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What is Personal Accident Insurance?

Publish Date: 02 Feb 2022

Finance101

What is Personal Accident Insurance?

The insured is compensated as long as the accident is not work related

Personal accident insurance is a form insurance policy where the applicant requests to insure themselves against unexpected personal mishaps such as traffic accidents, fire, physical injury caused by an accident, etc.

 

The role of the insurance company

 

The insurance company pays out the insurance amount if an accident occurs and in exchange the insured pays an insurance premium at predetermined intervals. A personal accident insurance policy may be linked to another policy such as a life insurance policy or can be completely separate.

 

Personal accident insurance policies start at 25,000 EGP and up to 2,000,000 EGP. Compensation is granted in the following situations:

 

  • Reimbursement of medical fees incurred due to an accident covered by the policy (no more than 10% of the total coverage amount).
  • Partial permanent disability (compensation is determined based on the stipulations in the insurance policy).
  • Temporary total disability (compensation is dispensed on a weekly basis for up to a year).
  • Permanent total disability (entire insurance amount is granted).
  • Death (entire insurance amount is granted).

 

To know more about personal accident insurance check our article: What is Personal Accident Insurance and How to Apply?

 

What is covered by personal accident insurance policies?

 

Non-work-related injury.

The injury may be caused by a fire, a fall, or any accident that causes physical injury.

Most personal accident insurance policies cover accidents anywhere in the world except for specific countries that must be stated clearly in the insurance policy terms.

 The insurance company covers 10% of any medical fees incurred due to an accident.

 

Duration of personal accident insurance policies:

 

Personal accident insurance policies have long durations and can be valid till the insured reaches 65 years of age but they are not lifelong policies.

Another type of personal accident insurance policies has a one-year duration and is renewable every year with the insured’s permission.

 

Get your Personal Accident Insurance Policy through Faydety now!

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