What is covered in Personal Accident Policy?
The basic coverage under this policy is as below:
Accidental Death In case of death of the insured due to an accident within the policy period, the nominee (mentioned in the policy) is compensated with the Sum Insured.
Permanent Total Disability If an accidental injury results in Permanent Total Disability, the insured is compensated by the percentage of sum insured as mentioned in the policy document. Under this disability the compensation is equal to the sum insured. Example of PTD: Loss of sight of both eyes, Loss by physical separation of two entire hands or entire feet, Loss of one hand and one foot.
Permanent Partial Disability If an accidental injury results in Permanent Partial Disability, the insured is compensated by the percentage of sum insured as mentioned in the policy document.
Temporary Total Disablement This is a disablement which is total but for a temporary period only. The temporary period may be days, weeks, months or even years. The payment is on weekly basis.
Education benefit Death and permanent total disability claim entitle the insured's children (maximum two) and in some plans, even spouse, to Education Benefit of a specified sum or percentage of Sum Insured.
Carriage of dead body The expenses incurred for a carriage of dead body of insured due to accident to place of residence are reimbursed.
Modification of the house/vehicle In case of permanent disablement of the insured person, if the house/vehicle needs to be modified for free movement of the insured, the expenditure of such modification is reimbursed by the insurance company up to certain limit of the sum insured.