The plan offers a loan protector as an additional benefit which will protect people from the outstanding principal amount of the loan in case of death of the policyholder.
Niva Bupa Health Insurance (formerly known as Max Bupa Health Insurance) has introduced a standalone Personal Accident Plan to financially secure policy owners and their family members in case of death, partial, temporary, or permanent disability. The company claims that the plan has been designed to urge customers to live life the way it is meant to be lived – minus any fear. The Personal Accident Plan offers a sum insured of up to 25 times of annual income.
One of the key highlights of the Personal Accident Plan is the Temporary Total Disablement (TTD) benefit which provides 2 per cent of Base Sum Insured per week (maximum of Rs 1 lakh per week) to provide financial support to policyholders to compensate for the temporary loss of income that may happen in case of an accident. The company will also be providing TTD for non-earning members at 1 per cent of the Base Sum Insured per week (maximum Rs 25,000 per week) as well. This benefit will be provided even for incidents such as Coma and Burns.
The plan also offers a loan protector as an additional benefit which will protect people from the outstanding principal amount of the loan in case of death of the policyholder. The company says this will ensure the protection of financial liability and assets, providing security to the families.
The company has also provided a Monthly Needs Benefit feature that will cover the cost of immediate household expenses in the event of Death, Permanent Total Disability (PTD) / Permanent Partial Disability (PPD), Coma or Burns. Under this benefit, the plan will provide an additional lump sum amount for 3 months after the accident to provide financial assistance. The plan has comprehensive benefits for family members like – Education for Children (up to maximum Rs 5lakhs), Marriage Expenses for Children (up to maximum Rs 10Lakhs), Benefits for Elderly Parents (up to maximum Rs 5lskhs), along with offering guidance support like education counselling and placement assistance to children.
Features of the Personal Accident Plan;
- Temporary Total Disablement (TTD) benefit: Compensates for temporary loss of income by giving 2 per cent of Base Sum Insured per week (maximum 1 lakh per week) if the policyholder suffers temporary total disability (TTD) arising out of an accident
- Monthly Needs Benefit: Provides additional lump sum amount (0.5 per cent of Base Sum Insured up to Rs 50,000 per month) for 3 months after the accident involving death/ Permanent Total Disability (PTD) / Permanent Partial Disability (PPD) / Coma/ Burns
- Child Support Benefit: In case of Death/ PTD, the lump-sum payout for Education (up to 5 lakh) and Marriage expenses (up to 10 lakh), along with offering education counselling and placement services assistance to children of the policyholder
- Loan Protector Benefit: Additional benefit to protect people from the outstanding principal amount of the loan in case of death of the policyholder
Krishnan Ramachandran, MD and CEO, Niva Bupa, says, “Accidents are common, and anyone can suffer accidental injuries irrespective of their occupation, age, or health conditions. It could be anything ranging from traffic accidents to animal bites. According to the Ministry of Road Transport and Highways, Indian roads witness 415 deaths per day in accidents, the highest in the world, with 1.5 lakh people killed and more than 3.5 lakh crippled annually.”
He further adds, “An accident can be a very threatening event as it impacts the social, emotional, and financial well-being of a family. Hence, the standalone Personal Accident plan today with an array of benefits like Death, Permanent Total Disability, Permanent Partial Disability, Child Support, Temporary Total Disability, Monthly Need Benefit, Loan Protector, etc. to make customers feel protected and secured in case of any mishap.”
The plan covers accidents including broken bones, adventure sports or burns. To ensure uniformity, the premiums have been kept age agnostic. The premium for this plan starts from Rs 962 (inclusive of taxes) and provides coverage starting from Rs 5 lakhs to up to Rs 10 crore.
Bhabatosh Mishra, Director – Underwriting, Products & Claims, Niva Bupa said, “Accidents have always been a big cause of concern. Any accident, whether minor or major disrupts the usual routine of the customer. While a minor accident may require bed rest for a few days or weeks, causing a loss of income for that period, a major accident can lead to partial or permanent disability or even death. In such a scenario, the family members not only have to deal with emotional loss but also have to fulfil the financial duties. Keeping this in mind, we have designed a Personal Accident Plan to protect our customer’s financial needs in case of any tragedy.”