November 23, 2021 | Investopaper
The Insurance Board (Beema Samiti) has issued the Accident Insurance Directive, 2078 BS, and made a provision to get accident insurance for a minimum of Rs. 150. Now, by insuring a personal accident for Rs. 150, one can get treatment expenses up to Rs. 100,000. However, this provision will not be applicable in the case of an accident insurance policy that falls under microinsurance.
Insurance companies will be able to give up to a 5 percent discount when issuing such accident insurance policies. In insurance policies sold directly without the use of an insurance agent, the company can provide a discount of up to 5 percent.
If the insured dies within 6 months due to an accident, the insurance company will pay 100 percent of the sum insured. Rs. 10,000 will be paid for the management of the insured’s dead body. In case of permanent disability due to an accident during the insured period, the insurer will pay the claim. If the spinal cord is damaged due to spinal injury, the insurance company will have to pay 100 percent of the sum insured.
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