2016-06-30 20:02:00 UTC
In part 1 of the series, we looked at the basics of Personal accident insurance policy as well as the riders to obtain a suitable cover. Here we look at other aspects like how to get PA insurance cover, general procedure for a claim, etc.
Any death, disability or dismemberment caused accidentally is included. The following are some examples:
The above are for standalone policies; PA add-ons(AKA riders) don’t cover partial disability or hospitalization as already mentioned in part 1
Below are some common exclusions.
Most insurers will allow you to add ADBR anytime, as long as the base policy is in force. Therefore, even if you have already bought a term insurance plan, it is possible to get the ADBR cover. As with all riders, ADBR cannot be bought standalone.
Notify your insurer all particulars of the accident and submit a duly completed claim form along with the documents below:
In the event of an Accidental death, the following documents are to be furnished to the insurer by the nominee as proof of accidental death:
Generally no medical test or examination is required to get a Personal Accident insurance cover but certain occupations may be exceptions.
Evidence of employment and income such as Income Tax Return and salary slip , etc are required to make claims and therefore it’s not possible for unemployed individuals to acquire this cover.
Children and spouse are eligible for this cover and you can include them in your PA cover and choose a Family Package cover. However, insurers generally offer only a fraction of the sum assured as cover for dependents typically 25% and 50% of sum assured for kids and spouse respectively. However, this is only possible in a standalone policy.