Personal Accident
A Personal accident insurance provides financial benefits to an individual if he/she is involved in an accident resulting in injuries or death.
Who
is a beneficiary and why is it important to nominate one?
Personal Accident
What are the benefits under this cover?
Accidental Death – Pays the fixed amount or multiple of salary for loss of life due to an accident
Permanent Disablement – Pays a certain percentage of the fixed amount or multiple of salary in the event of permanent disablement caused by an accident
Weekly payment – Pays a weekly income for temporary disablementresulting from accidental injury
Medical Expenses – Reimburses you for medical expenses that arise from an accident including dental and optical expenses.
Emergency Evacuation – Covers emergency medical evacuation expenses.
Pay for the cost of artificial appliances that arise from an accident such as crutches, hearing aid and prosthetics
Repatriation Expenses – pays for the return of the deceased to place of residence.
Who is a beneficiary and why is it important to nominate one?
Beneficiary is a person who receives the benefits following death of then insured. The person applying for insurance is required to nominate preferred beneficiaries and the percentage allocation of benefits.
If a child below 18 years is appointed, then a responsible guardian who will administer benefits upon sudden death should also be appointed. Choosing a beneficiary ensures that the benefits go to the right people.
Group Accident Insurance
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Group personal accident insurance provides financial benefits to a group of people such as:
a family,
employees,
chamas,
learning institutions,
SMEs
any other group of people with common interest.
For employers who take the cover on behalf of their employees, the claim is paid to the employer for onward transmission to the employee or their appointed beneficiaries.
When calculating premiums to be charged for the above insurances, the following factors are considered:
Age,
location,
occupation,
current physical health status and lifestyle,
type and amounts of benefits.
What are the benefits under this cover?
Accidental Death – Pays the fixed amount or multiple of salary for loss of life due to an accident
Permanent Disablement – Pays a certain percentage of the fixed amount or multiple of salary in the event of permanent disablement caused by an accident
Weekly payment – Pays a weekly income for temporary disablementresulting from accidental injury
Medical Expenses – Reimburses you for medical expenses that arise from an accident including dental and optical expenses.
Emergency Evacuation – Covers emergency medical evacuation expenses.
Pay for the cost of artificial appliances that arise from an accident such as crutches, hearing aid and prosthetics
Repatriation Expenses – pays for the return of the deceased to place of residence.
Admin Istrator