New India Individual Personal Accident Policy

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New India Individual Personal Accident Policy


	Objective			This policy aims to protect policyholder's family in case he meets an unfortunate death or gets disabled due to an accident
Suited for			Anyone aged between 5 and 70 years can buy this policy for one year and renew it year on year.
What does it do?			This policy provides coverage under four heads ranging from Table A to Table D where, Table D is the most basic plan. Table A provides the most comprehensive cover for death, temporary disability and permanent disability. It pays full sum assured in case of accidental death and a pre-defined percentage of the sum in the event of disability. The percentage of sum depends on the type and degree of disability. Apart from these, it pays for policyholder's children's education in case of his death or permanent total disability. Transportation of mortal remains is also covered. Also, policyholder can take additional protection, for medical expenses for certain conditions mentioned in the policy, by paying extra premiums.
Pros			It gives a worldwide coverage. Family discount of 10 per cent is available. No-claim bonus of 5 per cent for each claim-free year is provided under if cover is taken under Table A, B or C.
Cons			There is no tax benefit.
Our View			Individuals exposed to accidental risk must be covered under a personal accident policy. This is a decent policy with options to select the cover depending on the degree of risk that one wishes to insure.
Eligibility

Entry Age (years)

Minimum		5

Maximum		70

Coverage Type		Individual

Policy Term (years)		1

Sum Insured (Rs)

Maximum		Rs 1 lakh for a non earning spouse and Rs 50000 for a dependent children

Minimum		For an earning individual: an amount equal to 72 months income from gainful employment; for a non earning spouse: 50% of sum insured of earning spouse; for dependent children: 25% of Sum Insured of earning parents

Tax Benefit		Not available

Discount		Family discount of 10% is applicable in case spouse and dependent children are also covered under the same policy

No Claim Bonus		Sum Insured under the policy will be increased by 5% for each claim free year till it reaches 50% of basic sum insured. This is available only under Table A, B and C (Tables are described under Covers and Exclusions)

Customer Service		The New India Assurance Co. Ltd Jeevan Bharti Building, Corporate Office: 87, M.G Road, Fort, Mumbai 400001; Regional Office: 124 Connaught Circus, New Delhi-110001

Customer Service

Mail to		sanjeevani.behere@newindia.co.in

Call to		1800 209 1415

Network Hospitals		Http://newindia.co.in/listofhospitals.aspx


	Scope Of Cover

Cashless Facility		Available at network hospitals

Reimbursement Facility		Available if treatment taken at any non empanelled hospital

Types of Cover

Coverage under Table A

Accidental Death		pays 100% of Sum Insured

Loss of two limbs / both eyes / one limb and one eye		pays upto 100% of Sum Insured

Loss of one limb or one eye		pays upto 50% of Sum Insured

Permanent Total Disablement other than above e.g. paralysis due to an accident		pays 100% of Sum Insured

Permanent Partial Disability		pays a pre specified fraction of Sum Insured depending upon percentage and type of disability

Temporary Total Disability		pays 1% of Sum Insured on a weekly basis subject to a maximum of 100 weeks

Coverage under Table B

Accidental Death		pays 100% of Sum Insured

Loss of two limbs / both eyes / one limb and one eye		pays upto 100% of Sum Insured

Loss of one limb or one eye		pays upto 50% of Sum Insured

Permanent Total Disablement other than above e.g. paralysis due to an accident		pays 100% of Sum Insured

Permanent Partial Disability		pays a pre specified fraction of Sum Insured depending upon percentage and type of disability

Coverage under Table C

Accidental Death		pays 100% of Sum Insured

Loss of two limbs / both eyes / one limb and one eye		pays upto 100% of Sum Insured

Loss of one limb or one eye		pays upto 50% of Sum Insured

Permanent Total Disablement other than above e.g. paralysis due to an accident		pays 100% of Sum Insured

Coverage under Table D

Accidental Death		pays 100% of Sum Insured

Transportation of mortal remains from place of accident to residence		pays upto 2% of Sum Insured subject to a maximum of Rs 2500

Education Fund Grant		payable for a maximum of 2 dependent school going children in case of death or permanent total disablement

Add On Covers (requires payment of additional premium)

Medical expenses		cover upto a maximum of 10% of sum insured or upto 40% of the death / disability compensation claim payable


	Exclusions and Waiting Period		Self inflicted injuries or suicide

Happy Investing!!

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

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