ICICI Lombard Personal Protect

Accidents do not wait to be tolerated. They come unexpectedly: in the street, at the workplace, on the way somewhere, at home. Though health insurance covers hospital expenses, it may not help your family recover financially after an accident causing disability or death. Here is where ICICI Lombard Personal Protect Plan steps in.

This personal accident insurance is more than a policy; it is a guarantee of a steady ground when all things seem uncertain. To your family and relatives, it pays a lump sum in the event that you face a condition of accidental death or permanent disability that is sure to assist them in coping in life through your recovery or loss of life.

Let us break it down, and explain how this plan can be the most intelligent 10 Indian rupees you will ever spend per day.

What is ICICI Lombard Personal Protect Plan? How does it work?

Personal Protect family is a low cost personal accident that entails a lump sum benefit payable in the event of death or permanent total disability as a result of accidents. It is easy to comprehend, easy to purchase, and covers any type of accident, road, rail, air, domestic.

The good thing is that? It can be received without a medical test. Whether you are a salary-earner, an entrepreneur, a house wife or even a globetrotter, this plan silently continues to operate in the background as your financial cushion.

Interesting Fact

Already last year, more than 4.6 lakh of deaths happened by accident alone in India according to NCRB data, and the greatest contributor has been the road accidents. Getting an accident policy is not one of your options anymore, it is imperative.

Features and Benefits of ICICI Lombard Personal Protect Plan

• Accidental death, permanent total disablement insurance Coverage
• Sum insured of between 3 lakh to 25 lakh
• Single premium at the age bracket 18-60 years Administrative expenses are not significant as they are disregarded in the calculation of ICI fund ratio.
• Access anytime anywhere: 24x7 worldwide coverage: at home, at work or on road.
• There is no need of any medical check-up when purchasing it
• Low cost subscriptions that start at 125 rupes per annum
• Policy issued immediately with very little documentation
• Two or 3 year policy term discounts
• Section 80 D benefit on the premium paid

Did You Know? In most households, the earning member lacks personal accidents cover in a standard health coverage. This is a cheap supplement that can prevent the whole household against lost income in the event of the worst eventuality.

Coverage Options Based on Brochure

What is covered in the Plan?

• Accidental Death: A full sum insured is covered to your nominee in case death occurs only as a result of an accident.
• Permanent Total Disablement: A total permanent and irrecoverable disability (loss of both the limbs or eyesight) caused by an accident will result in the entire monetary value of the insured being paid to you.

It is in addition to any potential health care or live insurance cover.

Expert Insight Life insurance is what most people presume. But what happens when you survive an accident and you cannot even get back to work? Personal Protect makes sure that you don’t have to worry about your finances in the process of resettling a new lifestyle.

What is not Covered?

Although the plan is exhaustive in terms of coverage of accidental injuries, exclusions do exist:

• Suicide Injury damage or attempted suicide
• Adventure sports Participation except where covered
• The war or nuclear contamination or acts of terrorism
• Traumas as a result of alcohol or substance abuse
• Preexisting disability or conditions
• Injury based on self-harm or criminal acts

It is important to read the wording in the policy to get the complete know how of all the terms.

Real Use tip Combine this policy with your ordinary health insurance and make an effective protection layer. Health insurance covers your hospital expenses- one replaces the money the family will be deprived of or assists the family to receive an income.

Eligibility and Tenure

• Age range of eligibility: 18 to 60 years
• Policy is available: 1, 2 or 3 year
• No medical pre-policy tests required
• Policy may be renewed free of new underwriting assuming 1-year of coverage
• This plan can only be offered at an individual level. The family members have to be taken as separate policies.

How to cancel the policy?

In case you need to do away with the policy due to any reason:

• Within 15 days of (receiving) the policy: Policy is refunded at full premium in case of no claim (free-look period)
• 15 days later: Refund is given on a short-time basis according to the time the policy has been in effect

Order cancellation may be requested by calling customer support or by an email. The processing time is 7-10 business days in case of refunds.

Buying the Personal Protect Plan via Fincover

This plan can be easily and quickly obtained in a completely digital format by the Fincover:

1. Go to the FinCover website and choose the option of accident insurance
2. The decision-making exercise for selecting ICICI Lombard Personal Protect Plan is given below.
3. Just choose your favorite sum insured and tenure of the policy (1, 2 or 3 years)
4. Provide your information such as name, DOB, contact details
5. Pay safely with the web Explore it!
6. Get the policy immediately in your email inbox

Real life example

Ravi is a 29-year old delivery executive, and he purchased a Personal Protect plan of 10 lakh with the amount of 325. Some months down the line, he was involved in a road accident; he broke his spine. He had an employer medical insurance to cover hospital expenses but the insurance payout of 10 lakhs assisted him during rehabilitation covering all treatment costs and loss of income.

FAQ of ICICI Lombard personal protect plan

Am I allowed to make claims under this policy when I already have a health insurance coverage?
Yes. Personal Protect is a standalone policy which pays a lump sum benefit regardless of any other plans.

Should I pass through medical tests prior to purchase?
No. You can purchase it immediately as long as you are within the ages 18 and 60 and you are healthy.

Is it the one-time payment or recurrent?
It is a lump sum amount that is paid out once and in the event of disablement, it is paid on behalf of yourself or to the nominated person in the event of accidental death.

Which papers are required in claim?
You should have the FIR, post-mortem report (in case of death), discharge summary and a claim form supported by relationship evidence to the nominee.

Is it possible to auto derive the plan?
When you plan 2 or 3 years there is no worry as to renew also yearly. In the case of 1-year plans, the customers receive reminders before the expiry.

How and Why this Article was created?

The article was drafted based on verified information obtained on the ICICI Lombard Personal Protect Plan brochure and presented as a people-first format that favours ease of comprehension. Every section was composed with real world application, good ease of understanding, and aid in decision making in mind- since personal accident cover should be as straightforward and conducive to the peace of mind it portends.