Have you ever read a mysterious book? On every page there is a new twist and turn. You are always at the edge and this is how life is. It is a mysterious book, which always brings a new twist, a new uncertain turn. Thus, it might become difficult for you to handle this unpredictability. It is normal to be totally clueless, if any tragic incident takes place in your life and you are not fully prepared in advance. Therefore, in order to stand strong in situations where we have no control, it becomes necessary to have insurance so that we can manage the financial part at least, especially when it comes to health.
Personal Accident Policy of New India is a unique health policy specifically introduced to give you some kind of compensation or a monetary aid as some say, when you are at your lowest. Unlike other medical policies of New India, which almost covers your every health need (hospitalization, critical illness, day-care treatment, etc.), this plan just focuses on the circumstances that you may have to face because of unforeseen accidents.
Who fits In- Personal Accident Policy is for people who are prone to accidents. It was designed especially to overcome the circumstances one may face because of an accident. However, this is just a 24 hour cover plan.
Money Needed to Buy- The sum insured depends on the income of the insured. The maximum amount you can insure is up to your 72 months income. In case of your non-working life partner, the maximum amount insured is up to 50% of your sum insured amount, which cannot exceed 1 lac and in case of your children, the sum insured is up to 25% of your sum insured and that amount cannot exceed Rs.50, 000. Though there are several types of policies that comes under the Personal Accident Plan, which has a fixed amount of sum insured.
Tabular Scope- The coverage offered under this plan are as follows-
Table D- 100% of the sum insured is given during the death of the insurer.
Table C- 100% of the sum insured is payable in case of death, total paralysis and loss of both limbs and eyes and 50% of the sum insured is payable in case of loss of one eye or limb.
Table B- Covers everything that Table C covers, as well as it pays part of the sum insured as mentioned in the policy in case of partial disability or paralysis- like not able to move one finger.
Table A- Covers everything that Table B covers. Also gives maximum 1% of the sum insured in case of temporary disability, which makes it difficult for you to go to work. For e.g. - a fracture in your leg or hand.
Ride Coverage- It not only offers money if the insured is dead, but also provides 2% of the sum insured or Rs.2500 (whichever is less) to carry the body from accident place to the home of the person.
Make a Choice- There are several types of Personal Accident covers available-
1. Group Personal Accident
2. Individual Personal Accident
3. Student Safety Insurance- specifically for students and the sum insured is Rs.10,000
4. Passenger Flight Coupon- for the accident risk while traveling via airplanes.
5. Janta Personal Accident- Includes benefits of Table C and maximum sum insured is Rs. 100000 for up to 5 years.
6. Bhagyashree Child Welfare Policy- It is just for a girl child of age 0 to 18 years and the sum insured is Rs.25, 000.
7. Gramin Personal Accident Policy- People living in rural area can buy this policy and the sum insured amount is Rs.10000
8. Raj Rajeshwari Mahila Kalyan Yojna- women of age 10 to 75 can buy this policy and the sum insured is Rs.25, 000.
"Personal Accident Policy of New India was specifically designed to overcome or at least try to overcome the trauma and pain of an accident. It offers the compensation for the death or disablement of the insured. Moreover, there are so many different types of accident policies available under this plan that it becomes easy for you to choose the one that suits your needs. However, it just offers you the compensation for an accident, but not for its treatment as such unless you extend the policy."
Why Personal Accident Policy?
Accidents and Incidents happen that makes life unpredictable for us to judge. Thus, it is good if you really want to know why to trust this policy with your life.
Accidents Can Be Cured- It is specifically introduced to help you with the circumstance that you might have to face after accidents. It gives you financial support if you are injured because of accidents.
Enjoy the Variety – You are given so many options to choose from as mentioned above.
Family is always Beneficial- You are also given a discount of 10% if two or more family members are covered under this plan.
All Kinds of Bonus- The individual and group personal policy can be extended to pay for the treatment of the injuries occurred due to accident. Moreover, 5% of the sum insured is added in the policy in case of no-claim.
Exceptions & Flaws
Restriction Can’t Be Helped- There is a restriction on the amount of sum insured. So, you might not receive as much as you require during the accident.
Just a Small Part- Accident is just a small part of your health requirements. For the actual treatment, you are required to either extend the policy or choose another plan.
Injury Claim- Inform the insurance company
Then, fill the claim form and if there is any police report, then submit it
Submit the filled form as well as medical certificates stating the disability and if the policy is extended then provide the medical bill to the insurance officer.
Death Claim- Inform the insurance company immediately.
Fill the claim form and submit it along with a death certificate.
Unforeseen accident is like the strongest punch that life throws your way. It becomes hard to stand up in these kinds of situations if you do not have support. Personal Accident Policy might help you out in such situation. Rest depends on you and your needs.
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