National Chronicle
Business/Economy National Top News

Personal Accident Cover: Personal accident insurance is very important for everyone, know what are the special things

Personal accident insurance is a type of policy that helps you overcome financial losses due to accidental disability or death. If there is no part of your body due to the accident, then the policy provides a lump sum amount to your family, which can be dealt with due to financial crisis due to disability. Let us know in detail about personal accident insurance policy.

Let us know what types of accidents personal accident insurance policy covers. Whenever you hear the word accident, the first road accident will come to your mind. But a personal accident cover covers different types of accidents. All accidents are subject to personal accidents, from slipping in the bathroom to injuries suffered while exercising in the gym, and from gas cylinder blast to electric shock and from drowning in water to fire.

Let us now know what disabilities a personal accident insurance policy covers .. When it comes to the types of disabilities that are covered, they can be divided into three parts.

Permanent total disability

In this category of disability, a condition occurs in which a person suffers a serious injury and there is a long-term and complete loss of a vital part of the body. This includes these situations.

Complete blindness

Lose both hands

Lose both legs

Loss of voice

Lose mental state

Generally, the policy pays 100% of the sum assured in case of permanent complete disability.

Permanent partial disability

In this category, there is permanent loss of any one part or part of a person’s body. like-

Lose an arm or a leg

Loss of hearing

Loss of vision in one eye

Loss of hand or toe

In these cases, some percentage of the sum assured is paid. When you buy the policy, a list of these percentages is usually tabulated and given to you. For example, if you lose the ability to hear in both ears, 75 percent of the cover amount is paid and if you lose sight in one eye, 50 percent of the cover amount is paid.

Temporary complete disability

This category applies when the person temporarily falls in bed or becomes restless after an accident. In these cases, a weekly payment is made during the period of disability (usually 1 percent of the sum insured per week). Apart from these three categories, disability insurance covers the risk of death as a result of an accident.

How the premium is calculated

The premium is dependent on your business and the cover amount you choose. Some jobs are classified in high risk environments and high accident potential category. In such a situation, your premium amount will be higher than those in jobs considered safe. Therefore, if you are a software engineer, you will have to pay a lower premium than a construction contractor.

Related posts

WHO urges nations to plan efficient roll out of Covid vax

NC Team

Paytm trims losses by 40%, revenue hits Rs 3,629 crore in FY20

NC Team

Microsoft leads overall IoT platform landscape, AWS 2nd: Report

NC Team

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More