Personal Accident Insurance
Under this policy, the insured is provided with financial aid in case of an accident resulting in loss to him. In case the insured is died in the accident, the insurer agrees to pay a certain sum of money to the dependents of the deceased worker. To avail the benefits of this scheme, the insured has to pay the prescribed premium regularly i.e. premium to the insurer. Similarly the insured is given financial help in case the insured becomes disabled (permanent, temporary or partial) in an accident against the regular payment of premium to insurer.
Evaluation of premium:
Premium evaluation for Personal Accident Insurance is as per the following job categories of insured.
- First category is for the administrative and technical jobholders who have mental and hand activities such as Engineer, Doctor, Surveyor, etc.
- Second category is belongs to those employees, who deal with light machines such as Shopkeeper, Baker and tailor etc.
- Under third category those employees come who perform their duty through heavy machineries such as industrial workers, mechanics etc.
Period of Policy:
Personal Accident Insurance has 24 hours coverage for a period of one year.