How Does Having a Personal Accident Policy Benefit a Common Man?

Indian roads suffer from severe congestion, and potholes contribute to a rise in road accidents. A report by the World Health Organization (WHO) reveals that injuries from road accidents are the primary cause of death among both young adults and children aged 5-29. Furthermore, on a global scale, approximately 1.3 million people lose their lives each year due to road accidents.

 

Life can be uncertain, and unfortunate incidents can occur in the blink of a second. Road accidents can result in emotional trauma, physical pain and financial hardships. Road accidents can sometimes be fatal, traumatising the individual’s family.

 

We cannot prevent accidents from happening. But we can be wise by purchasing a Personal Accident policy. Personal Accident Insurance will give you the required financial cushion during emergencies. These policies are made affordable to benefit the common man.

 

Benefits of purchasing Personal Accident Insurance from Shriram General Insurance

 In contrast to health insurance, Personal Accident Insurance from Shriram General Insurance will cover you during unfortunate events. The nominees will get 100 per cent compensation in case of accidental death and total disablement.

 

In situations involving hospitalisation, daily allowances are furnished, serving as a source of financial relief for the individual's family during challenging times.

 

Personal Accident policies from Shriram General Insurance are affordable compared to health and life insurance. People working in high-risk environments, like industrial workers, will benefit from this policy. The premium amount will depend on the occupation and the risk of the policy buyer.

 

Certain events, like accidents, are unpredictable. When an individual experiences an accident, it can significantly alter their life and leave their loved ones in dismay.

 

When an average salaried individual is involved in an accident, it can affect their monthly income. If disablement or injury occurs, a Personal Accident Cover will assist in managing the medical expenses and alleviate the financial burden.

 

What does Personal Accident Insurance cover?

 A Personal Accident Policy from Shriram General Insurance will cover hospitalisation charges; in case of the policyholder's death, 100 per cent compensation will be provided. The other coverages are listed below.

 

Hospitalisation expenses are inevitable; when a person is injured, they will be taken to the hospital. Medical expenses like room rent, surgery, diagnosis and treatment will be covered.

 

If the policyholder expires during an accident, the insurance company will provide 100% compensation to the policyholder’s family.

 

In some cases, an accident can lead to disablement, which can be permanent or temporary. According to the slab, the compensation for disablement will be provided. The disablement is classified under three categories: Permanent Total Disability, Permanent Partial Disability and Temporary Total Disability.

 

Permanent Total Disability

 Permanent Total Disability causes a person to be completely disabled for the rest of their life. The disablement should be caused due to an accident and not as a result of any illness. The insurance provider will pay you 100% compensation as an individual will not be able to work or earn money for the rest of their life.

 

Disablement	Claim percentage
Loss of two entire hands or two entire feet	100%
Loss of one entire hand and one entire foot	100%
Loss of sight of one eye and loss of one entire foot or hand	100%
Complete loss of hearing of both ears and complete loss of Speech	100%
Complete loss of hearing of both ears and loss of one limb	100%
Complete loss of hearing of both ears and loss of sight of one eye	100%
Complete loss of speech and loss of one limb	100%
Complete loss of speech and loss of sight (one eye)	100%

 

Permanent Partial Disability

An accident resulting in the loss of an arm, thumb, index finger and toes is classified as a case of permanent partial disability. The percentage of the compensation paid will be based on the table below.

 

Nature of disability	Claim percentage
Loss of an arm at the shoulder joint	70%
Loos of an arm above the elbow joint	65%
Loss of an arm beneath the elbow joint	60%
Loss of a hand	55%
Loss of a thumb	20%
Loss of an index finger	10%
Loss of any other finger	5%
Loss of leg (above mid-thigh)	70%
Loss of leg up to mid-thigh	60%
Loss of leg (beneath the knee)	50%
Loss of leg up to mid-calf	45%
Loss of foot (near ankle)	40%
Loss of big toe	5%
Loss of any other toe	2%
Loss of an eye	50%
Loss of hearing (one ear)	30%

 

Temporary Total Disability

An accident resulting in injuries that prevent the insured from pursuing their usual occupation is categorised as temporary total disability. The insurance provider will offer a weekly payment of 1% of the sum insured. The maximum amount provided by the insurance company will be 50,000 rupees until the insured resumes work.

 

Accidental Death

In the unfortunate event of the insured person's demise resulting from an accident, the nominees will receive full compensation amounting to 100%, provided that the insured's death was not due to illness.

 

Children’s Educational Benefit

In the event of accidental death or disability, the insurance policy will disburse a predetermined sum to support the education of the insured's first two dependent children.

 

Hospital Confinement Allowance

In cases of accidental death or temporary total disability, Shriram Personal Accident Insurance offers a compensation of Rs. 1000 per day of hospitalisation. However, the total payout for this coverage from Shriram is capped at Rs. 30,000, regardless of the number of claims filed.

 

Accidental Hospitalisation Cover

Suppose the insured person meets with an accident which results in injuries and is hospitalised for 24 hours, the insurance provider will reimburse the expenses spent towards hospitalisation. The reimbursement will cover the following costs.

 

• Emergency room 
• Hospital accommodation 
• Nursing care 
• Intensive care unit
• Fees of physicians 
• Charges for laboratory tests 
• Prescription medicines or drugs 
• Therapeutics 
• Anaesthetics 
• Transfusions 
• Artificial limbs or eyes 
• X-rays 
• Prosthetic appliances 
• Medical consumables and 
• Ambulance charges

 

Conclusion

A regular individual who depends on their daily earnings and experiences an accident can find financial relief through a Personal Accident Cover. In the unfortunate event of their demise, their beneficiaries will receive 100% compensation. In the case of disability, compensation will be determined based on the applicable payment tier. So, Personal Accident Cover is an essential insurance that will benefit a common man during times of emergency.

 

FAQs

1. What is the purpose of the accident policy?

The purpose of Personal Accident Insurance is to provide financial support in times of death or injury of the policyholder.

 

2. What is not covered in Personal Accident Insurance?

Personal Accident Insurance will not cover third-party liability.

 

3. Who is eligible for Personal Accident insurance?

Anyone aged between 18-65 years can buy a policy for their family members.