Personal Accident Insurance, a Must Have Coverage.

Accidental injuries occur in many forms and different places. You can get an injury at work, or out of work injuries which could be anywhere between your home, while you are driving, or simply a miscalculated step. Insurance covers several accidental scopes in a personalized, inexpensive life coverage referred to as Personal accident cover. It is the cheapest form of insurance with large benefit payouts in the event of an accident. Bismart provides you with many options to purchase a personal accident, it can be through your employer, as a family or as a chama/investment group. Click here to get a PA quotation.

Personal Accident Insurance Features

PA Insurance provides financial support to you and your family in the event you suffer an accidental injury, accidental disability, or die from an unforeseen accident. PA coverage varies from life insurance in two forms:

PA Insurance directly covers death resulting from accidents, not from natural causes, or medical conditions. But life insurance covers all the three types of death. A personal accident cover does not provide investment compensation in addition to death benefits. An annual policy is renewable every twelve months.

A PA cover does not refund cash where clients pay up for several years with accident-free incidences. But some companies offer bonuses ranging 5-10% for loyal customers with no claims over a stretched period. Group PA covers come in handy for industries such as security, transportation, construction and manufacturing workers. The Insurance Act, 2007, mandates employers to have all laborers’ carrying out risky tasks insured under the Workmen’s’ Compensation Act (WIBA), which is an enhanced personal accident policy for technical employees. Click here to get a WIBA quotation for your employees.

Scope of Accident Insurance Coverage

PA Insurance covers various incidents with compensation payouts based on the degree of the accident. You can find the rate tables used by insurers to compute beneficiary payments in the proposal forms or a personalized company brochure.

1. Accidental Death

Policy contract runs for a maximum 12 months. In this case, accidental death benefits fall within the limited period, after which, if no death occurred, you might renew your policy for an extended further 12 months. In other words, the contract expires every year, and you may replace it immediately to continue enjoying coverage benefits. All claims are paid out to your nominated next of kin.

Here’s how an insurer determines accidental death benefits:

Approved: If the insured accidentally broke their limbs while carrying a heavy load up a flight of stairs, but catch a severe fever while hospitalized and die from it, a claim payment should be made because it was the accident that led to their illness.

Not Approved: If the insured had a medical condition that makes them faint occasionally causing a few bruises or a fatal death as a result; the beneficiaries will not receive a death claim benefit because it was the illness that caused the accident that led to the insured’s death.

2. Permanent Total Disability (PTD)

If you become permanently disabled out of an accident, a lump sum payment is made. However, a time limit of 6 months applies to determine total permanent disability before the disbursement is paid out.

Total disability prevents you from engaging in any work. Some insurers pay partial lump sum while others give you the option of a one-off payment.

Examples of Permanent Total Disabilities:

  • Loss of sight in both eyes
  • Loss of speech and hearing
  • Loss of both limbs; Hands and feet
  • Loss of any combination of one foot /one arm or sight in one eye

3. Temporary Permanent Disability (TPD)

Insurers pay benefits in the event of partial loss of one limb. The amount received is a percentage of the sum you’re insured for. A weekly benefit is paid in case of accidental injury to the insured since they cannot go back to work immediately. Benefits payouts vary between 100 -104 weeks. (Two years).

4. Medical Expenses

Your personal accident policy also caters to a percentage of your medical bills incurred during your hospitalization. Insurers reimburse the insured for any medical costs incurred because of an accident. The medical refund covers hospitalization, surgery, and medical prescriptions. The maximum amount payable varies with insurers and coverage limits of your policy contract.

5. Daily Hospital Cash

PA policies pay out daily hospital cash as an additional benefit. This benefit gives a fixed daily payment, e.g. (Ksh.250 a day) up to a certain number of days (60 days per year) for hospitalization care. To qualify, you must be confined to a hospital bed out of accident related injuries.

To Get a Personal Accident Insurance policy Contact us today to fill a PA proposal form or for further consultation.