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PERSONAL ACCIDENT INSURANCE
What is PA insurance?
PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events.
PA insurance provides 24-hour worldwide insurance protection.
Scope of PA cover
The scope of cover and scale of benefits differ between insurance companies and you should therefore ensure that you purchase a policy which meets your requirements. The types of coverage normally provided under a PA policy include:
- accidental death
- permanent disablement
- temporary total or partial disablement
- medical expenses
- corrective surgery
- hospitalization benefits
- funeral expenses
You can either take a PA policy for yourself or as a group policy for your family. Sometimes, PA policies are taken by employers for their employees and in such cases, payment of compensation to the employees is at the discretion of the employer. You may not be able to obtain PA cover if you are involved in certain hazardous occupation. Some PA policies also specify a range of age limits that can be insured.
What are the exclusions?
Death or injury caused by the following events is commonly excluded from this type of cover:
- war risks
- suicide and insanity
- self inflicted injury
- AIDS
- provoked murder or assault
- childbirth or miscarriage
- hazardous sports
- operating or riding a two-wheel motor vehicle
In addition, a common PA policy also does not cover persons employed under the following professions:
- police/ military and law enforcement officers
- divers
- pilots or crew members
- aircraft testers
- racing drivers
- seamen and sea fishermen
- professional sports person
You are advised to always read carefully and understand your policy exclusions.
Important points to note when buying PA insurance
Scale of benefits
The scale of benefits refers to the amount of compensation payable by the insurance company in the event of injury to or loss of limb, sight or hearing. It determines the proportion of compensation namely , the loss suffered. For example, the compensation for the loss of an index finger is determined to be 10% of the sum insured, depending on your policy contract. You are advised to note the scale of benefits for death and disablement in your policy which differs between insurance companies.
Beneficiary
You are advised to nominate your beneficiary and ensure that your beneficiary is aware of the PA policy that you have purchased.
Multiple insurances
If you have purchased more than one PA insurance policies, in the event of your demise or disablement, you or your beneficiary, as the case may be, will be compensated under each policy. However, for certain losses such as medical expenses which are compensated on reimbursement basis, you will only be compensated once for the actual loss suffered.
For more information please refer to www.insuranceinfo.com.my. A consumer education program by Bank Negara Malaysia, LIAM, Malaysian Takaful Association, PIAM.
For further information about this product, please contact our nearest branch and our customer service staff will assist you.
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Drivers and Passengers