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A Personal Accident policy provides compensation in the event of an insured individual sustaining bodily injury arising out of an accident caused by external and violent means.
In the event of death and permanent total disablement of the insured person, an additional compensation will be paid towards the educational fund for the dependent child of the insured up to age of 23 years as under:
In case of loss of employment on account of permanent total disablement, an additional compensation to the extent of 15 percent of the original CSI subject to a maximum of Rs.15000/- is payable.
Expenses incurred towards carriage of dead body and the funeral charges are reimbursable to the extent of maximum 2 percent of the capital sum insured or Rs.2500/- whichever is less.
A Cumulative bonus of 5 percent of the Sum Insured for every completed claim free year is added to the capital sum insured under benefits numbered 1 to 4. However the maximum addition of this bonus can be to the extent of 50 percent of the capital sum insured.
In the case of the sum insured under benefits 1 to 4 for an individual is Rs.1,00,000/-, the maximum accretion of the bonus can be Rs.50,000/-
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