What is Personal Accident Insurance?
Personal Accident Insurance is a policy that provides lump-sum compensation for disabilities, injuries and loss of life due to accidents. The policyholder’s beneficiary will get the compensation amount in case of the death of the policyholder.
Life can be unpredictable, and accidents can happen at any time. So, it is a wise decision to opt for Personal Accident Insurance to protect yourself during these tough times.
Why do you need Personal Accident Insurance?
The primary goal of insurance is to provide backup in unpredicted situations. The Personal Accident Insurance also serves the same purpose. Imagine walking on the road and getting hit by a vehicle. This can lead to hospitalisation and a reduction in fund flow. If the person is the only earning member of the family, their beneficiaries will not get financial assistance. In such cases, Personal Accident Insurance will provide the required financial protection.
Additionally, you need not break your savings, and during these tough times, the compensation will help you until you return to normalcy. The compensation will also help you with hospitalisation bills.
How to choose the right Personal Accident Insurance?
Personal Accident Insurance will help you during tough situations, and that is why choosing the right policy is important. Here
is a list of points that will help you choose the right Personal Accident Insurance.
Coverage
Coverage refers to the risk covered by the insurance company. So ensure that your Personal Accident Insurance covers the possible accidents that can occur on a daily basis.
Premium
Premium is the amount paid to the insurance company to purchase the policy. So check for the premium and the coverage provided. Additionally, the premium should be affordable and should provide maximum coverage.
Inclusion
Inclusion is the list of accidents that your policy provider includes in the policy. So check for the common or daily accidents covered by your insurance provider.
Type of Policy
Personal Accident Insurance can be purchased for individuals or groups. Individual insurance covers an individual or a single person. In contrast, group insurance covers a small group or large group, such as schools, colleges, banks, or any big organisation.
Key features of Personal Accident Insurance
Accidental Death Compensation
In case the policyholder’s demise occurs in an accident, 100% compensation will be paid to the policyholder’s beneficiary.
Permanent or Temporary Disability Cover
Permanent Disability will lead to the permanent impairment of an organ. For example, loss of limb or hands and temporary disablement leads to the policyholder’s impairment for months or years. For example, a fracture of the hand or legs. In such cases, a predetermined amount will be compensated to the policyholder.
Eligibility Criteria to Buy Personal Accident Insurance Policy
The qualification for purchasing Personal Accident Insurance is any individual or group eligible to receive the premium provided by the insurer through a proposal.
Why choose SGI Philippines for your Personal Accident Insurance needs?
SGI Philippines Insurance provides comprehensive protection against various accidents. Purchasing Personal Accident Insurance from SGI Philippines General Insurance Co., Inc. (SGI Philippines) is easy and hassle-free. Additionally, applying for claims is easy and can be done with a click. An individual or a group can purchase Personal Accident Insurance, which will cater to individual and group requirements. The advantages of purchasing Personal Accident Insurance are
- Hassle-free claim process
- Medical Expense Reimbursement
So why wait? Get your Personal Accident Insurance today from SGI Philippine…
Benefits of Personal Accident Insurance
Accidents can occur at any time without any warning, and sometimes, the consequences drain you mentally and financially. Medical treatment for the accident can be quite expensive. To overcome your financial distress, Personal Accident Insurance can be of great help. It will provide you with the necessary financial support until you return to normalcy, and you need not also break your savings during such times.
How to Calculate Personal Accident Insurance Premium?
Premium rate may vary on designation, nature of business or volume of the insured persons to be covered
Factors Affecting Personal Accident Insurance Premium
The factors that affect Personal Accident Insurance premium are listed below.
- Age
- Profession/Occupation etc.
01.
Accidental Death
If the policyholder’s unfortunate demise occurs due to an accident, the beneficiary will receive 100% compensation. The policyholder can be the sole breadwinner of the family. In such cases, SGI Philippines will provide the necessary financial support to their family.
02.
Permanent Total Disability
If the policyholder meets with an accident leading to Permanent Total Disability or the insured cannot work for their livelihood, 100% compensation will be provided. Examples of Permanent Total Disability are loss of vision in both eyes, total limb loss, hearing loss, and loss of one foot or hand. In such situations, SGI Philippines will help the policyholder and their family financially.
03.
Permanent Partial Disability
Permanent Partial Disability can be defined as the partial loss of an organ, which leads to stunting the policyholder’s daily activities. As a result of this disability, the insurer will not be able to use their skills to the full extent due to the injury. Some examples include loss of eyesight in one eye, loss of hearing in one ear, or loss of any finger. In such cases, the policyholder will be compensated with a predetermined amount.
04.
Temporary Disability
A Temporary Disability is when an accident temporarily affects the policyholder’s routine. The policyholder cannot work for that period and requires a certain amount of time to return to normalcy. In such cases, SGI Philippines will help the insurer financially, and a predetermined amount will be settled.
05.
Accidental Medical Reimbursement
Reimbursements of medicine and other doctor’s prescription due to the accident, with presentation to the Insurer of the original receipts.
Personal Accident Insurance Add-on Covers
01.
Unprovoked Murder and Assault
02.
Daily Hospital Income Benefit due to Accidental Causes
03.
Accidental Burial Expense
04.
Accidental Death while riding in any public conveyance double indemnity
05.
Animal Bites
06.
Motorcycling Risk
07.
Fire Cash Assistance
How to Buy/Renew Personal Accident Insurance?
Insured should ask for a quotation from the Insurer and should initially provide the following details for Underwriter’s reference:
- Company Name:
- Nature of Business if Group Personal Accident Insurance:
- Occupation if individual Insurance:
- Office address:
- List of insureds: indicating complete name; birthdate, designation and beneficiary of the insured person
- Loss history for the past 3 years
- Limit of Liability requested by the assured
Documents Required for Personal Accident Insurance Claim
- Accident / Incident Report
- Medical Abstract / Certificate
- Official receipts for the Medical reimbursement due to accident
- Government Issued IDs of claimant
- Company ID if under a group personal accident insurance
- Pictures of the injury
- Death Certificate for death claim
- If Death Claim, marriage certificate from the beneciary/spouse or Birth Certificate if the claimant is single since his beneficiary should be the parent/s
How to File a Personal Accident Insurance Claim?
Notify the Insurance provider via email, sms or viber and or call any account officer /claims officer of the loss.
How to Download Your Personal Accident Insurance Policy Copy?
Upon purchase of the Personal Accident Insurance with SGI Philippines, after receipt of your payment via bank transfer or direct deposit to the bank under the account of SGI Philippines, a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
01
Pre-existing illness
02
Injuries resulting from any hazardous professional sports
03
Any infectious diseases
Key features of Personal Accident Insurance
Accidental Death Compensation
In case the policyholder’s demise occurs in an accident, 100% compensation will be paid to the policyholder’s beneficiary.
Permanent or Temporary Disability Cover
Permanent Disability will lead to the permanent impairment of an organ. For example, loss of limb or hands and temporary disablement leads to the policyholder’s impairment for months or years. For example, a fracture of the hand or legs. In such cases, a predetermined amount will be compensated to the policyholder.
How to Buy/Renew Personal Accident Insurance?
Insured should ask for a quotation from the Insurer and should initially provide the following details for Underwriter’s reference:
. Company Name:
. Nature of Business if Group Personal Accident Insurance:
. Occupation if individual Insurance:
. Office address:
. List of insureds: indicating complete name; birthdate, designation and beneficiary of the insured person
. Loss history for the past 3 years:
. Limit of Liability requested by the assured :
Documents Required for Personal Accident Insurance Claim
- Accident / Incident Report
- Medical Abstract / Certificate
- Official receipts for the Medical reimbursement due to accident
- Government Issued IDs of claimant
- Company ID if under a group personal accident insurance
- Pictures of the injury
- Death Certificate for death claim
- If Death Claim, marriage certificate from the beneciary/spouse or Birth Certificate if the claimant is single since his beneficiary should be the parent/s
How to File a Personal Accident Insurance Claim?
Notify the Insurance provider via email, sms or viber and or call any account officer /claims officer of the loss.
Eligibility Criteria to Buy Personal Accident Insurance Policy
The qualification for purchasing Personal Accident Insurance is any individual or group eligible to receive the premium provided by the insurer through a proposal.
Why choose SGI Philippines for your Personal Accident Insurance needs?
SGI Philippines Insurance provides comprehensive protection against various accidents. Purchasing Personal Accident Insurance from SGI Philippines General Insurance Co., Inc. (SGI Philippines) is easy and hassle-free. Additionally, applying for claims is easy and can be done with a click. An individual or a group can purchase Personal Accident Insurance, which will cater to individual and group requirements. The advantages of purchasing Personal Accident Insurance are
- Hassle-free claim process
- Medical Expense Reimbursement
So why wait? Get your Personal Accident Insurance today from SGI Philippine…
Benefits of Personal Accident Insurance
Accidents can occur at any time without any warning, and sometimes, the consequences drain you mentally and financially. Medical treatment for the accident can be quite expensive. To overcome your financial distress, Personal Accident Insurance can be of great help. It will provide you with the necessary financial support until you return to normalcy, and you need not also break your savings during such times.
How to Calculate Personal Accident Insurance Premium?
Premium rate may vary on designation, nature of business or volume of the insured persons to be covered
Factors Affecting Personal Accident Insurance Premium
The factors that affect Personal Accident Insurance premium are listed below.
- Age
- Profession/Occupation etc.
Frequently Asked Questions
Preferred profession are mostly office based employees with age range of 18-65
Yes, subject to acceptance of the Insurer.
It discusses the importance of Personal Accident Insurance as a safety net for unexpected accidents. Highlighting the protection it offers against accidents resulting from no fault of the insured. It explains the incidents typically covered by personal accident insurance, such as work related accidents, slips and spills and loss of body parts