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Personal Accident Insurance

Personal Accident Insurance

A Personal Accident Insurance provide compensation in the event of an accident causing death or injury. The purpose of personal accident insurance is to pay fixed compensation for death or disablement resulting from accidental bodily injury . Personal accident and sickness policies are renewable annually.


Personal Accident Insurance 


Human life is always uncertain. At any time we can get into an accident. Personal accident insurance is a contract entered into between the insurer and the insured in which the insurer promises to pay a specified sum as per the contract if the insured is physically or partially injured due to an accident or illness. This is not an indemnity agreement. Because human physical or mental harm is never measurable in money, it is not compensable. In this case the insurer helps the policyholder to protect against future distress by providing financial benefits only. So it's a lot like life insurance. Generally, officers, employees or workers engaged in hazardous activities have their own accident insurance either by themselves or by the employer. Such insurance can also be accepted in case of death or injury by Pradhar's assailant.


Classification of personal accident insurance

      The increasing popularity of personal accident insurance has led to the introduction of various types of personal accident insurance. These are discussed one by one below: 

      1. Accidental Death Insurance: People can die due to an accident at any moment. Accidental death insurance is a contract entered into between the insured and the insurer whereby the sum assured is paid to the insured's nominees or heirs if the insured is injured due to an external direct cause and dies within a specified period from the date of injury. For example, in case of serious accident while traveling in an airplane or a ship or in a theater or cinema hall and dies within a certain period of time, double the amount insured is paid under this type of insurance. Usually only those engaged in risky activities take this type of insurance.
      2. Accidental Death or Disability Insurance: A person may die due to fatal injuries in an accidental accident;  Again the insured may become permanently disabled or lose a limb and become useless forever. In such cases the following benefits may be available from the insurer if accidental disability insurance is taken: To the Assured:
          • (i)Total sum assured payable on death.
          • (ii) Total Sum Assured is payable in case of loss of two limbs or both eyes or one limb and one eye.
          • (iii) 10%-90% of the sum assured is payable in case of loss of any one part of the body or one eye.
          • (iv) In case of permanent total disability of the insured, the sum assured is payable in cash or in fixed installments.
      3. Specified Disease and Accident Insurance: An insurance contract that provides a weekly benefit in case of accidental death or disability due to a specified disease mentioned in the policy is called Specified Disease or Accidental Disability Insurance. Different companies name different types of diseases. Listed. Generally, insurance companies guarantee this type of allowance from 52 weeks to 120 weeks.
      4. Any Illness and Accident Insurance: Any type of disease can cause people to lose performance temporarily.  Such insurance is provided against temporary disability due to such illness. However, it is not common in this country.  However, in Europe and America, this type of insurance is very popular and covers 70/80 types of diseases.
      5. Hospital and Medical Expenses Insurance: Due to the high cost of medical treatment for people suffering from sudden accidents or various diseases, it is not possible for many people to get proper treatment due to financial constraints. If desired, the policyholder can arrange to cover medical or hospital expenses etc. with additional type of insurance by paying a fixed additional premium.
      6. Benefit of Waiver of Premium Insurance: If a policyholder or policyholder becomes disabled due to an accident or disease and is no longer able to pay the premium or it is not possible to collect the premium from him. As a result, the policy is cancelled. In this case, the insurers introduce the premium waiver system to benefit the policyholders.


      Procedures of claim for personal accident insurance 

      Accident insurances, like other insurances, have certain procedures for claiming compensation. Personal accident policies like life insurance are not indemnity insurance, although other accident insurances are indemnity insurance. For that reason, personal accident insurance is called insurance method rather than compensation claim method. Following is the sequence of raising insurance in case of personal accident insurance: 

      The insured may purchase such insurance for himself or for anyone in whom he has an insurable interest. In case of accident occurring during the insured period the insured himself or in case of death of the accident insured his nominees or dependents shall first notify the insurer of such accident by written notice. Basically it is through receipt of such notification that the insurer comes to know about the accident and the process of raising the insurance claim begins. However, the insurer, after receiving the said written notice, sends a specific claim form to the insured or the nominee as the case may be. This claim form must be properly filled by the insured himself or his nominee in case of death of the insured person and submitted to the insurer within the prescribed period by attaching a certificate from a registered doctor about the accident and in case of death of the insured person as proof of death in the accident. After receiving the disorderly accident, the validity of the accident and the validity of the accident and examination. If necessary, insurer organizations can verify the cause of the accident and damage to the accident by sending its own expert or physician. But if there is a lot of damage, then compensation is provided according to the certificate of the doctor's doctor's certificate. And if the insurance recipient is physically damaged physically, in the treatment of the insurance employment, the dismissal of the loss of damage is to be paid overall the balance. Many times a certain amount of daily treatment is provided during the treatment. Finally, I can say that the above rules are raised by personal accident insurance insurance. But in this case, it must be remembered that during the rising of the insurance, it should not exceed the term insured.


      Fixing the premium in personal accident insurance 

      Life Insurance, the reduction of risk level increases with reduction in human age. But the relationship between personal accident is not as significant. As a result of the increase in age, due to the degradation of energy, more risk fears are increased, but the age of ages is considered helpful to prevent accidents. Therefore, considering the increase in the decrease in the age of insemicity, premiums or semi is not determined in this regard. In this case, the risk depends on the expected facilities and professions and it is almost the same for all ages of such a problem and all the ages of the profession. So in the personal accidental insurer, Insurance premium depends on the varying and insured person's profession. So on the basis of the profession, the risk is divided into three parts:

      • First class: General Risk: The insured in the first class is the people of lawmakers, general businessmen, bankers, representatives, clerk, government officials and employees, teachers etc. They carry general risks. Their risk levels are good, ideological phase, ie 0-75.
      • Second Category: Additional Risk: The second class insured person is - the people of the business, business, commercial traveler, a business manufacturer who often works in the business, etc. They carry extra risks. Their risk levels are between 75-12, that is, they are ideological risk.
      • Third Category: Risk of danger: The third class is the sum insured in the form of auction, home-made, house maker, yarn mechanism, engineer, workers, animal sur geologist, excessive alarms, such as Butcher, wood businessmen, horse's association, People engaged in forest protective business, contractors etc. They are the most dangerous risks in the profession. Their risk levels include 125-500, that is, they are subscribed to sub-viewer risk.   

      The personal accident insurance premium is charged on the risk category as per the mentioned profession. There are special premium rates for perilous risks.

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