New India Assurance Personal Accident Policy

Overview

The New India Assurance Personal Accident Policy is a comprehensive plan that provides compensation if the insured suffers death or disability due to an accident. Operating 24/7 worldwide, it offers various coverage options including death, permanent disability, and temporary total disablement. The policy also includes a family package cover, group cover, war risk coverage, and optional add-on covers.

Eligibility Criteria for New India Personal Accident Policy

• Age of Insured: Minimum 5 years, maximum 70 years.
• Type of Coverage: Death, Permanent Total Disability, Permanent Partial Disability, Temporary Total Disablement.
• Coverage Extension: Worldwide Coverage.
• Family Package Cover: Includes proposer, spouse, and dependent children.
• Discounts: 10% discount on premium; discounts are also based on group size.
• Group Policies: Available for specific groups.
• Add-on Covers: Medical Expenses Cover.
• Claim Eligibility: Accidents resulting in death or injury.
• Sum Insured Calculation: Based on income from gainful employment (maximum 72 months).
  • Non-Working Spouse: 50% of the earning spouse's sum insured (maximum INR 1,00,000).
  • Dependent Child: 25% of the earning parent's sum insured (maximum INR 50,000).
• Cumulative Bonus: 5% increase in sum insured for a claim-free year (maximum up to 50%).

How to Select the Sum Insured

Here are the scenarios for selecting the right sum insured for this plan:

• The sum insured is determined based on the policyholder's income from gainful employment, considered for a maximum of 72 months. Other income sources are not considered.
• For non-working spouses, the sum insured is limited to 50% of the earning spouse's sum insured, with a maximum of INR 1,00,000. For dependent children, this percentage is 25%, with a maximum of INR 50,000.
• A cumulative bonus of 5% is added to the capital sum for every claim-free year, up to a maximum of 50%.

Customers should consider these factors when selecting their coverage.

Exclusions

The policy does not cover the following:

• Death due to Illness or Disease: The policy does not cover death resulting from illness or disease; it only covers death due to accidents.
• Limit on Claims: Policyholders can claim for only one accident per year.
• Adventure Sports
• Intentional self-injury
• AIDS
• Miscarriage and Abortion
• Congenital disease
• Infertility and In Vitro Fertilization

Key Features and Benefits of the New India Personal Accident Policy

The policy offers the following benefits:

• Death Benefit

  The plan pays a lump sum amount, 100% of the Sum Insured, to the beneficiary upon the policyholder's death.

• Disability Cover

  The plan covers Total, Permanent, and Partial Disability. The compensation provided by the plan is as follows:

  • Permanent Total Disability: 100% of the Sum Insured (SI)
  • Permanent Partial Disability: 50% of the Sum Insured (SI)

• Coverage Types

  The policy offers several coverage options, including death, permanent total disablement, permanent partial disablement, and temporary total disablement.

• Worldwide Coverage

  The policy operates globally, providing protection wherever you are.

• Family Package

  Individuals can include their spouses and dependent children in a single policy, receiving a 10% premium discount.

• Group Policies

  Discounted group policies are available for specific groups based on group size.

• Add-On Cover

  • Optional add-on covers are available, including coverage for medical expenses related to accidents and war risk.
  • Individual and group covers can extend their coverage, subject to a limit of 10% of the Sum Insured or 40% of the death or liability compensation claims payable.

• Transportation of Mortal Remains

  The policy offers compensation for expenses incurred in transporting the insured's mortal remains to their residence, up to 2% of the Sum Insured or INR 2,500, whichever is less.

• Education Fund

  If the insured suffers death or permanent total disability, this policy provides an education fund for dependent school-going children.

• War Risk

  While most insurance policies do not cover injuries sustained during war or invasion, the New India Assurance Personal Accident Policy offers coverage for war risk.

Conclusion

The Personal Accident Policy provides valuable coverage for individuals and their families in the event of an accident resulting in death or injury. The plan offers many benefits, such as an education fund for dependent children and funeral expenses. It is available as both individual and group/family policies, offering rebates based on the number of members. It is important to read all terms and conditions before purchasing the policy.