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New India Assurance Personal Accident Policy: Features, Benefits, Review

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The New India Assurance offers a range of products covering different conditions. The Personal Accident disability plan offered by New India provides financial compensation in case of death or disability resulting from an accident.

There are several other types of personal accident policies offered by New India Assurance like Individual Personal Accident policy, Group Personal Accident policy, Passenger Flight coupon (for travelling passenger), Gramin Personal Accident policy (for rural Indians), Janata Personal Accident Policy, Student safety Insurance (for school and college students), Raj Rajeshwari Mahila Kalyan (for women) and Bhagyashree Child Welfare (for girls). For details on these policies contact Coverfox.

Plan variants –

None

Available options –

Individual, Family package or specific Group coverage.

Main highlights of the plan –

The important benefits of New India’s Personal Accident plan are:

  1. Worldwide cover in case of any accident.

  2. Option to cover entire family under family package cover.

Scope of cover –

  1. This plan is available for individuals residing in India between age 5 years to 70 years.

  2. The family package cover is available for insured, lawful spouse and dependent children. A discount of 10% is applicable on premium.

  3. An individual has four coverage options to choose from:

• Table D – Covers only death resulting from accident.

• Table C – Covers death, loss of one or both limbs or one or both eyes or any other permanent total disability.

• Table B – In addition to coverage offered under Table C this option covers permanent partial disability. Depending on the part of the body affected, fixed percentage of sum insured is provided as compensation.

• Table A – In addition to coverage offered under Table B above in this option temporary total disability is also covered.

The sum insured limit for family of insured are as follows: The income of 72 months from a gainful employment is maximum sum insured value. Thus, varies from individual to individual. Note: The income from property, shares, etc. would not be considered for calculation. Non-earning Spouse would be covered up to – 50 % of the Sum Insured of the proposer up to a maximum of INR 1,00,000. Dependent Child would be covered up to – 25% of the Sum Insured of the proposer up to a maximum of INR 50,000.

Benefits offered in this plan –

Most important –

The Accident Care policy offered by Star Health and Allied Insurance offers benefits like:

ACCIDENTAL DEATH –

This benefit is available under all the options, Table A, Table B, Table C and Table D. Under this benefit, death due to accident is covered up to 100% of sum insured.

PERMANENT TOTAL DISABILITY –

This benefit is available for individuals covered under Table B, Table A and Table C of this policy. Under this benefit, an injury resulting in permanent disability an accident is covered in the range of 50 to 100% of sum insured, depending on the part of the body affected.

PERMANENT PARTIAL DISABILITY –

This benefit is available only for individuals covered under Table B and Table A of this policy. Under this benefit, accident resulting in loss of a part, causing partial disability is covered. In such case percentage of sum insured is paid as compensation. This compensation depends on the part of the part disabled.

TEMPORARY TOTAL DISABILITY –

This benefit is available only for individuals covered under Table A of this policy. Under this benefit, an injury resulting from accident which has affects the work life is covered. In such case, a compensation equal to 1% of sum insured up to a maximum limit is provided for a maximum of 100 weeks is provided.

Value added benefit –

The Personal Accident policy by New India Assurance offers some additional benefits without any extra premium which are:

1. NO-CLAIM BONUS -

For no claims under Table A, B and C a no-claim bonus equal to 5% of sum insured up to a maximum of 50% is provided in this health insurance plan.

2. COVERAGE FOR EXPENSES ON TRANSPORTATION OF DECEASED INSURED –

Expenses on transportation of deceased insured equal to 2% of sum insured up to a maximum of INR 2,500 are covered under this policy.

3. EDUCATION FUND –

Under Family package or individual personal accident cover, education fund is provided for a maximum of 2 dependent children up on valid claim on death or permanent total disablement.

Add-on covers –

Some of the benefits provided by Personal Accident policy by New India Health Insurance upon payment of additional premium are:

1. Hospital expense extension –

Additional medical expense cover for treatment post an accident is available as an add-on cover for individual and group policies. The limit of coverage under this benefit is equal to maximum of 10% of sum insured or 40% of compensation death/disability claim.

2. WAR RISK COVER –

Insured individual working in foreign country on civilian duty can be covered for war risk up on payment of additional premium.

Please refer the policy wordings for the detail list of coverage offered under the section.

Note: No two benefits mentioned above are applicable at the same time.

Exclusions –

Some of the major exclusions under a personal accident plan are:

  1. War or terrorism related injuries.
  2. Self- injury or suicide.
  3. Pre-existing injury or disability.
  4. Treatment for illness or disease.

Please refer the policy document for the detailed list of all the exclusions.

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Aniket Thakker
Written by Aniket Thakker
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.

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