Personal Accident Insurance


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The prior thing that leads us to buy personal accident insurance is safety and protection. Secure Your Future With Personal Accident Insurance.

Personal Accident Insurance

Personal Accident Insurance policy designed to rescue every insured against uncertainties. Personal Accident is one of the types of general insurance that offers complete financial compensation. The unpredictable nature of life can lead you to several accidents like a bodily injury in which you may lose part of your body completely or partially. This may put a heavy burden on your pocket because of the medical treatment bills. Also, in the case of death 100% compensation is available for the nominee of the policyholder. The PA cover verifies the financial settlement for the injured individual and for their family too. The reimbursement criteria of personal accident coverage for medical expenses it allows various compensation regarding the accidental death and disability include loss of limbs, eyes, hearing and speaking power.

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.

You can either take a PA policy for yourself or a group policy for your family, protecting you and them anywhere in the world, any time of the day. PA insurance provides 24-hour worldwide insurance protection.

The scope of cover and scale of benefits differ between insurance companies and you should, therefore, ensure that you purchase a policy that meets your requirements. The types of coverage normally provided under a PA policy include:

 Accidental death
 Permanent disablement
 Temporary total or partial disablement
 Medical expenses
 Corrective surgery
 Hospitalization benefits
 Funeral expenses

What is the Need for a Personal Accident Insurance Plan?

Accidents happen every day. From the danger of vehicle accidents during commutes to and from work to the danger of being hurt by the tools used at work, to the dangers faced because of improper infrastructure, the list is endless. Personal accident insurance gives you the satisfaction of knowing that whatever accident may come to pass, you and your dependents will be financially protected by the accidental insurance cover. It covers burns, cuts, broken bones, the cost for ambulances and medical services, hospitalization due to any kind of accident, loss of limbs/eyesight, etc. A larger or smaller range of coverage may be chosen at the time of taking the plan, depending on the insurer.

Factors Influencing Personal Accident Insurance Premiums

Different types of insurance products take different factors into consideration while calculating the premium payable and coverage applicable on an individual basis for most customers.

 Life insurance policies take factors like age, health, income, etc. into account to determine the premium paying capacity, expected lifespan, etc. of the customer.
 Health insurance policies take factors like income, the current state of health, etc. into account to determine the expected frequency of hospitalizations, etc. of the customer.
 Personal accident insurance policies take factors into account like exposure to risk, employment category, etc. into account to determine the total risk exposure and the likelihood of accidental injury, etc. of the customer. Age and income aren’t as big factors in this case.

Exclusions in Personal Accident Insurance

Personal accident policies have some exclusions. These can change or vary in their nature depending on the insurer in question.

The official and comprehensive list of exclusions, and the terms and conditions therein will only be communicated to the policyholder in the official wordings of the policy document that he or she is given at the time of taking the policy.

A general list of exclusions is given below. In most policies, exclusions include but are not limited to the following:

 Intentional injury: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, etc. is determined to have been caused intentionally, or due to intentional negligence, the claim will not be honoured.

 Injuries from civil or foreign wars: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused due to the participation of the policyholder in any civil or foreign armed conflict, the claim will not be honoured.

 Injuries that occur due to being under the influence of alcohol or drugs: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused due to the policyholder being under the influence of alcohol or drugs, the claim will not be honoured.

 Accidents that occur while riding a two-wheeler that’s over 150cc: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused because of an accident while the policyholder was operating a two-wheeler with an engine capacity of over 150cc, the claim will not be honoured.

 AIDS / HIV / STDs: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused because the policyholder suffers from an STD, the claim will not be honoured.

 Injuries that occur due to active involvement in violent public disorder / labour disturbances: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused due to the policyholder being involved in any sort of public disturbance, riot, protest, demonstration, strike, labour disturbance, etc., the claim will not be honoured.

 Injured on duty with military / paramilitary / police force: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused in the policyholder’s due course of duty with any paramilitary, military, or police forces, the claim will not be honoured.

 Injuries arising from participation in unsafe sports: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused due to the policyholder’s participation in unsafe sports like mountaineering, river rafting, bungee jumping, etc. the claim will not be honoured.

 Claims arising out of past illness / sickness: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused as a result of an existing medical condition or the worsening of an existing illness / sickness, the claim will not be honoured.

 Claims arising out of pregnancy / childbirth / related issues: If the death, permanent total disability, permanent partial disability, temporary total disability, temporary partial disability, burns, broken bones, dismemberment, or hospitalization, etc. is determined to have been caused due to the policyholder’s pregnancy, childbirth, or any related issues, the claim will not be honoured.

There are usually more exclusions that are covered comprehensively in the official policy wordings that the customer receives at the time of taking the policy.

Individual and Group Insurance Under Personal Accident Policies

Different types of insurance products take different factors into consideration while calculating the premium payable and coverage applicable on an individual basis for most customers.

 Individual personal accident policy : These are the most common types of personal accident policies, where the policyholder opts for insurance cover to protect him / herself and his / her dependants from potential financial instability. Under an individual policy, the policyholder can sometimes bring his / her parents / dependants under the coverage of the plan, and still maintain the policy as an individual policy.

 Group personal accident policy : These policies apply to groups of people with something in common - usually employment type and location. Most insurers offer their personal accident policies in the form of group policies with slightly modified terms and conditions. An entire group of workers, or a demographic of people with something in common can take this policy if their exposure to a potentially dangerous work or living environment is larger than most others.

Tax Benefits with Personal Accident Insurance Policies

Unlike life and health insurance policies which offer the policyholder some amount of tax rebate under various sections of the Income Tax Act, personal accident policies do not have any tax benefits. These policies exist only to ensure that the policyholders are able to perform their duties without the additional worry of loss and financial instability due to death, dismemberment, injury, etc.

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