PC: lokmat.news18
Every person tries many ways to stay safe in difficult times of life. For this, people also take many types of policies. One of these is Personal Accident Policy ie Personal Accident Insurance. It is a type of policy, which helps in recovering from financial loss due to accidental disability or death. In this, a lump sum amount is paid in case any part of the body gets damaged due to an accident.
Personal accident policy covers various types of accidents. From bursting gas cylinders to electric shock, slipping in the bathroom, getting hurt while exercising in a gym, drowning to fire damage, all come under business personal accidents.
The premium for a personal accident policy depends on the person's premium cover, amount, and job category. Jobs in the higher-risk category will have a higher premium than jobs considered safer. It is up to you how much coverage you want. Generally, you should cover 15-20 times the annual salary.
Disability is divided into different categories in this policy which include permanent and total loss of any vital organ in the body due to grievous injury. These include conditions like loss of both hands, loss of both legs, complete blindness, loss of voice, and loss of mental status. Normally 100% of the Sum Assured is paid in such cases.
Loss of one arm or one leg in partial disability
This includes permanent loss of a limb or body part, such as hearing loss, loss of vision in one eye, or loss of a hand or toe. Under this, a fixed percentage of the sum assured is given.
Temporary Disability
When a person is temporarily bedridden following an accident, weekly payments are made during the period of disability. Generally, 1 percent of the sum assured is paid every week.
