Presented by:Savita Sharma BBA(B&I


` The applicant can buy the policy for his spouse aged between 18-70 years . The minimum entry age is 18 years and the maximum entry age is 70 years (age as on last birthday). . caused by an accident. ` ` ` Personal Accident Insurance is not Life Assurance. dismemberment or death. Insurance against bodily injury or death because of accident.` A policy that will pay out an income or a lump sum in the event of disability.

providing payments to the injured person. it resembles today's disability income.` Just like today. it became a reality. late in the 1800s. ` In 1694. Hugh the Elder Chamberlain proposed a policy to cover a family income in the event of an accident. ` In 1850. his family would suffer. . in early times if a man couldn't work because of an accident. ` Even though they called it accident insurance. and. the Franklin Health Assurance Company of Massachusetts offered the first policy that covered injury from a train or steamboat accident.

occasions the death or disablement of the Insured person within twelve months from the date of the Accident. 'BODILY INJURY' means identifiable physical injury which (a) is caused by an Accident. except sickness or disease directly resulting from. and (b) solely and independently of any other cause.1. or medical or surgical treatment rendered necessary by such injury. .

. unusual.2. Accident shall also include (a) exposure resulting from a mishap to a conveyance in which the Insured Person is travelling. specific event which occurs at an identifiable time and place during the Period of Insurance. unexpected. 'ACCIDENT' means a sudden.

under this Insurance. where applicable. provided that the person or persons to whom such sum is paid shall sign an undertaking to refund such sum to the Underwriters if the Insured Person is subsequently found to be living.(b) disappearance. the Underwriters shall forthwith pay any death benefit. If the Insured Person is not found within twelve months of disappearing. and sufficient evidence is produced satisfactory to the Underwriters that leads them inevitably to the conclusion that the Insured Person has sustained Bodily Injury and that such injury has caused the Insured Person¶s death. .

. 4 'TEMPORARY PARTIAL DISABLEMENT' means disablement which prevents the Insured Person from attending to a substantial part of their business or occupation.3. 'TEMPORARY TOTAL DISABLEMENT' means disablement which entirely prevents the Insured Person from attending to their business or occupation.

6.5 'PERMANENT TOTAL DISABLEMENT' means disablement which entirely prevents the Insured Person from attending to any business or occupation for which they are reasonably suited by training. . arm or leg. 'LOSS OF A LIMB' means permanent loss by physical separation of a hand at or above the wrist or of a foot at or above the ankle and includes permanent total and irrecoverable loss of use of hand. education or experience and which lasts twelve months and at the end of that period is beyond hope of improvement.

` This injury needs to have occurred within the last 60 days from the time that you ceased work. Normally a life insurance company will cover you for any bodily injury sustained solely and directly by an accident. . ` The injuries need to be external and visible and independent of any other cause.` ` All personal accident insurance policies differ. ` This means that you are generally covered for general accidents that may cause you to suffer an injury which prevents you from working.

if injured. just like income. for as long as s/he is unable to work due to the accidental injuries. In case of death of the policyholder due to an accident. the policyholder.Under personal accident insurance. This income is non-taxable and does not exceed the policyholder¶s after-tax earnings minus the state benefits s/he can claim. There are eight common types of personal accident insurance policies: . receives cash benefits every month. the family receives a specific lump-sum amount.

` Team: Through a team accident insurance policy. ` Self-employed: Since self employed individuals are not eligible for employee benefits. .` Group: This policy is used by companies to cover employees for expenses related to accidents. organizers can seek cover for all the members of a sports team. they are worse off when injured in an accident.

` Professional: This policy is specifically for self employed professionals. such as a sportsperson. as accidents can cause more grievous injuries to them. who have special requirements. ` Travel accidents: This policy offers benefits in case the policyholder meets with an accident while traveling. actor. lawyer or doctor. . ` Over 50: This policy targets people over 50 years of age.

like mountaineering and rock climbing. The benefits usually enclose partners and children.` Children: The purpose of this policy is to provide financial help to parents if they are unable to work or if they incur expenses as a result of an accident. ` Individual: This policy can be taken by any individual. Since several activities are excluded from this policy. . it is not as useful for people who love adventurous sports.

the Insured Person¶s suicide or attempted suicide or intentional self-injury or the Insured Person being in a state of insanity. hostilities or any act of war or civil war. ` ` ` ` . the Insured Person engaging in flying of any kind other than as a passenger.This Insurance does not cover death or disablement in any way caused or contributed to by ` war. whether war be declared or not. radioactive contamination. the Insured Person engaging in or taking part in armed forces service or operations.

the Insured Person being under the influence of alcohol or drugs. Dental injuries are sometimes excluded in policies. ` ` ` ` ` . the Insured Person¶s own criminal act.deficiency Virus (HIV) howsoever these have been acquired or may be named. the Insured Person¶s deliberate exposure to exceptional danger (except in an attempt to save human life). All illnesses are excluded. AIDS Related Complex (ARC) or Human Immune.` Acquired Immune Deficiency Syndrome (AIDS).

. one have a policy that will cover you. ` This is a good policy to have as one are secure in the knowledge that in the event of an accident that should keep one off work for a long period of time. ` Personal accident insurance will cover one for up to 75% of one¶s income and one have the choice of either two or five years benefit periods or until one reach the age of 65.` A great benefit of personal accident insurance is that the premiums are fully tax deductible.

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