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A Project Report On

PERSONAL ACCIDENT INSURANCE

Submitted By

Yuvanshu Sharma

Master Of Business Administration

Insurance Management & Acturial Sciences (IMAS)

(2010-2012)

CONTENTS

1. INTRODUCATION

2. HISTORY

3. CURRENT SCENARIO

4. LATEST DEVELOPMENT

5. EMERGING SCENARIO

6. FUTURE (SCOPE)

7. BIBLIOGRAPHY


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8. REFERENCES

INTRODUCTION

Definition of Personal Accident Insurance

Personal accident insurance covers your expenses from an accident with a lumpsum payment, a daily or monthly amount or a payment for loss of life from anaccident. Several types of policies supplement an insurance program. Often,accidental death and dismemberment is an inexpensive form of personal accidentinsurance. Other forms are similar to disability income, but they pay a cash sumwhen you have an injury due to an accident. There are several ways to buy

personal accident insurance. Some policies only pay for specific types of accident.

Personal accident insurance covers death or disablement to the insured

person,arising out of accident.it is a benefit policy;which means that a fixed

compensation is paid to the insured for death or disablement arising out of

accident.The Personal Accident class of business was governed by tariff till

31/03/1994 after which,the business was brought out of the purview of the

tariff.However ,the policy forms and underwriting system, used by the

companies. though not uniform, follow more or less similar approach with

minor variations.

If we may give definition to personal accident insurance thensimply we can say that in any circumstance if any injury happens where we mayface external or internal disability and became unable to do our daily job.Furthermore we can classify the personal accident in two categories:
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1. Minor Personal Accident: In this category where we become temporarydisable and not able to join duty or business. Normally it is considered thatfor few day or certain period we need hospital medication and care then wedischarge from hospital and able to again performing job. In this categoryinsurance covers your medical expenses and beside that compensate your

daily domestic expenses. If in the period of your hospitalization if premiumsubmission is due then there is waiver of premium option in insurance whichauto submits your premium in your policy account. But this must beremembered that additional riders like waiver of premium and health cover.

2. Major Personal Accident: Regarding with this category, permanentdisability and loss of any primary organ of your body includes. This is alsocalled AD&D where financial hands (technically source) may be lost. Majoraccident is also called the death of economy earning. Where insured personcant sustain his / her job and the result we cant earn for domestic needs.

We can further describe in examples like: If a singer is insured and he / she may is damaged his / her throat in the fact

the insured person cant sing permanently then in this situation the wholesum assured will be entertain to the insured person.

If a blacksmith losses his working arm (subject to his left or right arm) buthe is alive and with this accident he will not join his job of blacksmith thensame like above given singers example, the total sum assured will be givento the accident affected person.

In the major accident insurance when the accident happens and doctors have

clarified that the insured person cant perform his / her job then insurance companyentertains the whole life insurance cover to the person.

One thing is very much understandable that accident wherein the insured personlosses his / her major organ where he / she cant resume his/her job then simply itis assumed that the financial earning is stopped and in insurance industry death hasanother meaning. That death of financial hand, same like clinical death is not meanto total death but the state of coma or loss of consciousness. And in insurancedeath is called when financial earning stops in the cause where insured personcant work.

In this personal accident all covers which are written in the underwriting papers aregiven to the person. In insurance industry this policy is the most demanded andworkable because we are always facing the situations on roads, or working ateverywhere. If you havent obtained this plan then it is strongly suggested to you.


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HISTORY

Just like today, in early times if a man couldn't work because of anaccident, his family would suffer. In 1694, Hugh the ElderChamberlain proposed a policy to cover a family income in the eventof an accident, and, late in the 1800s, it became a reality. Even thoughthey called it accident insurance, it resembles today's disabilityincome, providing payments to the injured person. In 1850, theFranklin Health Assurance Company of Massachusetts offered thefirst policy that covered injury from a train or steamboat accident.Today, some insurance companies still offer accident policies foraccidents on public transportation.

Personal accident insurance the insurance against death or injurycaused by accidents developed during the railway age and originatedin England with the successful establishment of the Universal Railway CasualtyCompensation Company in 1848. It was followed a year later by the firstAccidental Death Insurance Company, which insured against death and injurycaused by accidents of all kinds, not limiting itself to those caused by railwaytravel.

The idea was taken to the United States by James G Batterson whoestablished the Travellers in 1863 having got

the idea after buying a Railway Passengers journey ticket in 1859. Three yearslater, personal accident insurance was introduced into Australia and France.

1901

Dec 31, 1901 - This part of my report contains an account

and review of the business of old line or legal reserve life,

fidelity and surety bond and general casualty insurance

companies (transacting a miscellaneous class of

insurance, such aspersonal accident, employers'

liability.This part of my report contains an account and

review of the business of old line or legal reserve life,fidelity and surety bond and general casualty insurance

companies (transacting a miscellaneous class of

insurance, such aspersonal accident, employers' liability,

plate glass, steam boiler, burglary, health, sprinkler

leakage, etc.), also assessment life and accident
http://www.ehow.com/relationships-and-family/http://www.ehow.com/health/http://www.aviva.com/about-us/heritage/companies/railway-passengers-assurance-company/http://www.aviva.com/about-us/heritage/companies/railway-passengers-assurance-company/http://www.aviva.com/about-us/heritage/companies/accidental-death-insurance-company-1/http://www.google.co.in/search?q=history+of+personal+accident+insurance&hl=en&sa=X&biw=1280&bih=551&tbs=tl:1,tll:1901,tlh:1901&prmd=ivns&ei=T7fvTaHbA9CyrAfT6eHMBQ&ved=0CDgQzQEwAAhttp://www.ehow.com/relationships-and-family/http://www.ehow.com/health/http://www.aviva.com/about-us/heritage/companies/railway-passengers-assurance-company/http://www.aviva.com/about-us/heritage/companies/railway-passengers-assurance-company/http://www.aviva.com/about-us/heritage/companies/accidental-death-insurance-company-1/http://www.google.co.in/search?q=history+of+personal+accident+insurance&hl=en&sa=X&biw=1280&bih=551&tbs=tl:1,tll:1901,tlh:1901&prmd=ivns&ei=T7fvTaHbA9CyrAfT6eHMBQ&ved=0CDgQzQEwAA


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associations or societies operating upon both the ordinary

and fraternal plans, which data is compiled from the ...

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Jan 1904 - That, in consideration of the premium then and

there paid by plaintiff to the defendant, the defendant did,on the 5th day ofJanuary, 1904, idsue its policy to the

plaintiff upon the life of William A. Spratlin, which policy is

numbered 163589, and ...That, in consideration of the

premium then and there paid by plaintiff to the defendant,

the defendant did, on the 5th day ofJanuary, 1904, idsue

its policy to the plaintiff upon the life of William A. Spratlin,

which policy is numbered 163589, and denominated

'Peerless Policy ofPersonal Accident Insurance,' which

policy is here to the court shown. That by said policy of

insurance, or contract , the defendant obligated, promised,

and bound itself to pay to the plaintiff...

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Nov 1, 1906 - This company commenced business

November 1, 1906, with an authorized and paid up capital

of $100000 which was shortly afterwards increased to

$150000. It reinsured the Indemnity Insurance Company,

Mountain State Insurance Company and the West Virginia

...This company commenced business November 1, 1906,
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with an authorized and paid up capital of $100000 which

was shortly afterwards increased to $150000. It reinsured

the Indemnity Insurance Company, Mountain State

Insurance Company and the West Virginia Casualty

Company, all of West Virginia. The company confines itsbusiness exclusively topersonal accidentand health

insurance, maintaining, however, three separate

departments, viz: commercial, railway installment ...

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Jun 10, 1907 - This company was incorporatedJune 10,

1907, and commenced business January 22. 1908. It writes

health andpersonal accident insurance, and a very small

amount of life insurance.

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Jan 20, 1908 - This company began businessJanuary 20,

1908, with $100000 paid -in capital and $6352.51 surplus.

It writespersonal accident, health, liability , plate glass,

burglary, and auto property damage insurance. It willoperate only in Pennsylvania for the ...This company began

businessJanuary 20, 1908, with $100000 paid -in capital

and $6352.51 surplus. It writespersonal accident, health,

liability , plate glass, burglary, and auto property damage

insurance. It will operate only in Pennsylvania for the
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present. It is proposed to increase the capital by degrees up

to $500000, selling the stock at a sufficient premium to

produce a surplus of $400000. It informs us that under its

charter it has authority to write any ...

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Nov 12, 1909 - It was reincorporated under the above title

on November 12, 1909. and began business as a stock

company on November 13. 1909. Its authorized capital is

$100000, all of which has been paid in in cash. It writes

personal accidentand health insurance only.It was

reincorporated under the above title on November 12,

1909. and began business as a stock company on

November 13. 1909. Its authorized capital is $100000, allof which has been paid in in cash. It writespersonal

accidentand health insurance only. Its officers are:

President, Albert C. Smith; secretary, David T. Montague,

senior partner of the firm of Montague & Keyes. who act as

counsel for the com.

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1911 - Since it was established in 1911, CCI has provided

freepersonal accident insurance for every priest, brother
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and sister in church service.

1920

Mar 19, 1920 - Includes a copy of Hartford Accident andIndemnity Company Contract for Babe Ruth's Personal

AccidentPolicy. Copy includes a signature ofGeorge

Herman Ruth signed on March 19th, 1920 (signature is just

a copy) and a copy of his insurance card and ...Includes a

copy of Hartford Accident and Indemnity Company Contract

for Babe Ruth's Personal AccidentPolicy. Copy includes a

signature ofGeorge Herman Ruth signed on March 19th,

1920 (signature is just a copy) and a copy of his insurancecard and receipt from the Insurance company; comes with a

black and white 8x10 photo of Ruth in a hard cover case; lot

also includes a Babe Ruth Commemorative Edition 100th

Anniversary Baseball with a facsimilie signature and ...

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Jun 29, 1985 - OnJune 29, 1985, seven months after the

issuance of petitioner Santos Areola's Personal Accident

Insurance Policy No. PA-20015, respondent insurance

company unilaterally cancelled the same since company

records revealed that petitioner- insured failed to pay his ...
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200

1

Jul 2, 2001 - 4. As for the Personal Insurance Package linked

to KCCs, we invite a reference to our circular

RPCD.PLFS.BC.NO/1/05.05.09/2000-2001 dated 2 July 2001.Accordingly, you may please ensure that all existing and

the prospective KCC holders are ...4. As for the Personal

Insurance Package linked to KCCs, we invite a reference to

our circular RPCD.PLFS.BC.NO/1/05.05.09/2000-2001 dated

2 July 2001. Accordingly, you may please ensure that all

existing and the prospective KCC holders are covered under

the Personal Accident Insurance Policy. 5. Progress in this

regard may please be reported to us on a monthly basis as

advised earlier. SETTING UP OF CHAIRS IN EDUCATIONAL ...

CURRENT SCENARIO

Safe Guard offers insurance coverage in case of:

Accidental death,

Accidental permanent total disability,

Accidental permanent partial disability,

Children's education bonus

This cover gives you a choice of Sum Assured, at extremely competitiveannual premium rates, with easy auto-Debit facility to your Axis Banksavings account Note:

This insurance does not cover the following: Military, paramilitary,police personal, alcoholics, person habitually under influence ofdrugs, political activists in violence prone areas, persons undergoingtreatment for epilepsy, children below the age of five, plus otherconditions explained in the policy.

The insured must be a resident of India and aged below 65 years andbelow.
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Disclaimer

Insurance is the subject matter of solicitation. Axis Bank is the CertifiedCorporate Agent for Bajaj Allianz Gen. insurance Co. Ltd. and nothingcontained on the Website shall constitute or be deemed to constitute an

advice, an offer to purchase or an invitation or solicitation to undertakeany activity or enter into any transaction relating to the Gen. InsuranceProducts. Participation by Axis Bank customers shall be purely onvoluntary basis. The contract of Insurance is between Bajaj AllianzGeneral Insurance Company and the insured, and not between Axis Bankand the insured.

Show less

EVOLUTION BASIC TERMINOLOGIES

Sometimes even a small accident or mishap can throw your financials out ofgear. Get insured to be prepared for those trying times.

Accident Insurance from Royal Sundaram is a worldwide,personal accidentplan that is specially designed to protect you from the following unforeseenevents - Death, Total Disability and Permanent Partial Disability. Thiscomprehensive policy will help your family meet its financial commitmentsin the hour of need.

This is available for the age band between 5 to 70 years. The proposer's ageshould be between 18 to 70 years.

Key Benefits of Accident Insurance- Instant Coverage- No Medical Examination- Worldwide Cover- Three convenient plans to choose from Silver, Gold and Platinum- Educational Grant for 2 dependant children up to Rs. 10000/- per policy
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- Family discount of 10% for insuring 3 or more people in a family- Simple and easy claims process

GLOBAL PERSONAL ACCIDENT

PLAN RULESGLOBALPERSONAL ACCIDENTPersonal Accident Insurance for ExpatriatesINTRODUCTION

The purpose of this insurance is to cover you for bodily injuryor death caused as the result of an accident happening during aperiod of cover which resultsin any of the losses described in the Global Personal Accident planbenefits schedule and for the amount stated on your

certificate of insurance.These rules apply to Global Personal Accident plan contractseffected through William Russell Limited. They set out your andour rights and obligations. Therules must be read in conjunction with your application form,and your certificate of insurance.You should bear in mind that good faith is a very importantprinciple in insurance. We will rely on the application formsigned and dated by you in decidingwhether to provide you with the benefits of the Global Personal

Accident plan. The signed and dated application is an integraland crucial part ofyour GlobalPersonal Accident plan contract and the cover we provide. If itcontains materially incorrect or incomplete facts we have theright to declare your GlobalPersonal Accident plan void.You should therefore take thegreatest care to ensure that not only is your application formcomplete and accurate, but also thatyou have not withheld any fact which may have some effect on

the terms upon which we accept your application for cover.Changes can occur in the factsgiven, and, if they do, you must tell us of the change.You must inform us ifyour occupation exposes you to anygreater risk than a purely office-based occupation, or ifyouintend visiting countries which pose a


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greater risk ofaccident or ifyou intend to engage in anysporting activities.THE ADMINISTRATOR

The Global Personal Accident plan is administered by William

Russell Limited. William Russell limited is authorised andregulated by the UK Financial ServicesAuthority.THE INSURER

The insurer of the Global Personal Accident plan is HarlequinInsurance PCC Limited Cell SR1. Harlequin Insurance PCC Limitedis a Guernsey registered ProtectedCell Company under The Companies (Guernsey) Law 2008. Acreditor of one cell is not entitled to claim against the assets ofanother cell. In the absence of a

specific written recourse agreement a creditor will not have theright of recourse to any core assets. This transaction is withdesignated Cell SR1.Harlequin Insurance PCC Limited Cell SR1 is licensed andregulated by the Guernsey Financial Services Commission.AGE LIMITS

You must be aged 18 or over to be eligible for the GlobalPersonal Accident plan. The maximum age limit is 70 years.Yourcover will automatically terminate at

the end of the period of cover during which you attain the ageof 70 years.BENEFITS SCHEDULEYour personal accident benefit shall become payable when anaccident occurring during your period of cover results in oneor more of the followingoccurrences:1)Your death2) The total and irrecoverable loss of sight in both ofyour eyes3) The total and irrecoverable loss of sight in one ofyour eyes4) The loss of or the loss of use of two ofyour limbs5) The loss of or the loss of use of one ofyour limbs6) The total and irrecoverable loss of the sight of one ofyoureyes and one limb7)Your permanent total disablement (other than the totalloss


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of sight of one or both eyes or the loss of one or more limbs)The total personal accident benefit payable to any oneinsured person shall be limited to the personal accidentbenefit amount stated on your certificate

of insurance.DEFINITIONSAccident Means a sudden, unexpected, unusual, specific eventwhich occurs at an identifiable time and place and which includesexposure resulting from a mishap to a conveyance in which youare travelling.Application formThe application or application form refersto the form which is signed by you for yourselfand for anydependants for whomcover is also required.

Annual review dateThe annual review date is shown on yourcertificate of insurance and will normally be the anniversary ofyour originalcommencement date.Bodily injury Means identifiable physical injury which:1) is caused by an accident, and2) is caused solely and independently of any other cause, exceptby:i. an illness which arises as a direct result of the accident, or

ii. an illness caused as the direct result of medical or surgicaltreatment rendered necessary by the accident and whichresults in the death or disablement of the insured person withintwo years from the date of the accident.

within two years of the date of the accident.

PROCESS

Master policy issued in name of insurance company.

Customers can avail coverage by remitting premium through any oftheir branch counters across India.

An individual certificate will be issued by the company.


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The total premium collected will be remitted to General InsuranceCompany by end of day at or before 6 PM along with the list ofcustomers who have opted the coverage, Date of birth, Gender andResidential address

Policy coverage will incept from subsequent day 00:00 Hrs of date ofreceipt of aforementioned consolidated .

In case, no list is received by end of a day, it will be inferred nocustomer has opted for insurance coverage for the day.

CLAIMS PROCEDURE

Claims can be intimated to insurance company.

Call center executive will explain the claims procedure and documentsto be submitted.

The claim form along-with a self-addressed envelope will be sent to theclaimant to facilitate the submission of the documents.

A centralized claims settlement system.

ACCIDENT SHIELD

Features and Benefits

No matter how good your health is, an accident can happen any time, anywhere. It can leave your family in severe financial hardship and ruin thecomfort and security you work so hard to provide them. Who will help themsettle the financial commitments in your absence or Disablement to earn?

Accident Shield Online Insurance is a worldwide Personal Accident Coverthat is specially designed to coverDeath, Permanent Total Disability andPermanent Partial Disability.

Who can be covered?

Any person who is a Resident of India between the age of 18 years and 70years can propose for this insurance. This Insurance is also available forspouse (Maximum age of 70 years) and dependant children (Minimum ageof 5 years and Maximum age of 18 years) on payment of relevant premium.


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What are the Benefits under the Policy?

Death Benefit: In the unfortunate event of fatal accident, the Sum Insuredwill be paid to the nominee of the Insured Person.

Permanent Total Disablement: In the unfortunate event of an accident

resulting in Permanent Total Disablement, the Insured Person will be paidthe Sum Insured.

Permanent Partial Disablement: In the unfortunate event of an accidentresulting in Permanent Partial Disablement, the Insured Person will be paid aspecified percentage of Sum Insured, according to the disability which has

been listed in the policy.

Education Grant: In the event of death or Permanent Total Disablement(PTD) of any of the Insured Parent due to an accident as defined in thePolicy, the Company shall pay educational grant for the dependent Children

who are in full term education as under:- One dependant child: Rs.5000/- per policy- More than one dependant child: Rs.10000/- per policy

Rs.10000/-towards Transportation expenses of mortal remains in case ofaccidental death of Insured person.

Claim Free Benefits

If the policy is claim free and is renewed without any break, the benefitsunder death and Permanent Total Disablement coverage are increased by 5%for every claim free year upto 25%.

No Medical Examination

No medical examinations or lengthy forms are required to enroll to AccidentShield Online.


?

Personal accident insurancecovers your expenses from an accident with a lump sum payment, adaily or monthly amount or a payment for loss of life from an accident. Several types of policiessupplement an insurance program. Often, accidental death and dismemberment is an inexpensiveform of personal accident insurance. Other forms are similar to disability income, but they pay acash sum when you have an injury due to an accident. There are several ways to buy personalaccident insurance. Some policies only pay for specific types of accident.
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Types

Accident insurance may be accidental death and dismemberment insurance that

pays a specific amount if you die and a lesser amount if you lose a limb. It alsomight include a lump sum daily payment if you suffer injury from an accident.One form of accident insurance is travelers insurance and includes only accidents

from plane crashes. Other policies pay a daily amount if you receive injury froman accident. This amount isn't an income replacement but a fixed dollar amount.

Places to Buy

You can purchase accident income through your group insurance at work. This

type of insurance pays for the loss of life and limb due to an accident. Othersupplementary types of coverage for accident insurance that include a group costare part benefits from credit unions, credit cards and other financial institutions.Accident insurance also comes in the form of individual plans you can purchasethrough work. Groups such as high school football teams offer accident insurance.There are vending machines where a nervous flyer can buy airline accident

insurance.

Cost

Accidental death and dismemberment insurance, one form of accident insurance,

is often inexpensive. There's a reason for that fact. It doesn't happen as frequentlyas death from an illness. Traveler's accidental death insurance is also inexpensivefor the same reason. Lump sum payments from an injury, not at work, that causesyou to seek medical attention and miss work costs more since there's a higherlikelihood of that occurring.

Misconceptions

Accident insurance doesn't pay for extended periods in the way disability does. It

offers lump sum payments for the loss of a limb. Often accident insurance pays inpercentage with the death receiving 100-percent payment, loss of both eyes orcombination of one hand and foot or sight in one eye. There are specificpercentages for other losses. For instance, you must lose a thumb and index fingeron the same hand in order to get 25 percent of the policy face value. Somepolicies increase payment if you had a seat belt on at the time of injury.

Over 70

Accident insurance for those in the later years is almost impossible to get. As

people age, their bones become more brittle and a minor fall to a young personmight cause death to someone older.

------------------------------------------------------------

ICICI Lombard General Insurance Co. Ltd.

ICICI Lombard General Insurance Company Limited got the license to begin operations in Indiain August 2001. The company is a joint venture between ICICI Bank Limited and LombardCanada Ltd., a group company of Fairfax Financial Holdings Limited.


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ICICI Lombard General Insurance offers the usual general insurance products such as healthinsurance, home insurance, auto insurance, and travel insurance. Its products are meant for NRIs,Indian nationals as well as corporate organizations. ICICI Lombard offers the facility for bothbuying insurance as well as paying premiums online.

Personal Accident Insurance

Features

CICI Lombard Personal Accident Insurance policy covers you not onlyagainst Accidental Death and Permanent Total Disablement (PTD), but alsoagainst terrorism and acts of terrorism. You can choose from 4 options ofRs. 3 Lakhs, 5 Lakhs, 10 Lakhs or 20 Lakhs with a choice of cover period(annual auto renewal) - 3, 4 or 5 years.

Coverage

Terrorism and Acts of Terrorism: In case of the death of the

insured arising out of terrorism or acts of terrorism within the

policy period, the nominee (mentioned in the policy) is

compensated with the sum Insured. The Company shall also paycompensation against permanent and total loss of limbs, sight etc.

(of the insured) arising out of terrorism or acts of terrorism.

Accidental Death : In case of death of the insured due to an

accident within the policy period, the nominee (mentioned in the

policy) is compensated with the Sum Insured.

Permanent Total Disablement (PTD) : Personal Accident pays

compensation against the permanent and total loss of limbs,

sight etc. due to an accident.

Benefits Covers claims arising out of Terrorism or acts of Terrorism

Covers against Accidental Death or Permanent Total Disablement

(PTD)

Choose among Sum insured options of Rs. 3, 5, 10 and 20 Lakhs

Choice of cover period: 3, 4 or 5 years


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No health check-up required

Easy Claim Process with minimal documentation

Eligibility

Age criteria at entry: Minimum 18 years, Maximum 70 years.

The applicant can buy the policy for his spouse aged between 18-

70 years.

PERSONAL ACCIDENT INSURANCE COVER

Back

Frequently Asked Questions

What is Personal Accident Insurance ?

What type of events are covered under Personal Accident Insurance ?

What is scope of cover & benefits available under Personal Accidental cover ?

Does this policy cover medical expenses incurred due to accident ?

What are the other types of covers available for covering accidental injuries ?

What is the age limits under personal accident cover ?

Are there any territorial restrictions applicable to the policy ?

What is the basis of arriving at the sum insured ?

Are personal accidental policies are available for long term?

What is permanent total/partial and temporary disablement ?

What is the compensation available in the event of the insured sustaining TTD ?

Can non-earning individual take Personal Accident Insurance cover ?

Is there any discount for getting family cover ?

Can a cover be granted to a proposer where war and war like situation prevails ?

What is cumulative bonus ?

Is there any grace period for renewal of policy ?

What is an Assignment ?

Is there any tax benefit under Personal Accident like covers?

What the insured has to do in the event of accident ?
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What is Personal Accident Insurance ?

Personal Accident is an insurance cover wherein, in the event of the person sustaining bodily injuries

resulting solely and directly from an accident caused by EXTERNAL, VIOLENT & VISIBLE means ,resulting into death or disablement.

Top

What type of events are covered under Personal Accident Insurance ?

An accident may include events like:

Rail / Road / Air Accident. Injury due to any collision/fall. Injury due to Bursting of gas cylinder. Snake-bite, Frost bite/Dog bite. Burn Injury, Drowning, Poisoning etc.

These are only illustrative and not an exhaustive list of type of accidents.Top

What is scope of cover & benefits available under Personal Accidental cover ?

Personal Accidental policy covers accidental death, loss of limbs, permanent total and partialdisablement as selected and granted by the insurance companies based on the underwriting norms.

Top

Does this policy cover medical expenses incurred due to accident ?

Yes, on payment of additional premium, medical expenses reimbursement can be covered. Theseexpenses are payable, in case, if the claim is admitted under the basic policy cover.

Top

What are the other types of covers available for covering accidental injuries ?

In addition to the Personal Accident Insurance cover the policies available are :Nagrik Suraksha Poicy, Janta Personal Accident Policy, Gramin Personal Accidental Policy , StudentPackage Policies for students, Bhagashree for Girl-children, Raj Rajeshwari for Women etc. Further asan ad-on cover Motor Vehicle Package Policy & Overseas Mediclaim Policy too offer personalaccidental injuries cover.

Top What is the age limits under personal accident cover ?

This Policy is available to persons between the age of 5 and 70 years (Male & Female). In case ofFamily Package covers, the age of children should be between 5 to 19 years. The age ceiling of 70years can be relaxed in special conditions subject to suitable premium loading.

Top


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Are there any territorial restrictions applicable to the policy ?

No, the coverage under this policy is WORLDWIDE however, claims, if any, will be paid in Indiancurrency only.

Top

What is the basis of arriving at the sum insured ?

Sum insured is based on various factors namely :(1) income from gainful employment,(2) type of occupation,(3) age as on date of proposal,(4) period of insurance(5) Conditions prevailing at the place from where the proposal is made etc.(6) As regards the non-earning spouse of the insured the sum insured in respect of such spouseshall not exceed 50% of the eligibility of the insured, subject to a limit of Rs.One

Lakh under benefits available under Table III of the policy.(7) Dependant children can be offered a sum insured not exceeding Rs.50000/- to cover

death and disablement only. NO TEMPORARY DISABLEMENT COVER SHALL BEOFFERED.

Top

Are personal accidental policies are available for long term?

Generally Personal Accident policies are maximum for one year only. However, depending upon therequirement of the proposer it can be offered for a period which could even be lesser than 12 months.

Top What is permanent total/partial and temporary disablement ?

(i) When an insured person sustains accidental injuries resulting in loss of limb and is certified by amedical specialist that the injury is of a permanent total or permanent partial nature, then only theinsured shall deemed to be permanently totally/partially disabled.

(ii) Temporary total disablement arises when a person is not in a position to perform the duties that heperforming immediately prior to the accident, which has to be certified by a medical professional.

These are general interpretation for easy understanding & not legal wording.

Top

What is the compensation available in the event of the insured sustaining TTD ?

In the event of an accidental injury resulting in temporary total disablement ( to be confirmed by theattending physician )the insured shall be entitled to a compensation @ 1% of sum insured per weeksubject to a maximum of 104 weeks. Such weekly compensation shall in no case exceed Rs.5,000/- perweek.

Top

Can non-earning individual take Personal Accident Insurance cover ?


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A non earning individual can have policies like Janta Personal Accident Policy ,Gramin Personal Accident Policy.

Top

Is there any discount for getting family cover ?

Yes, depending upon the number of persons covered, family discount is granted.

Top

Can a cover be granted to a proposer where war and war like situation prevails ?

Under normal circumstances where war and or warlike situation prevails PA cover is not offered.

However, on payment additional premium the same can be got covered.

Top

What is cumulative bonus ?

If the insured person does not prefer any claim in the expiring policy, he is entitled to 5% cumulativebonus for every such claim free year subject to maximum of 50% cumulative bonus that means the suminsured under the renewed policy will be increased by 5% every year without charging any additionalpremium.

Top

Is there any grace period for renewal of policy ?

There is no grace period for continuity of insurance cover and policy cover expires on the last day ofpolicy period. In order to avail cumulative bonus benefits, the policy can be renewed within 90 days fromthe expiry of policy period.

Top

What is an Assignment ?

Assignment means that in the event of fatal accident of the insured person, the compensation is madeto the assignee on the basis of his full and final discharge. In case the assignment is not made underPersonal Accident Policy, the insurance company insist for SUCESSION CERTIFICATE from the Courtfor settlement of claim compensation, which is a time consuming, lengthy & cumbersome procedure.


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Top

Is there any tax benefit under Personal Accident like covers?

There is NO TAX BENEFITS for the premium paid under these types of cover.

Top

What the insured has to do in the event of accident ?

IN THE EVENT OF ACCIDENTAL INJURIES Immediate written notice should be given to the Insurance Company with all particulars. Claim from duly completed alongwith the following documents should be submitted ; Medical Certificate about the nature and extent of accident resulting injuries. Medical Examiners Report.

Details of treatment rendered by the attending Doctor/Hospital/Nursing home. Certificate from the employer to the effect that the Insured was on leave during the period. Fitness certificate.

IN THE EVENT OF ACCIDENTAL DEATHThe following documents are required to be submitted : Post-mortem Report. F.I.R./Police Report. Punchnama Departmental Inquiry, if any. Report of Doctor/Hospital/Nursing Home. Death Certificate.

Courtesy: Research & Development Cell, Head Office , Hansalya Building, New Delhi 110 001.

Personal Accident InsuranceWhile many individuals opt to invest solely in medical andproperty insurance, a growingnumber of people, both in the United States and abroad, are purchasing personal accidentinsurance to help protect them from the expenses and recurring effects of an accident. Similar todisability insurance in some ways, it offers compensation following a dangerous or debilitatingpersonal accident.

Why is this form of insurance necessary? As with many other financial services, its historyextends back quite a long time. In the industrial revolution, accidents were fairly commonplace

on building sites and in factories. With employees forced to work long hours in conditions thatwe're always to their favor, debilitating accidents and painful injuries were a surprisinglycommon occurrence.

As such, a number of employees were left unable to work due to accidents and recurring injuries,or in many cases unable to ever return to work again. With families to care for and a salary tobring in, a great deal of these injured workers were unable to provide for their loved ones. Theneeds became clear employees that could no longer work needed some form of accidentcompensation.
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Today, many public governments offer compensation in the form of accident benefits anddisability related income support. While this allows many former employees to get by, it doeslittle to help an ex-business owner or high-earner. Personal accident insurance offers a lump sumpayment a once-off source of income for those forced out of a job or other form of incomebecause of an accident.

Personal accident insurance is available to cover a variety of different accident types andoutcomes, with most policies allowing for compensation due to accidental death or injury. We'velooked at the top six reasons to purchase a personal accident insurance policy below, andarranged them in order to help you purchase a policy that suits your needs, your lifestyle, andyour personal income level.

Personal accident insurance can protect you from ongoing expensesAt the heart of any insurance policy is protection, either from risk or from expense. Homeinsurance policies capitalize on (and assist in countering) the fear of losing your home and itspossessions. Car insurancepolicies protect you from expenses associated with an accident.Medical insurancegives a dedicated financial protection from costly hospital care bills andrecurring medicine expenses.

Personal accident insurance operates on the same principle, in that it protects you from the riskof an accident destroying a source of income. It also allows you to use a lump sum payment (oneoff payment) to cover related expenses. Like other forms of insurance, it's a protective layer,covering the immense financial burden that a major workplace or public accident can attract.

Personal accident insurance makes medical expenses trivialMedical insurance is expensive, and often fickle in the amounts that it will pay out and theservices that it will cover. From non-elective surgeries that are billed as 'elective' under yourpolicy to a high level of customer dissatisfaction, the average medical insurance providercertainly isn't in a position to call themselves 'America's favorite' insurance provider.

Personal accident insurance can often be combined with a medical insurance policy to limithospital expenses and minimize the chance of a claim being rejected. As accident insurancepolicies pay out a one-off lump sum payment, many claimants opt to use their payout to coverexpensive health and hospital expenses that stem from the accident in question, or appear aslong-term additional effects.

Good insurance policies protect both you and your familyUnlike disability insurance packages, accident insurance doesn't protect your family throughlong-term recurring payments. Instead, it tends to operate on a single-payment principle.Following any dangerous or debilitating accidents, you're generally given a lump sum paymentwhich covers both the extent of the accident (personal injury) and the situation in which theaccident took place.

For example, if you're driving your vehicle and become involved in an accident which injures

your family and yourself, an accident insurance policy with the right characteristics could coverthe cost of your family's treatment and your own. This depends on your policy type many willoffer little more than a fraction of the policy's value but it can often be used to protect yourentire family.

Most personal accident insurance policies can be bought through an employerIf your employer already offers some form of personal medical insurance, disability insurance, orother safety or event-based insurance, you may be able to purchase a personal accident insurancepolicy from them at a reduced price. Speak with your HR representative or employer about the
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type of policies that are offered, and consider purchasing yours using an employers insuranceaccount.

This will allow you to save money on your entire insurance policy, either for just yourself or asan all-encompassing policy for your family and yourself. While employer-sponsored policies cangive service at low costs, however, they're not always the best option. Check their value against

what an independent policy can offer, and consider if the small savings are worth the change inpolicy.

Personal accident insurance policies aren't all that expensiveMany people are surprised when they hear the cost of most personal accident insurance policies,not due to their expense, but due to the relative lack of it. While medical insurance is renownedfor high premiums and costly deductible rates, the vast majority of personal accident insurancepackages are priced quite reasonably, often costing less than a few dollars every week.

So don't pass it off out of hand purely because of the perceived 'cost' of accident insurance. Withthe right insurance company backing you and the right policy type, an accident insurance policyhas the potential to insulate you from risk without costing an arm an a leg. Consider the total costof health care following an accident, and the value of a comprehensive policy immediately

becomes clear.

Many insurers can combine your policies to simplify paymentsIs your insurance portfolio becoming a little too complex? Many individuals hold a portfolio ofsix, seven, or even eight different insurance policies. There's accident insurance, medicalinsurance, and even ongoing insurance to keep your business safe from tax changes. It's aconfusing nightmare for some, but it's one that can easily be eliminated by speaking with yourinsurance company agent.

Insurance companies want to keep you as a customer using the simplest, least stressful policytype on offer. Speak with them about combining your policies into a conglomerated insurancepackage and they may be able to offer assistance. This can take the edge out of buying a personalaccident insurance policy, as the entire process of making recurring payments is made muchmore simple.

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Personal accident insurancecovers your expenses from an accident with a lump sum payment, adaily or monthly amount or a payment for loss of life from an accident. Several types of policiessupplement an insurance program. Often, accidental death and dismemberment is an inexpensiveform of personal accident insurance. Other forms are similar to disability income, but they pay acash sum when you have an injury due to an accident. There are several ways to buy personal

accident insurance. Some policies only pay for specific types of accident.1. History

Just like today, in early times if a man couldn't work because of an accident, his

family would suffer. In 1694, Hugh the Elder Chamberlain proposed a policy tocover a family income in the event of an accident, and, late in the 1800s, itbecame a reality. Even though they called it accident insurance, it resemblestoday's disability income, providing payments to the injured person. In 1850, the
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Franklin Health Assurance Company of Massachusetts offered the first policy thatcovered injury from a train or steamboat accident. Today, some insurancecompanies still offer accident policies for accidents on public transportation.

Types

Accident insurance may be accidental death and dismemberment insurance thatpays a specific amount if you die and a lesser amount if you lose a limb. It alsomight include a lump sum daily payment if you suffer injury from an accident.One form of accident insurance is travelers insurance and includes only accidentsfrom plane crashes. Other policies pay a daily amount if you receive injury froman accident. This amount isn't an income replacement but a fixed dollar amount.

Places to Buy

You can purchase accident income through your group insurance at work. This

type of insurance pays for the loss of life and limb due to an accident. Othersupplementary types of coverage for accident insurance that include a group cost

are part benefits from credit unions, credit cards and other financial institutions.Accident insurance also comes in the form of individual plans you can purchasethrough work. Groups such as high school football teams offer accident insurance.There are vending machines where a nervous flyer can buy airline accidentinsurance.

Cost

Accidental death and dismemberment insurance, one form of accident insurance,

is often inexpensive. There's a reason for that fact. It doesn't happen as frequentlyas death from an illness. Traveler's accidental death insurance is also inexpensivefor the same reason. Lump sum payments from an injury, not at work, that causes

you to seek medical attention and miss work costs more since there's a higherlikelihood of that occurring.

Misconceptions

Accident insurance doesn't pay for extended periods in the way disability does. It

offers lump sum payments for the loss of a limb. Often accident insurance pays inpercentage with the death receiving 100-percent payment, loss of both eyes orcombination of one hand and foot or sight in one eye. There are specificpercentages for other losses. For instance, you must lose a thumb and index fingeron the same hand in order to get 25 percent of the policy face value. Somepolicies increase payment if you had a seat belt on at the time of injury.

Over 70

Accident insurance for those in the later years is almost impossible to get. As

people age, their bones become more brittle and a minor fall to a young personmight cause death to someone older

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Personal accident

Personal accident insurance the insurance against death or injury caused by accidents developed during the railway age and originated in England with the successful establishment ofthe Universal Railway Casualty Compensation Companyin 1848. It was followed a year later bythe first Accidental Death Insurance Company, which insured against death and injury caused by

accidents of all kinds, not limiting itself to those caused by railway travel.

The idea was taken to the United States by James G Batterson who established the Travellers in1863 having got the idea after buying a Railway Passengers journey ticket in 1859. Three yearslater, personal accident insurance was introduced into Australia and France.

www.aviva.com

Why you need personal accident insurance

Talk to any financial planner and you are made to realise that your insurance need is muchhigher than what you are currently covered for and the first question that comes to mind is theexorbitant cost of the high insurance cover you need. On talking in detail you understand that agood part of the insurance need can be fulfilled by personal accident insurance at a cost which isjust 2 per cent to 5 per cent of premium to be paid for a normal endowment type life insurancepolicy. To understand it with an illustration:

While both are not fully comparable, accident insurance is always handy when high-risk cover isrequired and the cost involved under normal life insurance is exorbitant.

Why accident insurance?The probability of a young person dying of natural reasons is much lower as compared to theprobability of accidental death. So if we have to buy insurance for a 30 year old person earningRs 5 lakh a year, his insurance need would be close to Rs 1 crore which is certainly going to costa lot of money, say around Rs 4-5 lakh a year.

A good strategy would be to buy a combination of Term Insurance and Accident Insurance and

little bit of Endowment Insurance. Such a combo should cost around Rs 50,000 which can befurther brought down if the endowment is eliminated altogether till the income levels rise further.By removing endowment at this juncture, the cost will come close to Rs 16,000-17,000, which isvery much an affordable figure for a person who is earning Rs 5 lakh a year.

Types of accident insurance
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How to buy Personal Accident Insurance

Available with almost all general insurance companies

Available without any medical tests of any kind

Amount of insurance is restricted and is linked to the annual income of the person

Salaried people have to provide their salary slip and others are expected to provide theirincome tax returns by the help of which the insurance company can decide the amount ofinsurance cover to give

In most of the companies there is also a provision of a cumulative bonus for every claimfree year.

Accident insurance is the cheapest and smartest way of filling the insurance gap especially forthe young who are aware of the importance of insurance and whose salaries are still not veryhigh.

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leading

companies


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How to File an Auto Accident Personal Injury Insurance

ClaimX

Joe Stone

Joe Stone is a freelance writer in California who has been writing professionally

since 2005. His articles have been published on LIVESTRONG.COM, SFgate.com and

Chron.com. He also has experience in background investigations and spent almost

two decades in legal practice. Stone received his law degree from SouthwesternUniversity School of Law and a Bachelor of Arts in philosophy from California State

University, Los Angeles.

By Joe Stone, eHow Contributor

?

Filing an auto accident personal injury insurance claim begins at the accident scene and doesn'tend until you receive adequate compensation for your injuries. At the accident, you can startgathering the information by simply observing your surroundings and, if possible, writing downimportant details, such as names, license plate numbers and insurance information. The best wayfor you to receive adequate compensation for your injuries is to file a claim to reach an out ofcourt settlement with the insurance company or to take the insurance company to court and havea judge or jury determine your compensation.

Difficulty:

Moderate

Instructions

1.

1

Observe your surroundings at the accident scene for important accident details,such as the position of the vehiclesin the roadway, condition of the roadway (e.g.,standing water, pot holes, lane markings...etc.), and visibility and lighting.

2

Take photographs of the scene using any available device--camera or mobilephone--depicting the damage to the vehicles, debris in the roadway and skid
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marks. Also include, if possible, photos of the otherparties, witnesses andemergency personnel and vehicles on scene.

3

Collect contact information for the other drivers, witnesses and emergencypersonnel, in particular thelaw enforcement officers on scene so that you can

follow-up with obtaining the accident report. Either the other drivers or lawenforcement officer should provide you with the insurance information for allvehicles and drivers involved in the accident.

4

Notify your insurance company and the other drivers and their insurancecompanies of the accident and that you will be making a claim for propertydamages and personal injuries. When you contact the insurance companies, notethe name and specific contact information for the adjuster assigned to your claimand the claim number that you should include on all future correspondence.

5

Compile documents that will support your claim, such as receipts for medicalbills, vehicle repair and rental car costs, as well as documentation from youremployer for lost wages, even for sick days or vacation days taken as part of yourrecovery from your injuries.

6

Write a demand letter for your claim that will be sent to all the insurancecompanies for the drivers you believe are responsible for the accident. The lettershould set forth each item of damage and injury you suffered, with supportingdocumentation attached, and conclude by making a demand for a lump sumpayment to settle your entire claim.

Tips & Warnings

The demand amount of the lump sum of payment should include total compensation foryour pain and suffering in addition to the amounts stated in your documentation of billsand receipts. This demand amount should also be higher than what you think your claimis actually worth so that you have room to negotiate with the insurance adjuster.

Insurance companies usually attempt to settle out of court in cases where your injuries areminor. Consider having an attorney review the settlement offer before the paperwork issigned because, after the paperwork is signed, you will not have any recourse if a medicalissue subsequently arises.

References FindLaw: Personal Injury - First Steps

Nolo: Personal Injury & Accidents - Dealing With Your Insurance CompanyFAQ

Nolo: Write a Winning Demand Letter
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Guidelines for Personal Injury Insurance SettlementsX

K. Lynn Wallace

K. Lynn Wallace attended the University of the Arts and University of Baltimore Law

school and is now an attorney in Maryland. She has a general litigation practice and

has been a writer since 2009. She has served on the editorial board of the

"University of Baltimore Intellectual Property Journal."

By K. Lynn Wallace, eHow Contributor

?

Negotiating a settlement agreement with an insurance company can be intimidating. Insuranceadjusters negotiate settlements on a regular basis and have developed a technique for negotiating,while you probably have much less experience. However with careful preparation you cannegotiate a fair settlement with your insurance company.

1. Demand Letter

After you have notified the insurance company that you have been injured and

may be making a claim, you must submit a demand letter. The demand letter willdetail all of your expenses, including medical bills, receipts for repair of anyproperty, and any other expenses. The demand letter will also provide a specificamount of money that you would accept to settle the case. Your demand letterwill constitute the first offer in the negotiation, so it should be higher than you areexpecting to get. The insurance company is highly unlikely to offer you more thanyou request in your initial demand letter so it is important to request an amountthat you would be happy with. Be sure to request enough money to cover all ofyour bills that you incurred as a result of the accident and include somecompensation for your pain and suffering.

The Insurance Company's Response

The insurance company will review your demand letter and file and return to you,

most likely with a counteroffer. In their counteroffer the insurance company mayargue that you were at fault or that your expenses were too high. You will berequired to defend your position and the amount of money that you were forced tospend as a result of the accident. It is important that you provide all evidence thatsupports your position, including photographs, bills, or any other evidence thatyou have available.
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Accept, Counter or File Suit

Once the insurance company makes an offer you have three options: (1) you can

accept the offer, (2) you can make a counteroffer and offer to settle for less thanthe amount requested in your demand, but more than their first offer, or (3) youcan file a lawsuit and attempt to recover through the judicial system. Your

decision should be based on whether you can wait for the money, whether theinsurance company made a fair offer, and whether you believe that you have astrong case.

References

Settlement Negotiation Advice

Settlement Amount Guidelines
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Personal Accident Insurance

Cover for Growers

Site Map Feedback Contact Us FAQs

Personal Accident Insurance Cover for Growers

1. Personal Accident Insurance Scheme : Introduction:

Personal Accident Insurance Scheme was introduced by PSF Trust, Department of Commerce,Government of India as a social security measure for the grower members of Price Stabilisation FundScheme in 2005 with a cover of Rs.25,000/- per grower. The premium on behalf of growers was paid by

PSF Trust. Coverage of member growers enrolled in the PSF scheme under the Personal AccidentInsurance Cover is given in the Table below:

Coffee Rubber Tea Total

Total 11561 18471 14402 44704

* Premium @ Rs. 9.00 per member was borne by the PSF Trust.

2. Salient features of the Personal Accident Insurance Scheme:

Standard Perils Covered, Exclusions and Scope of Cover:

The insurance covers death / disablement due to accidents caused by external violent and visible meanse.g. fire, drowning, snake bite, road/rail accidents, electrocution, attack by wild animals. Sterilization risk

is also covered.

The exclusions are death, injury or disablement arising out of (a) intentional self injury, suicide, insanity,drunkenness, (b) breach of law with criminal intent and (c) war or warlike operations and/or nucleardevices.

The scope of cover is as under :

(a) Death due to accident Rs.25,000/-

(b)Permanent total disablementdue to accident

Rs.25,000/-

(c) Loss of one eye or one limb Rs.12,500/-

(d)Loss of two limbs, one eye &one limb or both eyes

Rs.25,000/-

3. Salient features of the Modified Personal Accident

Insurance Scheme (Modified PAIS):The Personal Accident Insurance Scheme was reviewed and GOI has approved a modified Personal
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ANYONE PLS TEL HER WAT IS 'STAGE FEAR'...,

'Ready' Trailer (Official) Ft. 'Salman Khan' and Asin

Mata Pita in words of Pandit Om Vyas from Ujjain - 3GP

Abhiruchi likes DiorandRajshri Productions.
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