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Magma HDI Individual Personal Accident Plan

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Magma HDI Individual Personal Accident Plan Summary

Accident is an unfortunate, unintentional and unpredictable event occurring in the life of an individual which harms the person physically. In order to financially protect ourselves from such an event, Magma HDI Individual Personal Accident Plan has come up with this plan with various benefits. Let us understand this plan and its benefits better in this review.
 
Plan name Magma HDI Individual Personal Accident Plan
Policy type Personal Accident Insurance
UIN MAGPAIP14001V011314

You can compare and get the best personal accident insurance plan of Magma HDI or other companies in quick & simple steps.

Key Features of Magma HDI Individual Personal Accident Policy

  • 100% payout of Sum Insured in case of ‘Accidental Death’.
  • 100% payout of Sum Insured in case of ‘Permanent Total Disablement’.
  • Maximum 50% of Payout in case of ‘Permanent Partial Disablement’.

Eligibility Criteria in Magma HDI Individual Personal Accident Plan

Age Minimum:
5 years - Children 
18 years - Adults
Maximum: 
23 years - children
65 years - Adults
Renewal Lifelong but with a loading of 15% above 75 years of age.
Policy Tenure 1 year


Permanent Partial Disablement:  If the insured is suffering from Permanent Partial Disablement then the payout completely depends on the severity of the disability. Maximum of 50% of the sum insured shall be paid for this feature. conditions included in Permanent Partial Disablement with the % of payout are as follows.
 
Table of Benefits % of Sum Insured
Loss of sight of one eye 50%
Loss of one limb  50%
Loss of toes - all 20%
Great - both phalanges 5%
Great - one phalanx 2%
Other than great, if more than one toe lost each 1%
Loss of hearing - both ears 50%
Loss of hearing - one ear 15%
Loss of Speech 50%
Loss of four fingers and thumb of one hand 40%
Loss of four fingers 35%
Loss of thumb - both phalanges 25%
Loss of thumb - one phalanx 10%
Loss of index finger  
  • Three phalanges
10%
  • Two Phalanges
8%
  • One phalanx
4%
Loss of middle finger  
  • Three phalanges
6%
  • Two phalanges
4%
  • One phalanx
2%
Loss of ring finger  
  • Three phalanges 
5%
  • Two phalanges
4%
  • One phalanx
2%
Loss of little finger  
  • Three phalanges 
4%
  • Two phalanges
3%
  • One phalanx
2%
Loss of Metacarpals  
First or second (additional) 3%
Third, fourth or fifth (additional) 2%
Any other permanent partial disablement  % as assessed by Medical
Practitioner appointed by us 


Dependent Child: In this feature, A child (naturally or legally adopted) who is financially dependent on the policyholder is eligible to get the payout. This feature is applicable when the dependent child doesn't have an individual source of income and has attained the age of 5 
years, but has not exceeded 23 years.

Temporary Total Disablement: Weekly Compensation of 1% of capital sum insured or maximum of Rs. 5,000 will be provided for a maximum period of 104 weeks.

Optional Covers:

  • Medical Expenses Extension: In case of additional premiums, the Policy is extended to cover the medical expenses reasonably and necessarily incurred by you towards medical expenses. The compensation under this option is restricted between 10% - 40% of personal accident claim or actual medical expenses whichever is less.
  • Hospital daily allowance: Daily cash allowance of Rs. 500 is available till maximum of 30 days in case of an accidental injury, death and disablement. Education Fund: This feature is applicable in case of Accidental Death and Permanent Total Disablement. Payout of (5% of the base sum insured and maximum of Rs. 15,000) is available per child and for a maximum of 2 dependent children. This feature is applicable for the children continuing their studies up to the age of 23 years. 
  • Repatriation of mortal remains: In this benefit, Payout of 1% of Sum Insured or up to Rs. 2,500 shall be given by the company for transporting the mortal remains from the place of accident to the insured’s residence or burial ground.
  • Ambulance Cover: This facility is used in case of urgent requirement where the situation is quite serious for the insured. Maximum payout available in this feature is Rs. 1,000.

Exclusions in Magma HDI Individual Personal Accident Policy

  • When insured dies naturally, i.e without an accident.
  • Any payment in case of more than one claim under this policy during any one period of Insurance by which the liability in that period would exceed capital sum insured.
  • Payment of compensation in respect of death or injury as a consequence of/resulting from Committing or attempting suicide, intentional self-injury.
  • If the insured is under the influence of intoxicants like liquor and drugs.
  • If the insured is engaged in any adventurous sports and/or hazardous activities.
  • By committing any breach of law with criminal intent.
  • War, Civil War, invasion, act of foreign enemies, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrest, restraint, or detainment, confiscation, or nationalization or requisition by or under the order of any government or public authority.
  • Ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this exclusion, combustion shall include any self - sustaining process of nuclear fission.
  • The radioactive, toxic, explosive or the hazardous properties of any nuclear assembly or nuclear component.
  • Consequential loss of any kind and/or any legal liability.
  • Pregnancy including child birth, miscarriage, abortion or complication arising there from.
  • Participation in any naval, military or air force operations.
  • Curative treatments or interventions.
  • Venereal or sexually transmitted diseases.
  • HIV and or related illness.

Conclusion:

Magma HDI Individual Personal Accident Plan ensures financial safety from any misfortune due to an accident. After taking this plan you don't need to burn your pockets if such an event takes place. 

You can also compare and buy the best mediclaim policy at MyInsuranceClub. Our trained and certified team will help you get the right one for your family.

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