PERSONAL ACCIDENT INSURANCE COVER
Personal Accident Insurance policy provides comprehensive protection against financial instability caused due to accidental death, severe injuries due to accidents, total or partial disability caused due to accidents, and even temporary disabilities. In case of accidental death of the policyholder, the authorized nominee receives 100% policy compensation amount. Partial, total and temporary disabilities have a fixed percentage of compensation amounts that vary with every insurance company.
There are two types of Personal Accident covers –
1) Individual Accident Insurance – insures only a single individual against accidental injuries or death.
2) Group Accident Insurance – generally taken by employers to insure their employees against accidental injuries and death. It is a value-added benefit provided to employees, and the employers get the advantage of reduced premium on large group size.
Personal Accident Insurance can be bought online through the official website of any insurance company that provides this cover.
PERSONAL ACCIDENT COVER PREMIUM CALCULATOR
A personal accident insurance calculator helps you to calculate the insurance amount and the premium so that you can compare multiple service providers and choose the one best for you. To arrive at the right figures for your accident insurance, you need the following data –
- Annual Income of the Person to be insured
- Number of people to be insured
- Details of people to be insured (name, DoB, occupation,etc.)
- Sum Insured
- Nominee for every insured person is compulsory
- Mobile number and email ID of the primary applicant
HOW TO USE PERSONAL ACCIDENT INSURANCE PREMIUM CALCULATOR
For calculating the personal accident insurance premium, and other insurance deliverables;
- Visit the official website of the insurance provider and on the Home page select “Insurance” then “Personal Accident Insurance.”
- In the next window input your Name, Mobile Number, and Email-ID and click on “Get Quote.”
- Select your Annual Income, Number of members to be insured, and the Sum Assured. Again, click on “Get Quote.”
- The screen will now display the exact premium payable by you for getting your Personal Accident Insurance. Click on “Buy” if you wish to proceed.
- In the next window you will have to input the relevant personal details of all the members to be insured. You will also have to appoint a nominee separately for every member.
- The next window will display all the information shared by you. Verify and proceed to payment by clicking on “Make Payment.”
- You will receive an OTP on your registered mobile number to validate your identity and the information provided by you.
- Once the OTP is verified, you can make your policy payment through the options provided on the screen.
The Personal Accident Insurance premium amount depends on the number of people to be insured, the annual income and the sum insured selected. The higher the sum insured; the higher will be the premium amount.
Many insurance companies provide a discount of up to 10% on insuring 3 or more family members.
HOW TO CALCULATE PERSONAL ACCIDENT INSURANCE RENEWAL PREMIUM?
On break-free and timely renewal of the Personal Accident Policy in a claim-free year, some insurance companies provide an increase in the benefit under the policy by 5% to 25%.
For renewal of existing policies, just before the expiration of the policy term, you can renew the cover on the web portal of the insurer under the relevant section. Just enter your current policy number, add or remove any extra features provided by the company and the system will seamlessly calculate the premium for you. The renewal should be done before the expiration date to avoid inspection charges.