3 Conditions Covered by Personal Accident Insurance
Personal accident insurance covers medical expenses, permanent disability and death. Read what each of these three conditions includes in a typical policy.
Unlike life insurance, which is more specific about covering the risk of death, personal accident insurance has a broader scope of protection. It covers at least three conditions: medical expenses, permanent disability and death.
Here is the explanation.
Medical expenses
Personal accident insurance covers the cost of care and treatment to help the insured recover from an accident. The amount covered is usually capped at 10% of the sum insured.
It is important to study everything written in the policy, especially which medical expenses are covered and which are not. Each insurer applies different rules to each type of benefit it provides.
Permanent disability
The insurer pays a benefit to the insured if an accident results in permanent disability. Each insurance company has its own definition of permanent disability, and all of it is written in the policy. Permanent disability is generally divided into two categories: partial permanent disability and total permanent disability.
Partial permanent disability is disability from an accident that damages part of the body or stops it from functioning. It is usually determined based on a doctor's medical records.
Total permanent disability, on the other hand, covers accidents that stop most of the body from functioning. Some examples of total permanent disability are:
- One or both arms lost or no longer functioning
- Loss of sight in one or both eyes
- One or both legs lost or no longer functioning
- Total paralysis or insanity caused by an accident, after a waiting period of up to 12 months
Death
The insurer pays a death benefit to the heirs under these conditions:
- The insured dies within 12 months of the accident
- The insured is declared missing (not found) 60 days after the accident
- The insured dies from suffocation, drowning, inhaling toxic gas or poisoning
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