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Personal Accident coverage protects
policyholders and their loved ones against the
universal risk of accidental death or disability. |
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In the event of such accidents, the insured and
estate get monetary compensation to offset the
income loss and any expenses incurred. |
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The most frequently available Personal Accident
benefits are: |
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Death
- This is payable in the event of loss of the insured’s life |
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Disability
- There are different degrees
of severity, from partial to permanent total disability,
depending on the availability and type of scale used.
This benefit can also come in the form of either a lump
sum payment or a fixed amount paid out regularly over a
period of time |
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Medical Reimbursement
- This is to ensure that the insured is compensated for any expenses
incurred when seeking treatment for injuries suffered in the event. This is usually subject to a minimum amount
and the limit is clearly stated |
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Hospital Income
- This provides the insured with cash for each day of hospitalization due to accident. This cash can be used for all purposes. |
