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Procedure: How to Buy Personal Accident Cover
January 30 , 2013
  1. You probably have life insurance, health insurance and motor insurance covers. However none of this will be of help in the event of an accident that cripples your income earning potential. Personal accident cover pays if you are injured in an accident.
  2. Any adult can buy a personal accident policy. You should buy one if you earn. Instead of buying it as rider on life insurance policy or mediclaim buy it as a stand-alone policy. You would get better coverage for lower premium in stand-alone personal accident policy.
  3. Premium on a 10 lac cover comes to approximately Rs 2,000. Premiums, they do not change with age; they depend on the risk level attached to your occupation. It increases going from people in administrative jobs to professionals, engineers in supervisory roles, labourers and drivers, in that order.
  1. The agent will get you the proposal form to fill.
  2. The form is a simple one, make sure you fill it accurately and not leave it to the agent to fill in any parts for you. Any mistakes or wrong information here could affect your claim later.
  3. You will be told the premium you need to pay. You can find it on the company's website as well. Hand over the cheque of the specified amount to the agent.
  4. In addition to the form, you may need to hand over a photograph, proof of identity and proof of address.

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