Under Miscellaneous Insurance, this is an important insurance that general insurance companies are offering. This is the only policy that operates anywhere in the world. The policy is available at an affordable premium; it should be taken out by all citizens of India. Mostly age accepted by companies is 5 to 70 years. The policy is based on the earning capacity of a person. As it provides weekly compensation also along with other risks like death, loss of limbs. Medical expenses are covered on payment of an additional premium. ACCIDENT MEANS AN UNEXPECTED OR UNDESIRABLE EVENT THAT RESULTS IN DAMAGE OR HARM. THIS POLICY IS NOT AN INDEMNITY POLICY, IT IS RATHER A BENEFIT POLICY, AND hence, subrogation and contribution principles will not apply. Husband and Wife have insurable interest in each other; similarly, children may also be covered. An employer can take policy for his or her employees, a club can take a policy for the members, and so on. Weekly compensation is restricted to 500000 of the sum insured, which means there will be compensation of Rs 5000 (one percent of the sum insured) as maximum per week. Death benefit and other benefits may be given for more sum insured as per eligibility of the person. The policy provides for 100% payment in case of death and loss of two limbs, loss of two eyes or one limb and one eye. 100% payment is also made in case of complete Paralysis of the body. In case of loss of one limb, 50% of the sum insured is paid. Permanent partial disability shall be paid as per the schedule attached. Temporary total disability (weekly compensation) as mentioned above. Weekly compensation is payable up to 100 weeks. Reimbursement of medical expenses is covered on an actual basis

Policy further states that damage or injury should be solely and directly of an accident. Food poisoning, snake bite death, and drowning, etc, will also come under the scope of this policy. Policy is subject to 5% cumulative bonus every year in case there is no claim, the sum insured goes up up to 50% of the basic sum insured. Group Personal Accident Insurance is also available. Policy also pays for 2500 rupees for the carriage of the dead body. (or 2% of the capital sum insured, but a maximum of 2500). Policy will also provide a lump sum of Rs 5000 for one child as education allowance or Rs 10000 for two children after the death of a policyholder. There are exclusions like self-injury, suicide, war, dangerous activities, and adventurous sports, ballooning, mountaineering, etc. There is an assignment clause in the policy where the nominee’s name can be given. Premium is different for different categories of persons like office going, Builders, workers, working in mines, etc. Restricted cover, as on-duty cover, is also available. Flight Insurance, Janta Personal Accident (without weekly compensation) are some other examples of personal accident insurance. Policy allows group discounts and long-term discounts.