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There are various methods of making a personal accident insurance claim. You can write to the insurance company, email them or directly call at the respective company.

For beginners, we wish to inform you that the personal accident insurance policy is a way of indemnifying your income. Hence if you consider taking into account the premium you need to pay or the assured amount made to you regarding the coverage, both of the same depend directly upon your income, i.e. your profession.

What Is a Personal Accident Insurance Policy?

If you avail of a personal accident policy, it will guarantee you against any of the loss occurred in case of an accident. You will be the sum assured covered amount for the availed policy with conditions of death, permanent total disability, permanent partial disability, and temporary total disability. 

Personal accident insurance policy is a defined benefit protection plan, where the insured will be paid a predetermined sum assured if an event of death or disability happens to appear. On the contrary, the policy may also be available with installment payments, i.e. there may be a provision for the claim payment to be made in installments rather than a lump sum amount of payment. If the amount is paid in installments, the insured will be able to make use of the sum assured the covered amount of money for extended intervals as the period of payment is extended.  

Types of Personal Accident Insurance

  1. Personal Accident Insurance Plan For Individual: Individual personal accident insurance has coverage for one single individual, where the holder of the policy is defended. The policy stands to be in favor of the holder when unintentional mishaps happen and also intentional mishaps take place. The personal accident insurance policy can be claimed for when the policyholder suffers from an impairment, permanent or temporary disability or demise. 
  2. Personal Accident Insurance Plan For Group: This kind of insurance is generally considered by the employers who have the motive and willingness of providing their employees a coverage which may happen as a result of an accident on road/rail/air. The perk of this insurance is that just because of the insurance policy is availed for in bulk as groups, hence a discount will be provided to the premium amount to be paid. This is the reason why such a policy can be availed for at a price just lower as the base rate, i.e. an affordable price for even small-sized business organizations. But the downfall is that it is not like the individual coverage, where the groups are provided with the basic coverage only. 

How the Personal Accident Plan Works

When a personal accident policy is availed for, and the consequences occurred is either death or permanent total disability, the policy thereafter becomes void after the assured payment is made to the insured. 

The other consequence is a permanent partial disability, the severity and the disability is taken into consideration and based on which the reliable percentage from the claim amount is paid to the insured. 

You can Also Read This:- Which Deaths Are Not Covered by Term Insurance Policy

The last consequence mentioned was a temporary total disability, and if this happens to occur, the insured will be provided the assured amount that will be granted every week. Speaking of both the permanent partial disability and temporary total disability, the policy is not terminated as there is an option provided for the insured to renew it. 

Cost of Personal Accident Insurance Policy

How much the policy would cost you depends directly upon the money you make and the profession you are dedicated to. The premium you are required to pay in periodic intervals will be conveyed to you after your income is thoroughly evaluated. The personal accident insurance plan you choose also affects the premium you are required to pay. As far as the assured amount you will be provided with is of concern, you can be granted an assured amount as high as 100 times your annual income. 

Why You Must Cover Yourself Before Stepping on Any Wheels?

Aren’t you convinced enough to get personal accident insurance plans? Here are the reasons why you must avail of one.

  • Accidental Death: As per defined and required procedures personal accident claim processand check-ups, a determined assured amount is set and agreed with the dependent of the holder who happens to lose this life to an accident. The required or the necessary documents are to be present in such events by the concerned individual and he/she can claim the amount from the company which provides protection, as per the definite process.
  • Permanent Total Disability: This case covers that part of the accident where the insured person happens to sustain a life long total disability. If such a case arises, then the assured amount would also be as per the terms and contract of the policy. This means the payment is made to the policyholder when the legal documents are presented by him/her. 
  • Permanent Partial Disability: This case covers the issue of permanent partial disability is incurred by the policyholder in an accident or unfortunate event. If the policyholder suffers from a partial impairment as a result of an accident, the assured amount made is in the percentage of the total benefit amount. After the presentation of the valid documents, the percentage assured amount is granted and the percentage may be as much as 100%. 
  • Temporary Total Disability: This case covers the part of an accident, where the sustained injuries are either wounds or temporary impairments. If it is bound to arise, the assured amount is as well a percentage from the total agreed assured amount. The documents are checked, based on which the assured amount is paid on fixed periodic intervals. The intervals of payments might either be daily or weekly. The payment is therefore provided up to the maximum limit as stated in the policy’s terms. 
  • Broken Bones: If the insured happens to break bones of any area of the body, it is as well covered by the policy. If the accident resulted in broken bones, then the insured will be provided with a fixed amount as payment for the broken bones.
  • Burns: In case of a mishap encountered by the holder and the result of which is burns, such cases are as well covered under our policy. The payment made to the policyholder as the assured amount is in some percentage of the benefit the person is entitled to. The assured amount granted will be in respect of the personal accident plan availed for and the terms and conditions.
  • Hospital Daily Cash: This is the additional benefit that can be availed upon availing for the policy and when an accident does happen to the holder of the policy. If the person encounters an accident and as a result of which has been hospitalized, the person in concern is generally provided with a fixed amount of medication. As far as the number of days for which the payment is provided is of concern, the days are mentioned in the policy’s terms and conditions. 
  • Ambulance Expenses: Another additional benefit offered by us in case of an accident to the policyholder is in connection with the ambulance charges. The charges which shall be incurred for the ambulance service for the injured person in connection with transportation to the nearest hospital are all waived off under this policy. Hence, the holder is in additional benefit.
  • Transportation of Mortal Remains: In the unfortunate event results in the death of the insured person, then the terms of the policy state that the cost of transportation of the mortal remains of the insured person from the area where the demise took place to the hospital or cremation ground or home are all sum assured covered amount for. All such expenses are as well covered in the personal accident plans.
  • Education Advantage: This additional benefit is for the policyholder who happens to lose his/her life in an accident and has a dependent child to look after. The policy provides the education expenses of the child of the policyholder. The educational expenses are covered up to a certain period up to a certain limit. 

Making The Claims

If the policyholder happens to lose his life to an accident, then the beneficiary is entitled to the claim amount. To beneficiary is required to obtain a death certificate of the policyholder and then submit the same to the company, which would state the cause of death, based on which the assured amount will be paid to the beneficiary. 

Are the assured amount terms in the case of a permanent disability, where a medical certificate is to be obtained concerning the disability sustained. After an evaluation is done and the same personal accident cover is determined, the assured amount will be paid to the entitled. 

If the sustained injury is a temporary disability, the requirements would however differ. The holder will be required to present a medical certificate along with which he/she will have to submit absent from the work certificate obtained by the employer. It is a requirement of the plan because the personal accident policy plan is also referred to as an income supplement plan a temporary disability will hamper your working condition, taking away your ability to work. 

Here is the list of documents which are required to be submitted by the beneficiary to avail for the claim: -

  • Death certificate
  • Post mortem report
  • FIR report
  • Medical certificate
  • Medicine bills

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Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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