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Personal Accident Insurance

Personal Accident Insurance
Personal accident insurance refers to an insurance which offers compensation in case of death, bodily injuries, total/ partial disability or dismemberment resulting from an accident caused by violent, visible and external means. This also includes coverage against terrorism and acts of terrorism
The types of events that are covered under Personal Accident Insurance are:
Rail, road and Air accident
Injury due to any collision or fall
Burn injury, drowning, poisoning

Personal accident insurance usually covers
Accidental Death: It indicates death of the policyholder in an accident. The Sum Assured under this plan is payable if death occurs from an accident. However, the death needs to occur within specified timelines of the accident for the claim to be payable, usually taken as 15 days. In that case, if death occurs after 15 days of the accident, then the claim may not be payable as the reason for death could be any other than accident also.
Accidental Disability It indicates that the policyholder is disabled from work, either partially or wholly. Again, the claim would be payable if the policyholder has been disabled from work for a period more than 180 days. In that case, if the policyholder is physically disabled, either partially or wholly,but he is able to work, then the claim may not be payable.
Accidental Dismemberment It indicates that a part of the policyholder’s body has been severed or dismembered. It means, if the policyholder loses his hand or leg or eyes, then he would be eligible to get a claim under Accidental Dismemberment. There are certain norms for the payment of the Sum Assured. For example, if one hand or one leg is severed from the body, then 50% of the Sum Assured is payable to the policyholder. However, if both hands and one leg is severed, 150% is not payable but the entire Sum Assured would be payable as a claim.

What is not covered in accident insurance?
Natural death or death, injury or disablement of insured person as a result of
From intentional self-injury, suicide or attempted suicide
Whilst under the influence of intoxicating liquor or drugs
Whilst engaging in adventurous sports like ballooning, bungee-jumping, mountaineering, etc
Directly or indirectly caused by venereal disease or insanity
Arising or resulting from the insured committing any breach of the law with criminal intent
War, invasion, act of foreign enemy, hostilities civil
Capture, arrests, restraints and detainment of all kinds
Childbirth or pregnancy or in consequence thereof