Accidents are common and sometimes cause fatal injury leading to disabilities or death. Personal Accident insurance is a benefit policy providing compensation in the event of an unfortunate event. It provides for the payment of compensation in the event of the Insured sustaining death or disablement by bodily injury, resulting solely and directly from accident caused by external, violent and visible means.
Group Personal Accident insurance covers loss resulting directly and independently of all other causes from bodily injuries caused by accident on or off duty, anywhere in the world. It is best suited to companies, firms, and association of persons for covering all their employees and members under one policy.
Tailor-made policies can also be designed suited to the specific requirements of the group within the overall framework of the Policy Benefits.
Group Personal Accident policies can be issued either by named basis or unnamed basis.
The sum insured is normally based on the wages/salary earned.
Scope of Cover
- Permanent Disablement
- Temporary Total Disablement
- This policy can be extended to cover Medical Expenses incurred by the Insured also
- Death – 100% sum insured
- Permanent Total Disablement – 100% sum insured
- Permanent Partial Disablement – paid according to the percentage of disability as per continental scale.
- Temporary Total Disablement – paid on a weekly basis upto a maximum of 104 weeks.
- Medical Expenses – the actual expenses incurred by the Insured
Following are the main exclusions under the policy:
- Unlawful act of willful exposure
- Effect or influence of alcohol or drugs not prescribed by a qualified practitioner
- Pregnancy or childbirth
- Participation in hazardous sports
- Regular or temporary military or police duties
- War and Nuclear perils
- Sabotage & Terrorism