We all have heard of "prevention is better than cure", how many of you actually implement this saying in your real life? People have a tendency to wait for the unfortunate events to be happen and later they rely on treatment to make everything back on track again. Where, in treatment a lot of money drains out because of the higher medical expenses. If you see this story in other way, one can save that money by focusing on prevention or precautionary measures. Are you prepared for such unpleasant situations?

Individual Personal Accident Insurance Policy

One can get injured while working in a construction area, while crossing road, entering in an organization’s premises and slips because of wet floor and any other activity that involves physical injury. An insurance company makes your life easier by providing claim whenever in need. Life is not as we expect it to be, but it can be worst without personal accident insurance policy. What if you meet with accident and loses both the limbs, one or two eyes, lose your thumb, hearing power of one or both the ears, loses eye sight of one or both the eyes? What if you become handicapped for life? What if you die? These questions are terribly scary but somehow truth of life. Therefore, to have a little control over managing such unknown events or situations you must acquire some backup plans for you and your family’s safety.

Who can buy Personal Accident insurance policy?

According to this policy, anyone between the age-group of 18 to 70 years, residing in India can buy personal accident insurance cover and get up to 5 lakhs sum insured. The best part of personal accident insurance policy is that, it has no boundary restrictions as it can cover you worldwide. And, in any injury mentioned under the policy is liable to pay by insurance company.

Is personal accident insurance cover only insured person?

This policy allows to cover insured as well as his/her family members such as legal spouse, 2 dependent children, and dependent parents. Also, dependent child/children including adopted and step child/children of the insured person between age 5 to 25 years, who are unmarried and permanently reside with the insured person, and receive the majority of maintenance and support.
Different PA covers

Types of personal accident insurance –

Individual personal accident insurance (IPA): This cover is available for you as an individual and for your family members in case of accidental damage or loss i.e. accidental death, loss of limbs, sights, permanent/partial disablement. Any person who is earning can take this policy for financial safety.

Group personal accident insurance (GPA): If you are an employer and want your employees to be safe, you can buy group personal accident cover for them. The policy is good for small as well as big enterprises as the cost of buying is low.

SGI Personal Accident Insurance Plans – Here four types of different personal accident insurance plans are available with multiple coverage. You can choose as per your requirement.

  Basic Plan   Basic Plus Plan   Advance Plan   Comprehensive cover
  Accidental Death & Disappearance   Accidental Death & Disappearance   Accidental Death & Disappearance   Accidental Death & Disappearance
  Transportation of Mortal Remains   Transportation of Mortal Remains   Transportation of Mortal Remains   Transportation of Mortal Remains
  Children‘s Education Benefit   Children‘s Education Benefit   Children‘s Education Benefit   Children‘s Education Benefit
  Permanent Total Disablement   Permanent Total Disablement   Permanent Total Disablement
  Permanent Partial Disablement   Permanent Partial Disablement
  Temporary Total Disability
Top PA insurance elements

Features of personal accident insurance policy – As per the features of personal accident insurance policy, it provides financial safety against accidental death, permanent total/ partial disabilities. In such cases, you as policyholders can claim for the unpleasant events that occur. Always remember to buy personal insurance cover that provides complete protection not less coverage. Accidents are uncertain and you never know when and where it can hit you and can cause serious harm. This can have an unplanned significant impact on your financial status. Later, it may affect your earnings capability if something unfortunate happens. Therefore it is important to get yourself prepared with buying personal accident insurance policy.

  • 100% sum insured for accidental death: The policy is beneficial as in the case of accidental death; insured's nominee can get the whole amount of sum assured. There are people who ignore buying personal accident insurance because of the lack of knowledge and importance about the cover. But, above all the safety of you and your family is important. Therefore buying personal accident insurance cover is essential. So, that if you get involved in any unexpected event, it won’t hit hard to your pocket.
  • Gives a sense of security: It is highly advisable to have financial backup plan to overcome such unknown circumstances without any financial problem. It reduces the financial burden at the time of medical expenses.
  • 70 years old can avail cover: Yes, you can buy scheme for personal accident insurance upto the age of 70 years and that’s a great relief for people of this age. As at this age risks are higher and they are vulnerable to uncertainties. Therefore, it is important to buy personal accident insurance for them.
  • Education of children: The personal accident insurance policy provides education for children plan also. If you face accidental death or permanent total disability, we ensure to take the education responsibility of your first two dependent children. There is one time payment of 2% of the benefit in case of a claim under accidental death or permanent total disability for each child towards the cost of education, up to first 2 of the insured’s dependent children who are studying.
  • Peace of mind: The personal accident insurance policy provides complete peace of mind and the obvious reason is financial support from the insurer. What can be better than compensating your financial burden at the time of mishappenings?

ShriramGI provide following personal accident insurance cover –

  1. Accidental death: Accidental deaths are uncertain; in such death, the nominee gets 100% compensation of the sum insured as per the Basic Plan, Basic plus Plan, Advance Plan or Comprehensive Plan that is selected by insured. If during the policy period, insured person meet with any accidental bodily injury that causes his/her death within 12 months from the date of such accident. Where, such accident is the sole and direct cause of death. The insurer will pay the benefit for loss of life during the policy period. This cover can secure your family’s financial status after your absence. This is the meaning of personal accident insurance and you should go with it.
  2. Permanent Total Disability: In case, if someone gets injured and loses his/her (any) body part permanently and become handicapped for life. The insurer will pay 100% of the sum insured shown under the plan selected. If the insured person meets with an accidental bodily injury during the Policy Period that causes permanent total disability (shown in the table below) within 12 months from the date of accident and such accident is the sole and direct cause of permanent total disability.
  Disability   % of sum insured
  Loss of sight of both the eyes   100%
  Loss of two entire hands or two entire feet   100%
  Loss of one entire hand and one entire foot   100%
  Loss of sight of one eye and loss of one entire foot or hand   100%
  Complete loss of hearing of both ears and complete loss of Speech   100%
  Complete loss of hearing of both ears and loss of one limb   100%
  Complete loss of hearing of both ears and loss of sight of one eye   100%
  complete loss of speech and loss of one limb   100%
  complete loss of speech and loss of sight of one eye   100%
  1. Permanent Partial Disability: If insured meets with an accidental bodily injury during the policy period that causes disablement of shoulder joint, thumb, index finger or others considered to be permanent partial disability. If it results within 12 months from the date of the accident and such accident is the sole and direct cause of permanent partial disability, then insurer will pay the percentage (shown in the table below) of the sum insured shown under each of the plans.
  Nature of Disability   Percentage of Sum Insured Payable
  An arm at the shoulder joint   70%
  An arm above the elbow joint   65 %
  An arm beneath the elbow joint   60 %
  A hand at the wrist   55 %
  A thumb   20 %
  An index finger   10 %
  Any other finger   5 %
  A leg above mid-thigh   70 %
  A leg up to mid-thigh   60 %
  A leg up to beneath the knee   50 %
  A leg up to mid-calf   45 %
  A foot at the ankle   40 %
  A large toe   5 %
  Any other toe   2 %
  An eye   50%
  Hearing of one ear   30 %
  1. Temporary Total Disability: If the insured suffers an accidental bodily injury during the Policy Period which is the only cause for temporary disablement. And, completely prevents the insured from his/her respective occupation. Here insurer provides weekly payment of 1 % of capital sum insured per week, maximum up to Rs 50000 until he/she is back to work.
Pa cover add on

You can choose following covers as Additional Benefits (add-ons)

  1. Transportation of Mortal Remains: As additional benefit coverage, if you opt, you can be compensated for the actual cost of transporting the remains of the deceased from the place of death to a hospital, cremation ground or burial ground. The amount we pay will be limited to the lower of Rs. 5,000/- or 2% of the sums insured.
  2. Children‘s Education Benefit: We think of your children too, if you claim under accidental death or permanent total disability, then we will make onetime payment of 2% of the benefit for each child towards the cost of education. The cover is available for first two dependent children who are studying.
  3. Hospital Confinement Allowance: Again, if you claim under an accidental death and temporary total disability, we will pay Rs.1000/- for each complete calendar day, that insured person had to be hospitalized (within or after the policy period) for medical reasons, because of such accidental bodily injury. However, the amount we pay under this cover for each policy period will be limited to Rs.30, 000/- even if there is more than one claim.
  4. Accidental HospitalizationCover: If in case, insured meets with an accident resulting in bodily injury during the policy period and is hospitalized because of accident. If he/she admitted in the hospital for twenty four (24) continuous hours or more, then we will reimburse the expenses. If you are planning to buy personal accident insurance, choosing this cover would be beneficial. The reimbursement includes hospital accommodation; emergency room, intensive care unit, nursing care; the attention of medically qualified staff, fees of physicians, charges for laboratory test, prescription medicines or drugs, therapeutics, anesthetics, transfusions, artificial limbs or eyes, x-rays, prosthetic appliances, undergoing medically necessary procedures and medical consumables, ambulance charges.
  5. Medical Expense Reimbursement: As per medical expense reimbursement cover, if claim triggers in principle coverages i.e. accidental death, temporary total disability, permanent total disability and temporary total disability. We reimburse the costs of necessary medical treatment for the insured obtain from a medical practitioner because of the accidental bodily injury.
  6. Modification of Residential Accommodation and Vehicle: In the event of Injury, We will reimburse up to the Sum Insured for covered expenses reasonably incurred to modify the Insured Person’s residential accommodation or own vehicle on account of the Insured having suffered Permanent Total Disability subject to the condition that these alterations are necessary as per the advice of treating/ attending Medical Practitioner. The benefit under this section is payable subject to the claim under Permanent Total Disability under the policy becoming admissible. The maximum limit under this section will be Rs. 50,000/- for modification of single residential accommodation/vehicle.

Personal accident insurance premium calculator

The premium calculator assists you to calculate the Personal accident insurance premium in a best way to know exactly how much you have to pay. The cover provides complete protection against financial loss due to accidental death or bodily injury.

Premium details The premium rate in personal accident insurance is fixed depending on the type of employment or occupation of the insured person. Occupation is categorised on the type of risk levels.

  Risk Level I   Risk Level II
  Administrative/Managing functions   Manual labour
  Accountants   Garage mechanic
  Doctors   Machine operator
  Lawyers   Paid driver(car/truck/heavy vehicles)
  Architects   Cash carrying employee
  Teachers   Builder
  Other similar occupations   Contractor
  Veterinary doctor
  Other similar occupations

You can easily calculate premium for personal accident insurance by visiting our ShriramGI website. Go to the page and click buy now and get quote by filling details like sum insured, occupation and policy term. This is how the premium amount will be shown on screen. After then you need to proceed to fill up personal details such as name, gender, date of birth, occupation, policy term email-id, mobile number, address, city, area and at last the nominee details (name and relationship). Finally click ‘’calculate premium’’ and you will get the wholesome amount with proper bifurcations with cover description, sum insured and premium amount. You can pay via various payment modes such as debit/credit card, net banking and wallet.

Capital Sum Insured The sum insured of a person for which cover is sought under a personal accident policy is called capital sum insured (CSI). Total CSI should not exceed 60 months’ salary/income from active employment.

Sum insured for family cover –

Earning member CSI for each earning member will be limited to maximum of 60 months’ salary or monthly income.

Spouse – 50% of the CSI of the earning member.

Children (5-25 years) – 25% of the CSI of either earning member or Rs. 50,000 per child whichever is lower.

Premium table for Shri Personal Accident Policy(Premium is exclusive of GST)



BASIC PLAN BASIC PLUS PLAN ADVANCE PLAN COMPREHENSIVE PLAN


Risk Category Risk Category Risk Category Risk Category
Sr No. Sum Insured Risk - I Risk - II Risk - I Risk - II Risk - I Risk - II Risk - I Risk - II
1 100000 48 67 67 90 81 109 147 195
2 200000 95 133 133 181 162 219 295 390
3 300000 143 200 200 271 242 328 442 584
4 400000 190 266 266 361 323 437 589 779
5 500000 238 333 333 452 404 547 737 974
6 600000 285 399 399 542 485 656 884 1169
7 700000 333 466 466 632 566 765 1031 1364
8 800000 380 532 532 722 646 874 1178 1558
9 900000 428 599 599 813 727 984 1326 1753
10 1000000 475 665 665 903 808 1093 1473 1948
 

Premium table for Shri Personal Accident Policy (Premium is inclusive of 18% GST)



BASIC PLAN BASIC PLUS PLAN ADVANCE PLAN COMPREHENSIVE PLAN


Risk Category Risk Category Risk Category Risk Category
Sr No. Sum Insured Risk - I Risk - II Risk - I Risk - II Risk - I Risk - II Risk - I Risk - II
1 100000 56 78 78 107 95 129 174 230
2 200000 112 157 157 213 191 258 348 460
3 300000 168 235 235 320 286 387 521 690
4 400000 224 314 314 426 381 516 695 919
5 500000 280 392 392 533 477 645 869 1149
6 600000 336 471 471 639 572 774 1043 1379
7 700000 392 549 549 746 667 903 1217 1609
8 800000 448 628 628 852 763 1032 1391 1839
9 900000 504 706 706 959 858 1161 1564 2069
10 1000000 561 785 785 1066 953 1290 1738 2299
 
PA insurance advantages

What are the benefits of personal accident insurance?

Anything that happens to save your life and make it better than before is beneficial for you. So, far we are discussing about personal accident insurance services and usage. Let’s get to know some of the benefits below –

  • Financial assistance in unfortunate events: The most important thing for which you should go with personal accident insurance scheme is to have financial assistance whenever you need. The PA cover helps to reduce financial burden due to high expenses on treatment due to uncertainty. It compensates according to the personal accident insurance plan chosen by you. Therefore it is highly recommended to buy personal accident insurance cover to make your life easygoing.
  • Provide various covers: The insurance policy provides various covers that include accidental death, permanent partial disability, and permanent total disability for your protection. As well as for extra protection you can prefer buying add-on covers i.e. additional coverage such as transportation of mortal remains, children education, hospitalization cover, medical expenses reimbursement and more.
  • Cost effective: Money has always been a topic of concern for people as nobody want to buy worthless. Here you don’t have to worry about the money as buying personal accident insurance cover is cost effective. You can buy coverage as per your choice and requirement and according to that make final payment when satisfied. To make it more reasonable we also provide several discounts and offers so that you won’t pay extra money.
  • Worldwide coverage: One of the personal accident insurance benefits is the worldwide coverage. This insurance policy has no boundary restrictions as you can claim from any corner of the world and get compensated. Therefore, no need to worry about the territory, you can call anytime from anywhere for assistance.
  • Option to choose plans/policy term: The benefit is that you are not limited to just one cover or one coverage plan. To get enhanced services we have provided three personal accident insurance plans such as basic plan, basic plus plan and comprehensive plan. Among these you can opt what best for you and as per you requirement. Shriram General Insurance also provides policy term upto three years. Whatever suits you, go with that only. If you choose 3 years policy coverage, it would be great benefit for you and also extend as per the terms and conditions. Also, you don’t have to get yourself ready every year to renew the insurance policy if opted 3 years long term personal accident insurance policy. 
  • Family members cover too: With personal accident insurance coverage, not only you but your spouse, first two children will also be covered. As well as dependent parents also included in the policy coverage according to insurance terms and conditions. Nothing is more important than your family, personal accident insurance coverage gives you opportunity to show love and care towards your family. God forbidden, one day if you will not be there with your family, this policy still be holding their hands.
  • Ambulance expenses: The charges incurred in ambulance expenses are carried out by the insurer under the personal accident insurance cover terms and conditions. In the case of demise or accident insurer provide financial assistance for ambulance services. All, these are like essential facilities that you must have.
  • Easy claim process: It is convenient for people if they get claim easily without obstacle. When you buy personal accident insurance, don’t worry about the claim because the procedure is hassle-free with us. Get yourself insured without any fear and go on with acclaimed financial safety.
PA insurance online

Buy personal accident insurance online

The most convenient medium to buy personal accident insurance is online platform. It encourages people to buy insurance policies on their own without taking agents input. The era we are living in, no one has time to go out rush the insurance branch and ask to buy PA cover. At the same time online platforms has developed a kind of reliability and dependency in a positive way because of the convenience it provide. There are so many reasons why it highly recommended buying personal accident insurance online. Let’s see some of the reasons below-

  • Easy and convenient: The best part of online buying personal accident insurance is the home comfort. As you can easily purchase insurance staying at your home without going out. You just need a laptop or a Smartphone and a working internet plan, through which you can access our website and generate quote.
  • Quick and hassle-free: Instant buying personal accident insurance cover is possible via online medium without delay. It’s a quick and hassle-free procedure that anyone can go through. That’s the reason it is online buying is highly recommended.
  • Save time &money: The easy accessibility of buying personal accident insurance online saves time and money both at some extend. It helps save time as every detail of requirement is given on the website page for filling up the form. You just have to fill each and every detail you know and it’s very quick. At the same time it saves money as well because of the direct buying between us (insurer) and insured as no hidden commission or charges applies. Also, we provide discounts and offers to the buyers while operating online.
  • Minimum documentation: Online buying personal accident insurance policy gives liberty from heavy files and documentation. As the procedure is quite easy and all paperless, you just have command the navigation on the website. And, after policy created you get the final document that is policy copy.
  • Online chat facility: Online chat services while buying personal accident insurance policy are the best idea for communication between the insured and insurer as it is so quick and frequent. It provides instant response when a customer raises any query. This online facility makes the buying procedure easy and smooth.
  • 24x7 support & availability: Once you buy personal accident insurance plan, forget about the time limit as you can call anytime you need our assistance. Even when buying insurance if you face any kind of problem or issue, you can directly call to the support desk without hesitation 24x7. It is wise to choose online medium to buy personal accident insurance.
What PA insurance not cover

Before buying personal accident insurance policy, know about the exclusions because SGI shall not be liable to pay the benefits if the disability or death occurs as result of the following –

Exclusion -

  • Through suicide, attempted suicide or Intentional self-inflicted injury or illness.
  • While under the influence of Intoxication i.e. Liquor or drugs.
  • Arising or resulting from the insured person Insanity or immorality, committing any breach of law with criminal intent.
  • Whilst engaging in Dangerous hobbies such as aviation or ballooning, whilst mounting into, dismounting from or travelling in any balloon or aircraft other than as a passenger (fare-paying or otherwise) in any duly licensed standard type of aircraft anywhere in the world.
  • Whilst participating as the driver, co-driver or passenger of a motor vehicle during motor racing or trial runs.
  • As a result of any curative treatments or interventions that insured person carry out or have carried out on insured person body.
  • Arising out of insured person participation in any naval, military or air force operations whether in the form of military exercises or war games or actual engagement with the enemy, whether foreign or domestic.
  • Any injury/disablement/death directly or indirectly arising out of or contributed to any pre-existing condition.
  • Pregnancy, resulting in childbirth, miscarriage, abortion, or complications arising out of any of these.

Whenever you plan to buy personal accident insurance policy covers for your safety, always remember to read the policy wordings or terms and conditions carefully to know better about the inclusions and exclusion separately.

PA insurance FAQ's

Let’s get through some frequently asked questions (FAQ)to clear your confusions -

Que. - If there is loss of two fingers permanently, what compensation will be paid?
Ans - Fixed percentage of the CSI as mentioned in the policy will be paid.

Que. - If the loss of fingers is temporary and could be restored later, is compensation still payable?
Ans - Yes, as per the percentage of CSI as mentioned in the policy.

Que. - Is claim payable only when the accident happens in India?
Ans - No, it is payable worldwide, once proof of the same submitted.

Que. - Is claim payable without medical report?
Ans- No, report is important for proof.

Que. - Is personal accident insurance operates 24x7?
Ans - Yes, it provides a 24 hours cover.

Que. - How many children cover under family Personal Accident insurance cover?
Ans - First 2 dependent children are covered under family Personal Accident insurance cover.

Que. - I have opted for Personal Accident Insurance with my Car Insurance Policy. Do I still need to buy a separate PA policy?
Ans - Yes, there is still an option to buy personal accident insurance even after having it with your car insurance. PA insurance policy with car insurance is applicable during car accidents for owner-driver. The insurer will pay for the compensation in case of bodily injury due to road accidents. However, Individual PA policy covers you across given geographical territory under given risks such as falling from stairs, slips on the bathroom floor, road accidents, and more. Therefore, you can't rely on personal accident cover with car insurance and you should buy an individual personal accident insurance policy.

Conclusively, the main objective for buying personal accident insurance policy coverage is to attain financial safety for you and your family members. This is possible while compensating for the financial concerns i.e. unforeseen incidents, loss of income and others. Hence, it is really important to buy personal accident insurance policy to protect your life from financial burden impacted through an accident. Though, this cover is not mandatory buy in India but to make you and your family secure, must take it. We are here to assist anytime for your safety’s sake.

Written By: Shriram General Insurance - Updated: 19th July 2021
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