What is Personal Accident Insurance?
Have you ever wondered what would happen if you suffered from an accident or injury that affecteds your ability to work? That could happen to anyone If the unthinkable ever happens to you a Personal Accident Insurance offers financial compensation in such an event where bodily injuries due to accidents lead to total/partial disability or death. This policy ensures the financial stability of an individual and his family if he/she gets injured or unfortunately dies in an accident.
Features & Benefits offered by Reliance Personal Accident Insurance –
Key Features
|
Benefits By Reliance General
|
Sum Insured (in ₹) | 5 - 20 lakhs, as per eligibility |
Policy Type | Individual |
Cumulative Bonus | 5% increase in Sum Insured with each claim free year**
|
Accidental Death & Permanent Disability | Covered |
Paperwork | Zero, Online Policy Purchase |
Worldwide Coverage | Available |
Claim Settlement Ratio | 100%* Claims Settled |
**For each claim-free year, subject to a max of 50%
*For FY21-22
Who Should Buy Personal Accident Insurance?
Personal Accident Insurance is essential for everyone, irrespective of their age, occupation, and health. You should ideally buy this plan as soon as you start working. Even after taking extensive precautions, accidents do occur. This may result in disablement or loss of limbs or sometimes even death. In that case, a personal accident insurance policy proves to be a savior. The premium of a personal accident cover depends on the occupation you are in.
Mentioned in the list below are three categories under which occupational risks can be segmented.
Low Risk
| High Risk | Very High
Risk
|
| Teachers | Cash carrying employees | Journalists |
| Lawyers | Builders, contractors & engineers engaged in superintending
functions only | A worker at
explosive
industries |
| Bankers | Garage & motor mechanics | Mountaineers
|
Benefits of owning a Personal Accident Insurance Policy
Nobody wants to get into an accident, but it’s an unfortunate reality for a lot of people every year; While you can’t plan for the when and where you can surely financially prepare yourself against the trauma of the event.
When a major car wreck happens, or a simply trip and injure yourself, that's when you realize the advantage of having a personal accident cover. Moreover, the number of vehicles is increasing exponentially in India,so the chances of meeting a road accident has increased. As we've already mentioned earlier, it's always better to be safe than sorry; so we advise you to buy a personal accident insurance policy to get a financial cushion against such mishaps.
To give you a better understanding of a Personal Accident Insurance, we have listed down a few advantages of having a personal accident cover.
- Family security
- Worldwide coverage
- No requirement of medical tests and documentation
- Substantial coverage at low premium
- Reimbursement of medical expenses
- Education fund for children
- Easy and hassle-free claim process
What is the Importance of Personal Accident Insurance?
You'll be glad for having personal accident insurance as it will have you completely covered for the times when you get into an unexpected accident and cause injury to yourself. Let's take a look at why it is important to get a personal accident cover.
Accidental Death Benefit:
This benefit comes with a compensation of 100% sum insured to the nominee in case of accidental death of the Insured Person. It is like the basic protection that comes with the policy and makes sure that your family is stable for a while after you. The nominee would be the legal heir of the person.
Permanent Total Disability Benefits:
This benefit covers injuries and permanent disabilities that will restrict you from engaging in any occupation again. This total disability could be the loss of both the eyes or physical separation of limbs, which not only leads you into mental trauma, but the financial darkness can cause big trouble. Here the insurance makes sure that the person is covered.
Child Education Benefit:
In case of accidental death or permanent total disability of the Insured person insurance coverage does cover the education expenses of the dependent children.
Family Security:
The accidental cover provides complete financial protection to the families. Thus, it provides great support to the family and gives them some time to recover from the losses.
Why Should You Choose Personal Accident Cover by Reliance?
Reliance is a reputed insurance provider with more than 10,000+ network hospitals the treatment could take place at any network hospital free of cost instantly. With a lot of things going online, Reliance also has switched to online methods. Many of the polices are now provided online. Also, you can answer to all your queries regarding the policy online.
The key features of the policy given by the Reliance General Insurance are -
Zero paperwork:
The process has now been made easier and is completely hassle-free with zero involvement of paperwork.
Reimbursement:
All the expenses and hospitalization costs are reimbursed to the person, in case of death, the nominee is given 100% sun insured.
World Wide coverage:
The policy has worldwide and round the clock insurance protection.
Cumulative Bonus
For each claim-free year, there is an advantage and you can get a 5% increase in the capital sum insured for each completed and continuous policy year, subject to a maximum of 50%.
Support:
With a big team, a support person from Reliance General Insurance will always be available to help you on a call or chat as per your preference and all the doubts regarding insurance will be resolved immediately. The support team is professional and will also guide you through the process in case you want to file a claim.
Renewal:
The policy could be renewed anytime from any place with easy renewal methods.
What Does This Personal Accident Insurance Policy Cover?
Even if you are extremely cautious on the roads, your safety is not guaranteed. At Reliance General Insurance, we endeavour to provide you with the best possible personal accident insurance cover for you.
- 100% of the sum insured on the
accidental death of the insured person
-
Permanent Total Disability:
- 100% payment of the sum insured on permanent total disablement
- 100% payment of the sum insured in the event of loss of two limbs/two eyes or one limb and one eye
- 50% payment of the sum insured in the event of loss of one limb or one eye
- A specified percentage of the sum insured will be paid in case of
permanent partial disability
- This personal accidental insurance policy also has some
value-added benefits
- Carriage of mortal remains
- A lump sum of 2% of capital sum insured or Rs.2,500 whichever is less will be paid for transportation in the event of accidental death of the insured person outside the residence
-
Medical Expenses Extension:
- Personal Accident Insurance Policy can be extended to cover medical expenses on the payment of extra premium.
- Get benefits up to 40% of the compensation paid in settlement of a valid claim under the policy or 20% of the relevant sum insured or actuals, whichever is less.
What Does This Personal Accident Insurance Policy Not Cover?
We have tried to cover all the scenarios that may occur after an accident, but it is quite impossible to cover all of them. This personal accident insurance policy does not cover the following:
- Compensation under more than one clause for same period of disability
- Any claim in the same period of insurance exceeding the capital sum insured
- Payment of compensation due to death or disablement arising out of:
- Suicide, attempted suicide etc.
- Pregnancy and/or childbirth
- War and nuclear perils
- Ionizing radiation or radioactivity
- HIV / AIDS / or death due to any disease
- Natural death (not under the influence of intoxicating liquor or drugs)
Apart from the personal accident policy cover, Reliance also offers a variety of health insurance plans like
family mediclaim policy,
health insurance for senior citizens and
cashless health insurance cover.
