Invidual Personal Accident Policy

  •  About Policy 
  •    What does this Policy cover? 
  •    Benefit: 
  •    Exclusions 
  •    RATING 
  •  Additional Information 

About Policy

Magma HDI's IndividualPersonal Accident Policy provides you and your family mitigation against the financial consequences of unforeseeable accidents.

Here's what you need to get started

 

What does this Policy cover?

The Policy provides for defined benefits based on the nature of injury sustained, by the insured person in an accident during the Policy period.

-Coverage Types:

a) Basic Cover - Covers against Death only

b) Wider Cover - Covers against Death, Permanent Total Disablement

c) Comprehensive Cover - Covers against Death, Permanent Total Disablement

Permanent Partial Disablement & Temporary Total & Permanent Partial Disablement. Disablement-Additional cover:

The Policy can be extended to cover the following by payment of additional Premium:

A) Medical Expenses Extension:Cover the medical expenses reasonably and necessarily incurred by you towards medical expenses as a result of an accident resulting in the bodily injury, death or disablement. The compensation under this extension is restricted to 40% of the Personal Accident Claim or actual medical expenses whichever is less.

B) Hospital Confinement Allowance:Daily allowance of Rs 500/- per day to the actual number of days or 30 days, whichever is minimum, if the insured person (s) is hospitalised as a result of an accident resulting in the bodily injury, death or disablement.

The additional premium for this extension is Rs 300/- per person

 

Benefit:

The compensation benefits will depend upon the nature of injury and the Capital Sum Insured under the Policy.

For accidents resulting in Death or Permanent Total Disablement, we will provide compensation equivalent to the full Capital Sum Insured.

For Permanent Partial Disablement the compensation will depend on the nature of injury and corresponding percentage of Capital Sum Insured as detailed in the 'Table of Benefit' under the Policy document or as per the medical advices of our appointed Medical Practitioner.

In respect of Temporary Total Disablement, we will provide compensation at 1% of Capital Sum Insured or Rs 5000/- whichever is less per week for a maximum period of 104 weeks.

Extra benefits under the Policy:

In addition to the Compensation benefit stated above, we also undertake to provide compensation in respect of the following:

A. Transportation cost for carriage of dead body to your Home including the funeral charges.

Fire and Allied Perils- Building & Contents

1% of Capital Sum Insured or 2,500/- (Two thousand five hundred) whichever is lower.

B. Cost of Clothing damaged in the Accident as described above and liability for disablement is admitted by us.

Actual expenses subject to a maximum of Rs 1000/

C. Ambulance charges for transportation of Insured person to Hospital following Accident

Actual expenses subject to a maximum of Rs 1000/

D. Education Fund in the event of death, permanent total disablement i.e. 1 & 2 of Table of Benefit of Insured Person, We will approve compensation towards Education Fund for the first two dependent children up to the age of 25 years.

-5% (Five percent) of C.S.I subject to a maximum of Rs. 15000/-

E. Loss of Employment in the event of accident leading to loss of employment as a consequence of Permanent Total Disability as per the table of benefits.

2% of CSI subject to a maximum of Rs 25000/-

 

Exclusions

  • Self-injury, suicide, venereal disease or insanity.

  • Influence of intoxicating liquor or drugs.

  • Death due to pregnancy or childbirth.

  • Breach of law with criminal intent.

  • War and nuclear group of perils.

  • On duty with armed forces.

  • Injury/death while participating in adventurous sports

  • Contracting any illness directly or indirectly arising from or attributable to HIV or any HIV related illness including AIDS and / or any mutant derivative or variation of HIV or AIDS.

 

RATING

Nature of Cover

Category-Normal

Category-Heavy

Category-Very Heavy

Basic 0.40%o 0.57%o 1.17%o
Wider 0.90%o 1.30%o 2.79%o
Comprehensive 1.40%o 1.95%o Not to be covered

** Specific reference to be made to Corporate Office for any changes in rates or terms.

Rating for Optional Covers:

A) Medical Expenses Extension:Policy can be extended to cover the medical expenses reasonably and necessarily incurred towards medical expenses as a result of an accident resulting in the bodily injury, death or disablement. The compensation under this extension is restricted to 40% of the Personal Accident Claim or actual medical expenses, whichever is less .

The additional Premium for this extension is 25% of the base PA premium.

B) Hospital Confinement Allowance:Daily allowance of Rs 500/- per day to a maximum of 30 days, if the insured person (s) is hospitalised as a result of an accident resulting in the bodily injury, death or disablement.

The additional premium for this extension is Rs 300/- per person

 

Cumulative Bonus:

Compensation for individual policies and family package covers under the Basic and Wider Cover as per Table of Benefits shall be increased by 5% of Capital Sum Inured in respect of each claim free year,  if the policy is renewed within 7 days from the date of expiry. Maximum Cumulative Bonus will be restricted to 50% of CSI.

Age Limit:

Minimum age: 5 years.

Maximum age: No limit

Cancellation

If the Insurance Company cancels the policy, Insured will be entitled to a pro-rata refund of the premium. If the policy is cancelled by the Insured, premium will be retained by the Insurance Company as per following short period table and the balance will be refunded to the Insured subject to the condition that no claim has been preferred on the Insurance Company by the Insured.

Up to 1 month 25% of annual premium
Above 1 month & up to 3 months 50% of annual premium
Above 3 months & up to 6 months 75% of annual premium
Above 6 months 100% of annual premium

Claims Document:

  • Claim form.

  • Doctor's report, bills in case of temporary/permanent disablement.

  • Police report/post mortem report in case of accidental death.

  • Leave certificate from employer in case of temporary disablement.

  • Any other relevant document.

(For further details please see the Policy Document)

*********

 

 

  • Helpline 1800 - 3002 - 3202

 

    Customer Support: 1800-3002-3202 customercare@magma-hdi.co.in

    Have us call you

    Select



    Apply Job

    Browser

    Please note: Upload PDF or Word files only Up to 1 MB

    Thank you for contacting us. We will get in touch with you shortly.

    Thank you!

    You will be contacted from our customer service within 24 hours.

    Please note it down.

    And in case you don't get a call within 24 hours,

    please call us on 180030023202 and quote this reference number.

    If you are registered with DNC,

    then please call us at 180030023202

    Thank you for the application! We will contact you regarding your job application.