, permanent partial disablement and temporary total disablement, solely and directly resulting from accidental injuries.
If he would have invested merely Rs 600-1000/- Rs per annum in getting Personal Accident Insurance cover, he might have passed on the financial burden on Insurance company’s shoulder.
What Personal Accident Insurance Covers
Death Due to Accident
Permanent Total or partial disabilty due to accident(Optional)
Temporary total or partial disability due to accident(Optional)
Medical Expenses incurred resulting an accident(Optional)
The premuim is so low that you can get Personal Accident cover and Permanent total disability cover for 20 lacs by paying just Rs. 900 Per annum. Please note that these covers are not provided by life Insurance companies except in few cases where customer opts for this rider by paying additional Premium.Please find below Below the details of Personal Accident Insurance from National Insurance companySalient FeaturesThe policy compensates individual against death, loss of limbs, loss of eyesight, permanent total disablement, permanent partial disablement and temporary total disablement, solely and directly resulting from accidental injuries.
Premium Table
(This Table is best viewed in Google Chrome Browser)
(This Table is best viewed in Google Chrome Browser)
Serial No. | Contingency and benefit payable as % of Sum Assured | Benefits Covered | Rate (Per Lac ) | ||
Normal Risk | Medium Risk | Heavy Risk | |||
1 | Death only - 100% | 1 | 40 | 60 | 90 |
2 | Loss of two limbs, two eyes or one limb and one eye-100% | - | |||
3 | Loss of one limb or one eye-50% | - | |||
4 | Permanent Total Disablement from injuries other than those named above (PTD-100%) | 1 to 4 | 45 | 65 | 150 |
5 | Permanent Partial Disablement % of CSI as Detailed in the Policy | 1 to 5 | 90 | 125 | 190 |
6 | Temporary Total Disablement 1% of CSI per week up to 104 weeks maximum. Weekly benefits not to exceed Rs 5000/- | 1 To 6 | 150 | 200 | 300 |
Risk Classification
Normal Risk: Bureaucrats, Doctors, Lawyers, Accountants, Architects, Bankers, Consulting Engineers, Teachers, Persons engaged in administrative functions, persons primarily engaged in occupations of similar hazard.
Medium Risk: Builders, Contractors, Engineers engaged in superintending functions only, Veterinary Doctors, Paid Drivers and Persons engaged in occupations of similar hazard and not engaged in manual labour. All persons engaged in manual labour (except those falling under heavy risk), cash carrying employees, Garage and Motor Mechanics, Machine Operators, Drivers of Heavy Vehicles, Professional Athletes and Sportsmen and Wood working Machinist and persons engaged in any occupations of similar hazard.
Heavy Risk: Persons working in underground Mines, Explosive, Magazines, Workers involved in electrical installation with High-tension supply, jockeys, Circus personal, persons engaged in activities like racing on wheels or Horse back, big game hunting, Mountaineering, Winter Sports, Skiing Ice Skating, Ballooning, Hang gliding, River Rafting, Polo playing and persons engaged in occupations/activities of similar hazards.
Medical Expenses coverage arising out of accident
Reimbursement of medical expenses directly arising out of an accident can be covered at an additional premium of 20% of the basic premium.
Medical expenses reimbursable shall be 10% of Sum Assured. or 40% of the admissible claim whichever is lower ( If no claim is admissible under the basic cover no medical expense shall be payable).
Other Benefits
Expenses for carriage of dead body
Expenses incurred for carriage of dead body of the insured (in case of death due to accident only, to place of residence at 2% of C.S.I. subject to maximum Rs.1000/- shall be reimbursed.
Education Fund
10% of C.S.I. per dependent child subject to Rs.5000/- per child up to maximum two dependent children.
Cumulative Bonus5% of C.S.I. per claim free year shall be added to the Capital Sum Insured subject to maximum of 50% of C.S.I.
Worldwide coverage
This cover is applicable throughout the world
