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Apollo Munich Individual Personal Accident - Standard Plan

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Apollo Munich Individual Personal Accident- Standard

Objective

This is a basic accidental policy paying a specified sum insured upon accidental death or accidental disablement. It pays accidental medical expenses and for education of insured's child, in case insured member falls victim to accidental death or acquires permanent total disability.

 

Suited for

Every individual must be covered under a personal accident policy to get financial respite from rising number of accidental eventualities. Since sum insured under this policy is fixed at 10 times the annual salary of proposer, those who fulfill the eligibility conditions and earn up to Rs 5 lakh per annum may buy this policy.

 

What does it do?

A basic accidental cover which claims to immune against financial losses incurred due to accidental death or disablement, whether it is partial or total. Apart from these basic benefits, it covers ambulance cost to transfer insured person from site of accident to hospital or from hospital to home, family transportation to hospital and transportation of mortal remains. It allows a certain lump sum amount to support the education in case of permanent total disability or unfortunate demise of insured person. Education funding is allowed for maximum two children. It covers accidental medical expenses as well. Each benefit is capped at a specific percentage of sum insured.

 

Pros

Policyholder enjoys a cumulative bonus of 5 per cent for every claim-free year up to maximum of 50 per cent of basic sum insured.
Family discount of 10 per cent is applicable if two or more members are covered.

 

Cons

There is a ceiling on maximum amount under each benefit.
It does not provide any tax relief.

 

Our View

This policy aims to mitigate risk of loss of income in case of accidental death or accidental disability of the insured person, hence it is recommended. It should be noted that premiums payable are a function of nature of occupation that insured person is involved in. Though the premiums are higher for occupations carrying high risk, it is advised to furnish the true nature of occupation to avoid trouble at the time of filing claim, just in case.

 

Eligibility

Entry Age (years)

Minimum

5; 3 months for children

Maximum

69

Maximum Policy Renewal Age (years)

70

Coverage Type

Individual

Policy Term (years)

1

Sum Insured (Rs)

Maximum

50 lakh

Minimum

1 lakh

Tax Benefit

Not Available

Discount

Family discount of 10% is applicable if 2 or more family members included

No Claim Bonus

5% increase in Sum Insured would be applicable for every claim free years till it reaches to a maximum of 50% of initial Sum Insured. a cumulative bonus has been applied and a claim is made, then in the
subsequent Policy Year the cumulative bonus will automatically reduce to zero.

Policy Termination

Insurance company may terminate the policy by giving a written notice of 30 days. Policyholder is allowed to terminate the policy at anytime by giving a written notice. In case no claim has been made under the policy, percentage of premium will be refunded on prorata basis

Customer Service

Address

Apollo Munich Health Insurance Company Limited
Corporate Office: 10th floor, Tower B, Building No. 10, DLF Cyber City, Phase -II, Gurgaon, Haryana-122002
Registered Office: Apollo Hospital Complex, Jubilee Hills, Hyderabad - 500033

Mail to

customerservice@apollomunichinsurance.com

Call to

1800-102-0333

Network Hospitals

Http://www.apollomunichinsurance.com/our-hospital-network.aspx

 

Scope of Cover

Accidental Death (AD)

Covered; pays Sum Insured

Permanent Total Disablement [PTD]

Predetremined percentage of Sum insured depending on nature of permanent total disablement

Permanent Partial Disablement [PPD]

Predetremined percentage of Sum insured depending on nature of permanent partial disablement

Temporary Total Disablement

weekly benefit upto maximum of 100 weeks. 1% of the Sum Insured for each week; maximum Rs 5 lakh

Emergency Ambulance

Up to Rs 2,000

Family Transportation to hospital (atleast 200 kms away) where insured is admitted

1% of AD Sum Insured; max Rs. 50000 . Restricted to one immediate member

Transportation of Mortal Remains

2% of AD Sum Insured; max Rs. 10,000

Education Fund

allowed upto 2 children. 10% of Accidental Death Sum Insured upto a maximum of Rs 20000

Accident Medical Expenses

covered upto lowest of the actual expenses, 40% of admitted claim, 10% of AD Sum Insured or Rs. 50,000

 

Exclusions and Waiting period

Special Exclusions for Accidental death, disablement and medical expenses

Bacterial infections (except pyogenic infection which occurs through an Accidental cut or wound).Hernia

General Exclusions

Pre existing condition or any complication arising from the same.Any psychiatric or mental disorders.AIDS or any other related conditions.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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