| Introduction |
| |
| It
is a fact of life that accidents can happen anytime, anywhere,
and when you least expects it. People often wish they
could turn back the clock after accidents have occurred.
Even if one escapes death, the victim may be left permanently
disabled. On top of the pain and sufferings, it can become
a major financial burden too.Find out how inexpensive
it is to protect you and your family against such eventualities. |
| |
| Personal
accident policies can help alleviate some of the financial
burdens for the family. Such coverage is especially important
if the policyholder is the sole breadwinner, or is responsible
for a large portion of the family income. |
| |
| The
chances of such mishaps may seem remote to you. According
to statistics, more than 200 people were killed and 7,500
were injured in road accidents every year here. |
| |
| Personal
Accident Plans makes a good complement to existing life
policies for a relatively small additional outlay. |
| |
| It
is also especially useful for people who need high protection
but cannot afford the high premium of regular life insurance.
After all, there is no limit to the ceiling of personal
accident cover and yet the premium is relatively affordable. |
|
|
| Coverage |
| |
| The
basic personal accident policy covers death and permanent
disablement. The coverage can be further extended to cover
temporary total disablement, temporary partial disablement,
medical expenses and hospital income. |
| |
| Premiums
under personal accident cover vary with the policyholder's
occupation, and not with age. Thus the more perilous the
occupation, the higher the premium. |
| |
| There
are essentially three classes of risk: |
- Class
1 : includes professional, managerial, clerical and
general non-manual occupations.
- Class
2 : includes supervisory occupations that do not require
the use of tools or machinery or exposure to any special
hazard.
- Class
3 : includes manual occupations involving the use
of tools and/or light machinery, but not of a particularly
hazardous nature.
|
| Needless
to say, Class 1 policyholders pay the lowest premium while
Class 3 policyholders pay the highest. |
| |
| Do
bear in mind that personal accident policies do not tend
to cover hazardous sports that involve higher risks of
accidents such as parachuting, skydiving and scuba diving.
But some policies do pay out a portion of the normal benefits
in the event that the policyholder meets with an accident
while engaged in such sporting activities. |
|
|
An
example of Benefits
| Events |
|
Scale |
| Death |
|
The
Sum Insured |
| Permanent
Disablement |
|
The
Following Percentages of the sum insured |
| Loss
of two limbs |
|
100% |
| Loss
of both hands, or all fingers and both thumbs |
|
100% |
| Total
loss of sight of both eyes |
|
100% |
| Total
paralysis |
|
100% |
| Injuries
resulting in being permanently bedridden |
|
100% |
| Any
other injury causing permanent total disablement |
|
100% |
| Loss
of arm or hand |
|
100% |
| Loss
of arm |
-
at shoulder |
100% |
| |
-
between shoulder and elbow |
100% |
| |
-
at elbow |
100% |
| |
-
between elbow and wrist |
100% |
| |
-
at wrist |
100% |
| Loss
of leg or foot |
|
100% |
| Loss
of leg |
-
at hip |
100% |
| |
-
between knee and hip |
100% |
| |
-
below knee |
100% |
| |
-
fractured leg or patella with established non-union |
10% |
| |
-
shortening of leg by at least 5cm |
10% |
| Loss
of |
-
whole eye |
100% |
| |
-
sight of |
100% |
| |
-
sight of except, perception of light |
50% |
| |
-
lens of |
50% |
| Loss
of four fingers and thumb of one hand |
|
70% |
| Loss
of four fingers |
|
40% |
| Loss
of thumb |
-
both phalanges |
30% |
| |
-
one phalanx |
15% |
| Loss
of index finger |
-
three phalanges |
15% |
| |
-
two phalanges |
10% |
| |
-
one phalanx |
5% |
| Loss
of middle finger |
-
three phalanges |
10% |
| |
-
two phalanges |
7% |
| |
-
one phalanx |
3% |
| Loss
of ring finger |
-
three phalanges |
10% |
| |
-
two phalanges |
7% |
| |
-
one phalanx |
3% |
| Loss
of little finger |
-
three phalanges |
10% |
| |
-
two phalanges |
7% |
| |
-
one phalanx |
3% |
| Loss
of metacarpals |
-
first or second (additional) |
3% |
| |
-
third, fourth or fifth (additional) |
2% |
| Loss
of toes |
-
all |
22% |
| |
-
great, both phalanges |
10% |
| |
-
great, one phalanx |
5% |
| |
-
other than great, if more than one toe lost, each |
3% |
| Loss
of hearing |
-
both ears |
75% |
| |
-
one ear |
20% |
| Loss
of speech |
|
75% |
| Loss
of speech and hearing in both ears |
|
100% |
| Removal
of lower jaw by surgical operation |
|
50% |
|
| |
|
Major
Exclusions
- Acts
of War
- Participant
in professional sports, hazardous sports
- Flying
as a crew member or technician
- Self-inflicted
injury or suicide
- Childbirth
or pregnancy
- Fulltime
military, police or civil defence personnel
- AIDS
or AIDS Related Complex
- Death
or injury in consquences of insanity, alcoholism
or the use of drugs
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