National Insurance is one of the top state-owned insurance companies operating in India. The company offers a range of insurance products in multiple categories including health insurance, motor insurance, personal insurance, etc. Individual Personal Accident Policy is a personal insurance cover offered by National Insurance. This is a cover that helps people financially secure themselves against unforeseen eventualities resulting from an accident. Though this does not compensate for the medical expenses incurred, it provides a lump sum compensation against the death or disability of the insured.
People who wish to subscribe for the National Insurance Individual Personal Accident Policy must fit within the following eligibility criteria.
Some of the key features of National Insurance Individual Personal Accident Policy can be listed as follows.
National Insurance Individual Personal Accident Policy offers a range of benefits for its policyholders. Some of the key benefits are given in the following table.
|Accidental death||100% sum insured for any accident resulting in the death of the insured within 12 months from the date of injury|
|Permanent total disability||100% sum insured for any accident resulting in the permanent total disability of the insured within 12 months from the date of injury|
|Permanent partial disability||Compensation mentioned in the policy document for accidents resulting in permanent partial disability of the insured within 12 months from the date of injury|
|Temporary total disability||Weekly compensation of 1% of the sum insured (not exceeding Rs.5,000) for a maximum period of 104 weeks|
|Funeral expenses||Up to 2% of the sum insured or Rs.1,000 (whichever is less) for the transportation of the dead body of insured|
|Education fund (against death or permanent total disability of the insured)||For one child - up to 10% of the sum insured subject to a maximum of Rs.5,000 For two children - up to 10% of the sum insured subject to a maximum of Rs.10,000|
|Cumulative bonus||Up to 5% available for every claim-free year subject to a maximum of 50%|
|Available add-on covers||Coverage for hospitalisation expenses and daily cash allowance|
National Insurance Individual Personal Accident Policy comes with a set of exclusions for which the insurer is not liable to provide any coverage. Some of the key exclusions of the policy can be listed as follows.
Upon the occurrence of an event that may give rise to a claim, the insurer must be notified immediately. For death and permanent total disability, the insurer must be notified within one calendar month following the occurrence of the event. The insurer may ask for certain documents and proofs before the claim can be processed. Some of the documents required include:
Once these documents are submitted to the insurer or third-party administrator, the claim process will be initiated by the company. The company will verify the validity of these documents before providing the settlement amount to the insured or dependents. Following the verification of these documents, National Insurance will provide the settlement amount within 30 days. In case of rejection of the claim for any reason, the company will communicate the information to the concerned person within 30 days along with the reason for rejection.
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