Friday, May 24

Compulsory Personal Accident – Stand Alone Policy

The owner-driver of the vehicle can be the only beneficiary of Compulsory Personal Accident (CPA) cover, a separate compulsory Personal Accident policy. All vehicle owners are required by the Insurance Regulatory and Development Authority of India (IRDAI) to carry a personal accident insurance policy with a minimum insured amount of INR 15 Lakh. As of January 2019, the insured can choose to purchase a separate CPA policy rather than selecting CPA as a cover within a motor insurance policy. #

This car insurance provides coverage for accidental passing away or disability that occurs while operating the insured vehicle for you or your beneficiaries. If your auto insurance policy does not include this coverage or you own many vehicles, you can purchase the standalone CPA and make a car insurance claim. Two-wheelers (bikes and scooters), private, commercial, and fleet taxis, as well as commercial vehicles, are covered in the coverage.

Owners and drivers of bigger commercial vehicles, such as trucks or buses, can also lower their risk of an accident.

Benefits Of A Mandatory Stand-Alone Personal Accident Policy Cover:

There are numerous benefits. As follows:

  • Wide-ranging coverage

The Compulsory Personal Accident coverage includes coverage for the insured person’s disability and passing away.

  • Substantial sum assured 

Significant sum assured cover of 15 lakh INR

  • Widespread application

The insurance coverage covers accidents that happen not only while you’re driving but also while you get in or out of the insured car.

  • One policy for many automobiles

For each car, you don’t need to purchase a separate cover. Therefore, if your current standalone CPA covers up to INR 15 lakh, it will apply to all of your vehicles.

Why Should I Get Mandatory Personal Accident Insurance?

A standalone Compulsory Personal Accident Cover is a legal requirement under insurance regulations, which is the main justification for having one. Second, this policy makes all owners or drivers of vehicles eligible to make a car insurance claim for insurance coverage. The insurance policy covers an insured individual who passes away or becomes permanently disabled while riding in an insured vehicle.

A Solo Compulsory Personal Accident Cover Has The Following Features

The coverage includes the following benefits if an accident occurs while the covered vehicle is being driven:

  • You are eligible for up to INR 15 lakh in insurance coverage.
  • Compensation in case of passing away: In the case of an insured person’s passing, the nominee named in the policy schedule will receive compensation.
  • Compensation for limb loss: If an insured individual suffers injuries resulting in the loss of one or more limbs, they are entitled to compensation under the separate Compulsory Personal Accident cover.
  • Blindness compensation: If one or both eyes lose eyesight, the covered person is entitled to compensation.
  • Coverage from non-network hospitals: One of the stand-alone CPA policy’s most important benefits is the ability to get reimbursement for medical care received outside of a network facility. Therefore, your provider will reimburse your hospitalisation and treatment costs later, even if you cannot use the cashless benefit.

Make sure you renew car insurance on time.

# Visit the official website of IRDAI for further details.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.