6 min read
Updated on Jul 27, 2023
The roads in India are full of uncertainties. You can never predict when and where accidents will happen.
If you meet such an accident you could suffer dangerous results like permanent disability and critical injuries. In fact, you could lose your life as well. This is why you need to be as careful as you can when you are driving. You also need to get proper financial protection such as personal accident cover mandatory to help your loved ones deal with such emergencies. Here we would talk about such coverage in great detail. It was on 1st January 2019 that the IRDAI (Insurance Regulatory and Development Authority) brought out these policies.
The owner-driver of the vehicle is covered by an insurance policy called a “compulsory personal accident cover” when operating the vehicle in India.
Now there are several reasons why you should get such coverage – with your car insurance plan or separately. It protects your family from accidental deaths as well as physical disabilities. So, if you have the kind of coverage that we are talking about over here your family would receive the sum assured payout in case you meet your demise in an accident. In these cases, the insurer would pay the total amount to the nominee according to the coverage that is offered in the policy.
PA owner driver cover would also help you in case of physical disabilities that you may have suffered in an accident. The typical policies, in this case, provide coverage for three kinds of disabilities that may be enumerated as below:
In case of the first kind of injury, you lose the likes of eyesight, limbs, or the power of speech as a result of an accident. In the second case, you suffer an injury that temporarily stops you from taking part in your profession. In the third case, the policyholder is unable to meet their regular responsibilities following an accident.
Is personal accident cover mandatory? As we have said already, it indeed is. Well, let us take a look at the kind of compensation that is offered in these policies. If you die because of an accident within the policy coverage period your nominee would get the total sum insured guaranteed by the plan. The same is also applicable if you lose vision in both eyes or lose both your limbs in an accident. If you suffer any other permanent total disablement because of injuries sustained in an accident other than what we have talked about already your nominees would have the total sum assured as well.
However, if you lose vision in an eye or lose only one limb in an accident you would get half of the sum assured provided by the policy. You must know though that in owner driver PA cover the total insurance coverage would never be more than the sum assured. As such, you – the policyholder – or any claimant on your behalf could file a claim for any of the situations that we have mentioned above at any time while the policy is active.
The compulsory PA cover for owner driver would not offer coverage for the following events:
The premium that you pay in case of the driver cover policies is not dependent on your age. This is because emergencies do not happen more to older people and less to younger people – they can happen to anyone, at any time, and any place. No matter what, the losses suffered in these cases are the same and all the policyholders are in the same boat irrespective of their age.
In fact, your income and occupation are more important factors over here as far as determining your premium is concerned. The policy could differ depending on your income. For example, some insurers such as Tata AIG (American International Group) offer separate amounts for self-employed and salaried individuals.
Compulsory PA cover for owner driver often contains benefits that are not always necessary for the policyholder. This is why you need to be careful when you are choosing such a policy. Make sure that you require all the benefits that you are getting from such a policy.
In most cases, insurers would not sell you such a policy if you are exposed to high risk regularly. This includes people who work in highly risky jobs such as air pilots and air hostesses.
There are several benefits of the owner driver PA cover policies that make investing in them such a worthwhile decision. For starters, they offer you great peace of mind. When you have such a policy you know that even if something bad happens to you your family would have some financial backup for the days ahead. Just imagine the kind of financial impact your death or disability – especially when you are the main earning member of the family – would create on the people you love.
These policies need little documentation. You can buy these policies independently or with your car insurance policy. This is in fact the easiest way to go about it as here you do not have to submit almost any paperwork at all. Also, you can do this as and when you please.
The claim process of compulsory PA cover for owner driver is simple as well. You can do it any way you like – online or offline. The most important thing over here is that once you have filed the claim most insurers would settle the same efficiently and quickly.
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
View this post on Instagram
Everyone is permitted to operate a vehicle under the applicable laws, according to Indian motor tariff. So, before giving your friends or family members access to your car, don't be concerned. Even if your friend crashes the car, you are still able to file a claim with your auto insurance provider.
This policy provides coverage for accidental death 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 if you own multiple vehicles, you can opt to purchase the standalone CPA.
Yes, the cost of bike insurance would go up if you were to purchase a PA cover for the first time. Please be aware that a PA cover must be purchased separately. It does not include a comprehensive insurance policy or third-party insurance.
However, as a general rule, your insurance provider will offer coverage to everyone who operates your vehicle. Someone who is not covered by the insurance will only be identified by the insurance company, and they will not be covered if they are involved in an accident while operating your vehicle.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Depreciation is the silent financial predator that eats up the value of your car over a period of time. It not only deteriorates the vehicle.
We know that third-party car insurance is mandatory, and without this cover, you cannot drive vehicles in India. But, even with a third-party cover can.
If you are a four-wheeler owner, buying car insurance is not just a legal obligation but also necessary for your peace of mind. In the.
Everything you need to know about car inspection as part of the insurance claim process. A car is one of your most valuable assets and.
Pollution is a huge threat that has been contributing severely to the deteriorating health of people in India. A major contributor of the increased air.
For keeping the environment clean and pollution free, people have now started using Electric Vehicles in India widely. Let us understand in this post how.
A car insurance policy number is a basic requirement during accidents, mishaps or at regular traffic police checking. Let us understand how to get an.
Accidents and uncertainties are part of life that comes unexpectedly without any prior information. Hence, it is very important to have a first aid kit.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue