Benefits of Buying Personal Accident Policy
The percentages and ratios of the benefits offered under the IFFCO Tokio individual personal accident policy are as follows:
In case of the untimely death of the policy holder in an accident, 100% of the capital sum insured is paid out to the beneficiaries or nominees.
In case the policyholder loses sight in both eyes, loses two limbs, or one limb and one eye in an accident, they receive 100% of the capital sum insured.
If an accident leads to the permanent total and absolute disablement, the policy holder receives 100% of the capital sum insured under the policy.
In case the policy holder loses the sight of one eye or suffers from the loss of one limb, they receive 50% of the capital sum insured under the policy.
Other benefits that are offered to the policy holder to ensure extra protection and financial relief in their hard times include:
Permanent Partial Disability: If an accident results in the loss of any fingers or toes or any other body part that causes permanent partial disablement, additional benefits can be availed, depending on the degree of disability caused.
Temporary Total Disability: Those who suffer temporary total disability in an accident, the policy will pay the policy holder an insured sum of 1% of C.S.I per week, which is subject to a maximum weekly limit of Rs. 25000.
Employment Benefit: The personal accident policy also compensates money up to a specified limit against loss of employment of the policy holder as a result of an accident. This coverage is offered in case of an accident results in loss of limbs, eyesight, or in permanent total disability.
Education Benefit: If the policy holder suffers permanent total disability, loss of eyes or limbs, or death, the cost of education for their dependent children will also be covered under the policy for up to a pre-specified limit.
Ambulance Benefit: Ambulance services for the policy holder that may be required after an accident will be covered up to a specific policy limit under the personal accident policy.
Cumulative Benefit: The capital sum insured under this policy is increased automatically every year at the time of renewal. The increased sum insured is up to a specified limit and no additional premium is required to be paid by the policy holder to avail this increased some insured.
Besides the benefits that have been mentioned above, the individual personal accident policy also offers coverage for the compensation for any clothing that is damaged in an accident. It also covers the expenses that may be incurred for the carriage of the dead body.