A Handy Guide to Personal Accident Car Insurance Coverage

Road accidents can be uncertain and unavoidable. They can lead to injuries and, in extreme cases, can also cause death and disability. The loss of the breadwinner of the family can bring financial and emotional loss.

Statista Research Department published a report which stated that, in 2021, three million new cars were registered in the country. Indian road network spans over five million kilometres, and yet the roads are congested.

The rapid increase in the number of cars leads to congested Indian roads — a factor that leads to safety concerns. Additionally, about 34% of road accidents in India were fatal, and 29% were reported to be minor injuries.

 

What is Personal Accident Car Insurance?

Personal Accident Car Insurance covers the policyholder against all accident-related injuries and permanent or partial disability. In case of death, the insurance company provides the family with a lump sum amount. This will enable the family to lead their lives free from any financial strain.

 

Benefits of Personal Accident Cover

Shriram General Insurance provides compensation according to the following schedule for bodily injury or death suffered by the vehicle's owner-driver in direct relation to the vehicle. This includes incidents while getting in or out of the vehicle, traveling as a co-driver, and resulting from sudden, external and observable accidents. The compensation is applicable independently and within six months of the injury without any other contributing factors.

 

Death/Injury	Scale of Compensation
Accidental Death	100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye.	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement from injuries other than named above.	100%

 

Purchasing the policy will mitigate the effect of an accident in financial aspects. Additionally, it will protect your family when the unfortunate demise of a family member occurs.

 

What is Permanent Total Disablement?

Permanent Total Disablement, also known as Permanent Total Disability, refers to a severe and permanent condition in which an individual cannot engage in any form of gainful employment or work due to a disabling injury or illness.

 

Is it mandatory to have Personal Accident Car Insurance in India?

According to the Indian Motor Tariff, 2002, the Indian government has made it mandatory for all vehicle owners to purchase a Personal Accident Car Insurance cover.

 

Buying a Personal Accident Car Insurance from Shriram General Insurance

Shriram General Insurance will pay the dependents if the death of the policyholder occurs within the coverage period.

 

In case of accidents that occur within the policy period and it leads to loss of vision, one hand, one leg or one eye, the sum insured mentioned in the policy statement will be paid to the policyholder.

 

In case of accidents that lead to physical separation of one hand, one leg or vision loss of one eye within the policy period. A lump sum amount of 50% of the capital sum insured will be paid to the policyholder.

 

Conclusion

Accidents are unpredictable, and Personal Accident Car Insurance will secure you and your dependents during such unfortunate situations. So, choosing the proper accident cover and add-ons is important to make yourself financially secure.

 

FAQs

1. What is the maximum compensation under the Personal Accident Cover in Car Insurance?

According to IRDAI, the maximum limit for Personal Accident coverage in car insurance is 15 lakhs.

 

2. What are the risks that are not covered under Personal Accident?

Personal Accident does not cover injury or death that occurs due to mental or emotional distress. If the policyholder suffers from any mental health condition like anxiety and depression, the insurance company will not provide any financial assistance.

 

3. What does the Personal Accident Car Insurance cover?

Personal Accident Car Insurance covers injuries and deaths due to vehicle accidents.