Apollo Munich Individual Personal Accident- Premium

Objective

This is accidental policy, unlike basic accidental policies, covers accident inpatient hospitalisation, broken bones, transportation of imported machine, purchase of blood, modification of residence or vehicle in case of total permanent disability. It aims at providing a complete insurance against monetary loss  due to an accident.

Suited for

This policy is suitable for anyone up to 69 years of age. Every individual must have an accidental cover. It offers a cover up to 5 crores. Though the premiums are slightly higher due to wide coverage of the policy, they are still affordable and economical.

What does it do?

It claims to immune against financial losses incurred due to accidental death or disablement, whether partial or total. Unlike basic accidental policies, accidental inpatient hospitalisation expenses are covered. It also covers ambulance cost to transfer insured person from site of accident to hospital or from hospital to home, family transportation to hospital and transportation of mortal remains to home or burial or cremation ground. It allows a certain lump sum amount to support the education cost of children in case of permanent total disability or unfortunate demise of insured person. Education funding is allowed for maximum two children. Additionally it covers fractured bones, transportation of imported machines, purchase of blood and modification of residence or vehicle if claim was accepted for permanent total disablement. Each benefit is capped at specific percentage of sum insured and will be paid depending on the nature and severity of condition.

Pros

Policyholder enjoys a cumulative bonus of 5 per cent for every claim-free year up to maximum of 50 per cent of basic sum insured.
Family discount of 10 per cent is applicable if two or more members are covered.

Cons

Cumulative bonus reduces to zero in the following year when claim has been made.
Maximum allowance under each benefit is capped.
It does not provide any tax relief.

Our View

Rise in accident cases has increased the need and importance of personal accident covers. This is a worthy plan as it also covers expenses related to accidental death or disability. Though there is ceiling on each benefit, it reduces the financial burden to a great extent. Moreover, it is advised to furnish correct and true occupation details to avoid trouble at the time of making claim, just in case.