National Insurance Personal Accident Policy

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National Insurance Personal Accident Policy

 

	Objective			The objective of this personal accident policy is to cover against accidental death, permanent and temporary disability and other related expenses.
Suited for			This policy can be bought as an individual policy or a family cover.
What does it do?			This is a standalone personal accident policy that pays the sum assured in the event of death of insured member. Apart from death, it offers disability benefit that pays a percentage of sum insured depending on nature of disability caused due to an accident. The policy also offers to cover accidental hospitalisation expenses on payment of extra premium. The premium to be paid will depend on the risk on individual's life. There are three risk classes Normal, Medium and Heavy risk classified on the basis of nature of occupation performed by the person. Heavy risk life has to pay the highest premium.
Pros			The policy allows to cover accidental medical expenses as well. Education fund allowed by the policy helps in continuation of the children education on demise of their parent.
Our View			This is a complete personal accident policy and is recommended. Accidental medical expenses cover is useful only if you are not covered under a basic health insurance policy. However, a basic health insurance policy is essential and personal accident policy acts as an add on to widen the overall insurance cover.
Eligibility
Entry Age (years)
Minimum		5
Maximum		70
Maximum Policy Renewal Age (years)		70
Coverage Type		Individual/ Family
Policy Term (years)		1
Sum Insured (Rs)
Maximum		72 months gross pay or Rs.1000000 whichever is less
Discount		Family discount of 10% if family members are insured on an individual basis under the same policy. Family discount is available for a maximum of 6 persons only
No Claim Bonus		5% no claim bonus for every claim free renewal till it reaches 50% of initial sum insured
Customer Service
Address		Head Office: National Insurance Company Limited 3 Middleton Street Kolkata WestBengal Pincode : 700071
Mail to		website.administrator@nic.co.in
Call to		1800 419 4033

 

	Scope Of Cover
Death benefit		pays 100% of sum assured
Loss of two limbs, two eyes or one limb and one eye		pays 100% of sum insured
Loss of one limb or one eye		pays 50% of sum insured
Permanent total disablement		pays 100% of sum insured
Permanent partial disablement		pays a certain percentage of sum insured as stated in the policy document
Temporary total disablement		pays 1% of sum insured per week upto maximum of 104 weeks. Weekly benefit not to exceed Rs 5000
Dead body transportation		reimburses upto 2% of sum insured subject to maximum of Rs 1000
Education fund (for maximum of 2 children)		10% of sum insured per child subject to maximum of Rs 5000 per child
Additional benefits (require extra premium)
Accidental medical expenses		reimburses lower of 10% of sum insured or 40% of admissible expenses arising directly out of an accident

 

	Exclusions and Waiting Period
Pre existing illnesses or disability		not covered

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