What is Personal Accident Insurance?
It is a type of insurance that financially protects you or your loved ones if you get into an accident or suffer a disability. Also commonly referred to as supplemental coverage, please remember that this policy isn’t tied to a health insurance plan. So, your insurance company is obligated to pay you directly if you get involved in an accident or sustain a temporary or permanent disability covered by your policy.
Why Should You Buy Personal Accident Insurance?
In most cases, an accident occurs without forewarning or prior notification. Because of this, you can’t afford to leave yourself unguarded. Some reasons you’re better served to have this coverage is that it;
- It takes care of you if you have a temporary or permanent disability.
- It covers all your major medical expenses as a result of the accident.
- Compensates your family if you die as a result of the accident.
- Caters to logistics like yours and your family’s transportation while you’re indisposed due to the accident.
Why Should You Compare Personal Accident Insurance?
Using a reliable tool like the FinCrew personal accident insurance comparison tool is essential. The most important is that each insurer puts their spin on this coverage. And, considering your unique circumstances, what one insurance company offers you in this area may be much more appealing than the offering of another. So, with a good comparison tool, it becomes easier to find the perfect Personal Accident insurance policy for you efficiently.
Who Is Eligible To Purchase Personal Accident Insurance?
All Malaysians, Malaysian permanent residents, work permit holders, pass holders or otherwise legally employed in Malaysia. Person age is depended on the respective insurance’s plan.
Will This Policy Still Pay If I Have Other Similar Insurance Policies?
Yes, the respective insurance company will pay in addition to any other policies you may have except for medical expenses which have been reimbursed by other policies.
How Does Double Indemnity Work?
Double Indemnity means benefit payable will be doubled if the Insured Person suffers death or permanent disability due to an accident while travelling as a fare-paying passenger on a public mode of transportation.
How Will I Be Entitled For Renewal Bonus?
As long as you renew your policy and there is no claim under Accidental Death or Permanent Disablement in the preceding year, a % Renewal Bonus of the Principal Sum Insured will be rewarded. Only claims under Accidental Death or Permanent Disablement will affect your Renewal Bonus.
Is Medical Expenses Benefit Payable Per Disability?
Yes, the respective pay up to the sum insured for medical expenses for each accident and the limit is as per the respective insurance company’s plan.
What Does a Personal Accident Insurance Cover?
Depending on the extent of your coverage, this policy can insure you for both minor and major accidents. In addition to financially protecting you in the event of fatality, you’re also guaranteed partial or total disability. The fine print of the specific Personal Accident insurance you get will contain more specific details on the protection you enjoy with this policy.
What Is Excluded In Personal Accident Policy?
Some of the things excluded under a standard Personal Accident insurance policy include;
- Death or injury due to suicide.
- Sustaining injury while under the influence of drugs or alcohol.
- Injury sustained due to acts of war, civil war, and other incidents of this nature.
- Death or injury while engaging in physical activity like bungee jumping, ballooning, etc.
Your insurance policy will contain a complete list of all exclusions, so read it carefully.
Can a Personal Accident Cover Be Granted To a Proposer Where War And War-Like Situations Prevail?
In most cases, many insurers will decline such a proposal. And the few that will take it on may opt to do so only at a considerably high premium.
What is Permanent Total Disablement, Permanent Partial Disablement & Temporary Disablement?
Permanent Total Disablement or PTD refers to a case where the disability sustained is absolute because of an accident. It is irrecoverable. Permanent Partial Disablement is similar to PTD, except that the disability sustained is not complete or is partial. Temporary disablement refers to instances where the disablement only lasts a specific period. The individual will eventually recover full use of their body.
How Do You Classify Occupations?
Occupations are classified into 3 classes as follows:
Occupation Class 1
Persons engaged in professional administrative, managerial, clerical and non-manual occupations
Occupation Class 2
Persons engaged in work of supervisory nature but not involved in manual labour
Occupation Class 3
Persons engaged either occasionally or generally in manual work which involves the use at tools or machinery