Personal Accident Insurance provides benefits/indemnity in case of losses to the person or physical well-being of an individual which arise out of an accident.
The Personal Insurance Policy provides 24 hours a day protection, on or off the job, 365 days a year, anywhere in the world while traveling as a fare-paying passenger on any duly licensed commercial flights as well as in a multi-engine private aircraft and while riding as a passenger of any two-wheeled vehicle with sidecar (tricycle).
Accidents can be classified into Direct and Indirect losses:
- Accidental loss of life, resulting from injuries sustained by the individual.
- Accidental loss of limbs or sight. Limbs may be severed or permanently disabled, or eye blinded out of injuries sustained by the individual.
- Loss of income as a result of injuries sustained from the accident, the individual may be disabled for some time, either totally or partially. He may be confined in the hospital or bedridden at the house in which case he is unable to engage in his usual means of livelihood.
- Medical expenses incurred for the medical management of the injuries sustained from an accident.