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L&T my: health Personal Accident Insurance

Objective

This is a standalone personal accident policy that covers accidental death, disability and other conditions to help family members and insured persons to cope up with the situation of financial instability caused as a result of accidental death or disability.


Suited for

This policy can be bought as an individual or family package cover including spouse, dependent child and dependent parents. Sum Insured for spouse and dependents will be limited to 50% and 25% respectively. This policy is a must for those engaged in high risk job profiles.


What does it do?

Its working is similar to any other personal accident policy that pays a lumpsum equal to the sum insured to the family members in case of death or permanent total disability of insured member caused due to an accident. If insured member becomes permanent partially disable, the insurance benefit to the insured person will vary depending on the type and nature of disability. It pays a weekly insurance benefit in event of temporary total disability.
Apart from direct benefits, this policy ensures that inopportune events such as death or permanent total disability do not hinder insured's dependent children's education. It also pays a benefit in case of loss of employment as a result of accidental permanent disability. Transportation expenses , ambulance charges and out patient medical expenses for treatment following an accident are covered as well.
The policy also provides an option to the policyholder to attach additional benefits to the policy by payment of an additional premium. Wheelchairs, crutches, artificial limbs and other external supporting items for use in case of disability can be added to the policy. Similarly other two benefits that can be included in the policy are cost of travel of insured member from place of accident to residence and hospitalisation expenses as a result of an accident.


Pros

It provides financial assistance for continuation of deceased policyholder's children education.
It offers optional additional benefits as well.


Our View

This is a comprehensive accidental policy offering a broad coverage. Those looking for a personal accident policy may consider it as it offers to cover various other related expenses as well. Additional benefits can also be added on payment of a nominal extra premium if you wish to extend the scope of coverage.

Eligibility
Entry Age (years) 
Minimum18; 5 for children
Maximum70; 18 for children
Coverage TypeIndividual/ Family package
Policy Term (years)1 or 2 or 3
Discount10% discount on premium for 3 or more family members under the same policy.
Long Term policy discount of 10% for 2 year policy and 15% for 3 year policy term
No Claim Bonus5% no claim bonus for every claim free renewal till it reaches 50% of initial sum insured
Free look Period15 days
Grace Period for Policy Renewal30 days
Policy TerminationEither of the parties may terminate this policy by giving a 15 days notice. The insurer would pay proportionate premiums if no claim has been made.
Customer Service 
AddressL&T General Insurance Company Limited
601-602, 6th Floor, Trade Centre,
Bandra-Kurla Complex, Bandra (East),
Mumbai - 400051
Mail to[email protected]
Call to1800-209-5846
SMS‘LTI’ to 5607058
Network HospitalsHttp://110.234.8.38/ltweb/SearchNspWithoutLogin.aspx
Additions to the Plan
Scope Of Cover
Death benefitpays 100% of sum insured
Permanent total disabilityPays 100% of sum insured
Permanent Partial DisabilityCover varies from 1% to 50% of sum insured
Temporary Total Disabilitypays 1% of sum insured per week subject to maximum of Rs 6000 per week for a maximum period of 100 weeks under this policy in respect of any one injury
Education benefit (for dependent child upto 23 years of age)10% of sum insured upto maximum of Rs 12500 in case of one child or 10% of sum insured upto maximum of Rs 25000 for all children in case of more than one child
Loss of employment benefitpays lower of 1% of sum insured or Rs 15000 in event of loss of employment as a result of loss of limbs/eyes or permanent total or partial disablement due to an accident
Transportation expensecovered upto 2% of the sum insured or Rs 2500 whichever is lower
Ambulance chargescovered upto Rs 1000
Out patient medical expensesreimbursement up to 1000/- per accident or a maximum of 2500 per policy, for medical expenses incurred for treatment following an accident
Additional benefit (requires extra premium)
Cost of supporting itemspays lower of 2% of sum insured or actual expenses or Rs 10000 for use of wheelchair, artificial limbs, crunches etc.
Cost of travelpays lower of 2% of sum insured or actual expenses or Rs 10000 for carrying insured member from place of accident to home
Medical extension benefitpays a certain proportion of medical costs spent during hospitalisation as a result of accident
Exclusions and Waiting Period
Pre-existing disability not covered
Annual Premium* per Rs 1000 Sum Insured
Benefit option chosenRisk Category**
IIIIII
Accidental Death0.450.60.9
Accidental Death or Permanent Total Disability0.70.91.3
Accidental Death or Permanent Partial or Total Disability1.31.62.2
Accidental death or Permanent Total Disability or Permanent Partial Disability or Temporary Total Disability235.5
*Annual premium rates are exclusive of service tax
**Different Risk Categories include:
Risk Category IStudents, Housewives, Accountants, Doctors, Lawyers, Architects, Consulting Engineers, Teachers, Bankers, person engaged in Administrative, Secretarial and Managerial functions, Shopkeepers, Shop Assistants not using machinery, Commercial Travelers and persons employed in occupations of similar nature. Builders, Contractors and Engineers engaged in superintending functions only.
Risk Category IIPaid drivers of Motor Cars and Light Motor Vehicles and persons engaged in occupations of similar hazard. Persons engaged in Hazardous Goods, Chemicals, Grains Elevator, Shooting Gallery, Motor Driving Instructor, Public Transport, Construction Work, Geologists, Surveyors for Oil companies, Heavy Equipment Operators, Security Guards, Forestry, Civil Engineer, Crew of Aircraft, Ocean Going Vessels, Offshore Works, Persons engaged in Sports Duty, Film show and shooting except as Stunt.
Risk Category IIIPersons working in Underground Mines, Explosives, Magazines, workers involved in Electrical Installation with High-Tension Supply, Circus Personnel, Persons engaged in activities like Racing on Wheels or Horseback, Big Game Hunting, Mountaineering, Winter Sports, Skiing, Ice Hockey, Ballooning, Hand Gliding, River Rafting, Polo, Stuntman in Film and persons engaged in Occupations/Activities of similar hazard.
Premium for additional benefits (in Rs)
Cost of travel10 per insured
Cost of supporting items10 per insured
Medical Extension Benefitdepending on the cover selected

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