Smart things to know about personal accident cover

1) A personal accident insurance policy covers a person against accidental death and permanent or temporary disability due to the mishap.

2) Though the medical expenses related to the accident are usually covered to a certain percentage of the cover, some insurance companies may charge an extra premium for it.

3) Insurance companies use the work conditions, nature of job and lifestyle of the insured to evaluate potential risk and calculate the sum assured and premium. Occupations with high risk, such as mining or adventure sports, attract a higher premium.

4) Family plans are also offered under the scheme. The cover in case of the death of a non-earning spouse or children is typically a percentage of the cover of the earning member.

5) The personal accident cover is typically available to individuals up to 70 years of age. The coverage under this policy is worldwide, but the claims are paid only in the Indian currency.

6) These policies are typically issued for a maximum of one year. There is no grace period for the continuity of insurance and expires on the last day of the policy.

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