Personal Accident Insurance
If there are changes to my life profile, must I inform my insurance company?
Yes, you are required to inform your insurance company should there be changes regarding your address, occupation and personal pursuits which would affect your risk profile.
Must I inform my insurance company about other insurance policies that I take?
Yes, you must inform your insurance company of any other insurance policies against accident or incapacity, except for a motor insurance policy.
My friend was covered under a PA policy. He had a fatal accident while riding a motorcycle but the insurance company repudiated the death claim. Why?
Your friend may have taken the standard PA policy which excludes death or injury while operating or riding a two-wheel motor vehicle. However, by paying additional premiums, policy owners may extend their policy coverage to include certain policy exclusions. It is best to discuss your needs with an insurance broker.
A claim was made for Permanent Total Disability (PTD) but was repudiated by the insurance company on the ground that the claimant could still work. What is the definition of PTD?
The definition of PTD may vary between insurers. A typical definition of PTD is one that defines it as a disability which prevents the insured from performing any work, occupation or profession. In the example above the insurer would have repudiated the claim because there is no evidence that the disability has prevented the insured from performing any type of work at all. Variations of this definition do exist and it is recommendable that you discuss this point with your broker to ensure that the definition under your protection is acceptable to you.
What are the benefits of Individual Personal Accident Insurance policy?
With Individual Personal Accident Insurance, you may avail yourself from the following benefits:
• Cover against Accidental Death or Permanent Total Disablement (PTD)
on account of an Accident.
• Cover against Permanent Partial Disability (PPD)
• Cover against Temporary Total Disability (TTD)
• Medical Expenses
What is the age limit for taking this policy?
The minimum age for taking this policy is usually 18 years and the maximum is usually 70 years.