Life is unpredictable and mishaps happen. When one is involved in an accident and they end up with body injuries, disability or death, one of the things that would help ease the financial burden that comes after the accident would be monetary compensation. Personal accident insurance ends up being of great importance in such a case.
Personal accident insurance will provide monetary payments in the event of bodily injury sustained by the insured. The injury must be caused by violent, accidental, external and visible means. The personal accident insurance cover will compensate the affected member if injured.
Types of personal accident covers
There are broadly two categories of personal accident covers;
- Individual personal accident cover – This cover provides compensation to individuals in case of bodily injuries, disability or death caused by an accident.
- Group personal accident cover – This is a policy undertaken by employers to provide compensation to their employees in the event of injuries, disability or death caused by accidental events.
With a personal accident insurance cover, the insured is compensated financially in the following situations;
- Accidental death – If the policyholder dies due to an accident, the personal accident insurance policy provides 100% of the sum assured to the beneficiary mentioned in the policy.
- Permanent and total disability – Accidents can sometimes cause permanent disability such as loss of vision, hearing or loss of speech to an individual and in such a case, the personal accident insurance policy pays a certain amount depending on the nature of the disability.
- Permanent partial disability – In this situation, the policy covers the insured in the case of permanent partial disability such as loss of one limb or one eye.
- Temporary total disability – This benefit is provided in cases where an individual is totally disabled and would not be able to work but only for some time. For example, someone could break his/her leg and due to the subsequent fracture, they will not be able to work for a while. In such cases, the personal accident cover will provide for the loss of income for those in gainful employment and hospital cash for those in self-employment.
- Medical expenses – Personal accident insurance policy also covers expenses to be incurred while seeking treatment on reimbursement basis up to a determined limit (limit in the option selected).
Major benefits of having a personal accident insurance cover are;
- The cover is available 24 hours.
- Worldwide coverage – Personal accident insurance cover does not have geographical limitations. You can be assured of getting the benefit irrespective of the location in which the accident occurs.
- The cover also includes extension for riots and strikes.
Personal accident insurance cover gives you peace of mind knowing that the monetary compensation can be used to pay off your liabilities in an unfortunate case of bodily injuries, disability or death caused by violent, accidental, external and visible means.
For more information on personal accident insurance cover, feel free to call 0703099120 or visit https://cic.co.ke/careers/.
