With Axis Max Life Term Insurance Plan
Written by
Alok Mishra
Insurance Writer
Alok Mishra is a Digital and Content Marketing specialist with 10 years of experience. He has spearheaded Web Content, Social Media & Branding, and Community Building initiatives to drive growth for prominent brands.
Reviewed by
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
A personal accident insurance policy provides protection against death, permanent total or partial disability, and temporary disability in case of an accident. In case of death or permanent disability, the insurer pays a sum insured, and the policy terminates thereafter.
While in the case of partial disability, only a percentage of the sum insured is paid depending on the severity of disablement, whereas a weekly compensation is provided in case of temporary total disability. The personal accident insurance policy is renewable if the accident results in permanent partial disability or temporary total disability.
The personal accident insurance policy can be seen as an income protection plan where your profession and income determine your maximum cover and premium rates. Generally, you can get a maximum cover that is 10 times your annual income, and the premium rates usually depend on your profession. You can use online premium calculator to calculate premium based on your profession.
High life coverat affordable premiums
Death Claim Paid Ratio99.65%^
Worldwide Claims
Coverage against64 critical illnesses@
Both life insurance and health insurance products cover for specific eventualities and provide coverage to mitigate the financial implications of the eventuality. At the same time, personal accident insurance offers additional coverage for a wider range of possible accidents. It can provide coverage for loss of limbs or disabilities caused due to an accident at the workplace or while travelling, etc. This insurance policy can help you create a financially stable environment against any possible eventuality.
Let us look at some of the key things covered under the personal accident insurance policy: -
An emergency such as an accident can be both financially and emotionally distressing for the policyholder’s family members. In case the policyholder suffers fatal injuries or dies due to the accident, the entire sum insured is paid to the nominee as mentioned in the policy document.
If the accident results in permanent disability or lifelong impairment such as loss of limbs, then a pre-determined sum insured is paid to the policyholder depending on the severity.
Under the personal accident insurance policy, a certain percentage (up to 100%) of the sum insured is paid to the insured in case of bodily injuries resulting in permanent partial disability.
If the policyholder meets temporary total disability and gets bedridden, the insurer provides a weekly allowance as compensation for the loss of income. The insured can even use this claim amount to pay thei
term insurance with the correct life cover is essential for the financial protection of your family. Know more on how to decide the sum assured for your term insurance. You can click on the below tabs and choose the adequate sum assured:
Disclaimer: %*Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125
The personal accident insurance policy can be divided into two categories. Let us briefly talk about both types: -
Personal accident insurance is a useful policy to get financial assistance for yourself and your family in the event of an accident. This policy provides comprehensive coverage for accidental death or disabilities. Here are some of the benefits provided under this policy: -
Most personal accident insurance policies offer the benefit pay-outs for the dismemberment of any kind occurring due to an accident. The insurers have pre-determined percentages and ratios in which the benefit is paid to the policyholder.
This is an optional extra coverage under the personal accident insurance policy. And this additional insurance covers the possible dismemberment or death due to burns. The cost of treatment is reimbursed to the insured after hospitalization.
The insurance company reimburses all or part of the expenses incurred at the hospital. All the medical expenses, room rent charges, doctor’s consultation fees, medical tests, etc., are considered for reimbursement.
Some insurance companies provide daily cash allowance for the expenses arising due to hospitalization. This allowance to meet the unexpected hospital expenses can be given for up to 30 or 45 days of hospitalization.
Depending on the insurer, the policyholder may or may not be eligible for the education grants pay-out. An additional amount to be used for tuition fee payment for the dependent children is paid out to the policyholder. This is a common benefit provided by many insurance companies.
Under the personal accident insurance policy, some insurance companies also provide coverage for the cost of transportation of the mortal remains of the insured person.
Life and health insurance products offer protection against specific financial eventualities, while personal accident insurance offers wider coverage for possible accidents. Here is a brief comparison of these three types of insurance policies: -
Exclusions refer to the provisions under an insurance policy that restricts coverage due to certain conditions. It includes the things that are not covered under the plan. The personal accident insurance policy also has some exclusions. They may vary with the insurer, as the comprehensive list of exclusions is only communicated to the policyholder.
Here is a general list of exclusions under the personal accident insurance policy: -
An emergency such as an accident can be both financially and emotionally distressing for the policyholder’s family members. In case the policyholder suffers fatal injuries or dies due to the accident, the entire sum insured is paid to the nominee as mentioned in the policy document.
If the accident results in permanent disability or lifelong impairment such as loss of limbs, then a pre-determined sum insured is paid to the policyholder depending on the severity.
Under the personal accident insurance policy, a certain percentage (up to 100%) of the sum insured is paid to the insured in case of bodily injuries resulting in permanent partial disability.
The claim for a personal accident insurance policy will be rejected if the accident is determined to have been caused while the policyholder was riding a two-wheeler with an engine capacity of more than 150cc.
If it is found out that the accident leading to death or disability is caused because the policyholder suffers from an STD, the claim will not be honoured.
The involvement of policyholders in any kind of public disturbance, protest, riot, strike, demonstration, etc., can cause the personal accident insurance claim rejection.
Injuries caused due to policyholder’s duty with the military, paramilitary, or police force are also not covered under the personal accident insurance policy.
If the injuries are caused due to participation in unsafe sports such as mountaineering, rafting, bungee jumping etc., the claim will be denied.
If the accident occurs as a result of a pre-existing medical condition or a worsening illness, the policyholder will not receive the claim benefits.
The claim arising from pregnancy or childbirth-related issues will not be covered under the personal accident insurance policy.
Here are the eligibility criteria for the personal accident insurance policy: -
ARN NO: PCP/PAI/220124
Term insurance provides your loved ones with the required financial security…
Read More
Having a conversation about death is very uncomfortable and unthinkable…
Read More
Term insurance covers natural, accidental death, or death due to some illness…
Read More“Axis Max Life has helped me to identify the right term plan with adequate Life Cover for protecting my family’s future financial and giving me the peace to enjoy my present existence in this earth. Axis Max Life has helped me to FORCIBLY SAVE MONEY through Endowment plans, thereby giving me a Guaranteed money at different stages of my life”
P. Kesavan
“Over all online policy purchase process was easy and purpose form filling process was easy and online premium payment process was easy”
Zaid Anwar
“Axis Max Life Term Plan is first proper Term Plan to take care of me and my Family. With Max, I am at Peace of Mind with Axis Max Life. I trust you and your Processes. I am Happy to have this Relationship. Manoj”
Manoj Chandwani
“Life Insurance Products provide arrangements for future events and there are various requirements at different life stages. For events that are to occur beyond 10 yrs, Life Insurance products are the only option. Keeping above in mind, I have Term Insurance, Endowment products taken almost 19 yrs ago and they will give Tax Free Lump sum amounts; I have Guaranteed Income Products and also Annuity Plan. For little better return on my investment I have ULIP plans. I have products, that will provide 25 - 50 thousand every year on my Grand Children’s birthdate - Annual Gift from grandparents when we will not be around”
Ashok Shah
“I had one endowment plan and one term plan with maxlife and I believe in making the difference with the help of MAXLIFE”
Satish Kumar
Was the Information Helpful?
Very Good
Individual
We would like to hear from you
Let us know about your experience or any feedback that might help us serve you better in future.
Do you have any thoughts you’d like to share?