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Insurance Plans India 735 views November 11, 2020
A health cover for accident death, permanent disability, and temporary disablement, the Star Accident Individual Insurance Policy is for any person between the age of 18 and 70 years, where dependent children (minimum 5 months) and each person under the family will be covered. In this accident health insurance, you will get compensation for Permanent Total Disablement, and an enhanced weekly compensation up to INR.15,000 (for a maximum of 100 weeks). To know more about Star Accident Individual Insurance Policy, read this page below.
Table of Contents
After having a brief intro of the Star Accident Individual Insurance Policy, let’s take a look at its risk coverage. Check out the table below to know when these benefits will be payable to the insured, nominee, or beneficiary.
|Accidental Death||100% of Sum Insured + Bonus (if any)|
|Accidental Death, Permanent Total Disablement and Permanent Partial Disablement||100% of Sum Insured + Bonus (if any) for accidental death, 150% of Sum Insured + Bonus (if any) for Permanent Total Disablement and Specified percentage depending on the disability for a Permanent Partial Disablement|
|Accidental Death, Permanent Total Disablement, Permanent Partial Disablement and Temporary Total Disablement||100% of Sum Insured + Bonus (if any) for accidental death, 150% of Sum Insured + Bonus (if any) for Permanent Total Disablement and Specified percentage depending on the disability for a Permanent Partial Disablement.
The benefit under Temporary Total Disablement will be payable to the covered person if it results in hospitalization. The compensation for this is at the rate of 1% of the sum insured, subject to a maximum of INR.15,000 per completed week, up to 100 weeks.
The hospital will not be held responsible if any subsequent failure happens on the part of the treating doctor or experts who give an opinion.
Along with the above-mentioned coverage, you will get the following expenses covered in this accident individual insurance –
Note: These additional benefits will apply only when there is an admissible claim under the policy.
A cumulative bonus of 5% will occur for each completed year, subject to a maximum of 50% of the sum insured. This cumulative bonus applies to that part of the sum insured which is renewed continuously without break. Your bonus will not be lost if the policy is renewed within 30 days before the expiry.
Note: Cumulative bonus does not apply to additional or optional benefits
If you need some optional coverage on your Star Accident Individual Insurance policy, you can do so by paying an additional premium amount. Check out the optional cover that you can get from the insurer if you pay the additional premium.
Note: Hospital cash benefit cannot be cumulated or carried forward to the next year. The valid amount is payable in addition to the sum insured. Your days of admission and discharge will not be taken into account for hospital cash.
After knowing the Star Accident Individual Insurance Policy coverage, let’s check out the policy exclusions below –
To know the Star claim procedure for this policy, follow the steps below and claim your sum insured –
Prohibition of Rebates: Under Section 41 of the Insurance Act 1938, no person will allow or offer to allow, directly or indirectly, as an inducement to any person to take out, renew, or continue this policy in respect of any kind of risk relating to lives or property in India. Any rebate of the payable whole or part of the commission or any premium rebate as shown on the policy, shall not acceptable to any person taking out, renewing, or continuing a policy for any rebate, except such rebate is allowed by the published prospectuses or tables of the insurer: Any person who deviates and does not comply with the provisions of this section is liable for a maximum penalty of ten lakh rupees.
You will get a free look period of 15 days from the date of receipt of the policy from the insurer. At this time, you need to review the terms and conditions of the policy. In case you are not satisfied with the terms and conditions, you can request to cancel the policy. In such an event, the company shall allow a refund of paid premium after adjusting the cost of pre-acceptance medical screening, stamp duty charges, and proportionate risk premium for the period on cover, provided no claim has been made until the cancellation. No free look period is applicable at the time of policy renewal.
A grace period of 30 days from the date of expiry is available to you for renewal. If you renew the policy within these 30 days, the continuity of benefits will be allowed. However, the actual period of cover starts from the date of renewal premium payment. No protection is available between the policy expiry date and the date of renewal premium payment. The Renewal Premium is subject to change. Change of options or plans within the policy is permissible only at the time of renewal.
Each renewal premium is paid and accepted upon the distinct understanding that no alteration will take place in the facts contained in the proposal or declaration herein before. Where a claim for 100% of the Capital Sum Insured is admitted or admissible, Star accident individual insurance policy cannot be renewed for such relevant insured persons. If the claim is less than 100% of the Sum Insured, the company would exclude such disability on renewal in respect of such insured people.
In case the policy is withdrawn or modified with revised terms and premium before approval of the Competent Authority, the insured will be intimated 3-months in advance and accommodated in any other equivalent insurance policy by the company.
The company can cancel this policy on the grounds of misrepresentation, fraud, moral hazard, non-disclosure of material fact, or non-co-operation of the insured by giving him/her a 30-day notice. You also hold the rights to cancel the policy at any time, and in such a case, the company shall allow a refund after retaining the premium at the company’s short period rate, if no claim is made up to the date of cancellation.
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