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New India Individual Personal Accident Policy

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Call 0 94 8300 8300 (India)

 

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!!

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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