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Apollo Munich Personal Accident
Overview Apollo Munich Health Insurance Company Limited is a joint venture between Apollo Hospitals, one of Asias largest integrated healthcare providers and Munich Health; the health business segment of Germany-based Munich Re. It started operations in India in the year 2007. Apollo Munich is a health insurance company that aims to bring excellent health care services within the reach of the common man. The company offers a range of products designed to meet all the requirements of the individual. When it comes to Personal Accident Insurance, the company offers its customers two variants of for its customers to avail. Why Personal Accident Insurance? A personal accident insurance plan protects the individual and his or her family members in the event of the unfortunate demise of the insured or if there is a serious accident or injury. Accidents are unpredictable and an accident can create a significantly huge financial burden on the customer and his or her family. Accidents may not be prevented, but an individual can take concrete steps towards protecting him or herself and his or her loved ones by securing their future and providing financial stability. While many people have taken out life insurance policies, a standalone personal accident policy is highly recommended as it will cover the insured person at a nominal premium rate, especially when compared to life insurance policy and also provides the advantage of covering minor injuries and the loss of income. Personal Accident Insurance plans offered by Apollo Munich The company offers two types of personal accident insurances plans; one is the Personal Accident Premium Plan and the other is the Personal Accident Standard Plan. Let us take a closer look at the personal accident insurance plans as offered by Apollo Munich. Apollo Munich Personal Accident Standard Plan The Apollo Munich Personal Accident Standard plans protect the insured person and his or her family against various scenarios that ranges from minor or major injuries to even death. This plan aims to provide financial stability and security for the insured person and his or her family in the event of an accident. A closer look at the Apollo Munich Personal Accident Standard plans reveals the following benefits: Permanent Total Disablement [PTD] Benefit -A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Total Disability of the person insured due to an accident. Permanent Partial Disablement [PPD] Benefit -A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Partial Disability of the person insured due to an accident. Accidental Death [AD] Benefit -A lump sum payment would be made in the event of the Death of the person insured, due to an accident. Emergency Ambulance Cover -Expenses that are incurred on an ambulance used to transfer the insured person to the nearest hospital by the shortest route following an emergency caused due to an accident will be covered by the plan. Transportation of Mortal Remains -Expenses that are incurred on transporting the mortal remains of the insured person from the place of the accident or the hospital to his or her residence or hospital or to a cremation or burial ground, will be covered. Education Fund Benefit -If a claim under Accidental Death or Permanent Total Disablement is accepted for an insured person, the company will pay 50% of sum insured per dependent child (up to maximum of two children), provided that such dependent child is pursuing an educational course as a full time student in an educational institution. Family Transportation Benefit -If a claim under Accidental Death or Permanent Total Disablement is accepted, Apollo Munich will reimburse the expenses incurred in transporting one immediate family member to the hospital, provided that such Hospital is located at least 200 km from the insured persons residence. Temporary Total Disablement Benefit -A weekly allowance would be paid to the insured to compensate for the loss of income because of Temporary Total Disability caused by an accident. Accident Medical Expenses Benefit-If Apollo Munich has accepted a claim under Accidental Death, Permanent Total Disablement, Permanent Partial Disablement or Temporary Total Disablement then the company will reimburse the medical expenses incurred in the hospital. Eligibility Individuals between the ages of 91 days to 69 years are covered under these plans. The plans are issued for individuals as well as family. In this case, family means self, spouse, dependent children and dependent parents. On renewal, the maximum sum insured for individuals above the age of 70 years is restricted to Rs. 5,00,000 only. The plans cover a period of one year. Renewal The plan has no maximum cover ceasing age. Therefore, the plan has lifelong renewability. A Grace Period of 30 days is provided for renewing the policy. Apollo Munich Personal Accident Premium Plan The Apollo Munich Personal Accident Premium plans protect the insured person and his or her family against various scenarios that ranges from minor or major injuries to even death. This plan aims to provide financial stability and security for the insured person and his or her family in the event of an accident. A closer look at the Apollo Munich Personal Accident Premium plans reveals the following benefits: Permanent Total Disablement [PTD] Benefit -A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Total Disability of the person insured due to an accident. Permanent Partial Disablement [PPD] Benefit -A lump sum payment would be made, as per the scale provided in the policy, in the event of Permanent Partial Disability of the person insured due to an accident. Accidental Death [AD] Benefit -A lump sum payment would be made in the event of the Death of the person insured, due to an accident. Emergency Ambulance Cover -Expenses that are incurred on an ambulance used to transfer the insured person to the nearest hospital by the shortest route following an emergency caused due to an accident will be covered by the plan. Transportation of Mortal Remains -Expenses that are incurred on transporting the mortal remains of the insured person from the place of the accident or the hospital to his or her residence or hospital or to a cremation or burial ground, will be covered. Education Fund Benefit -If a claim under Accidental Death or Permanent Total Disablement is accepted for an insured person, the company will pay 50% of sum insured per dependent child (up to maximum of two children), provided that such dependent child is pursuing an educational course as a full time student in an educational institution. Family Transportation Benefit -If a claim under Accidental Death or Permanent Total Disablement is accepted, Apollo Munich will reimburse the expenses incurred in transporting one immediate family member to the hospital, provided that such Hospital is located at least 200 km from the insured persons residence. Temporary Total Disablement Benefit -A weekly allowance would be paid to the insured to compensate for the loss of income because of Temporary Total Disability caused by an accident. Transportation of Imported Medicine – Apollo Munich will reimburse expenses that have incurred as freight charges for importing medicines into the country if those medicines are not available within India. The company will reimburse the expenses for the transportation of imported medicine if it has accepted a valid claim under Accidental Death, Permanent Total Disablement, Permanent Partial Disablement or Temporary Total Disablement. Broken Bones – In the event of a fracture of bone/s due to an accident, Apollo Munich will make a lump sum payment as per the scale provided in the policy. Purchase of Blood – If Apollo Munich has accepted a valid claim under Accidental Death, Permanent Total Disablement, Permanent Partial Disablement or Temporary Total Disablement it will reimburse expenses that have incurred as freight charges for the purchase of blood as medically necessary. Modification of residence/vehicle – If Apollo Munich accepts a claim under Permanent Total Disablement, then reasonable expenses that are incurred to modify the insured persons residence or vehicle will be covered. Accident hospitalization (inpatient) – Medical expenses that are incurred for the inpatient treatment of the insured person who has met with an accident will be covered. Eligibility Individuals between the ages of 91 days to 69 years are covered under these plans. The plans are issued for individuals as well as family. In this case, family means self, spouse, dependent children and dependent parents. On renewal, the maximum sum insured for individuals above the age of 70 years is restricted to Rs. 5,00,000 only. The plans cover a period of one year. Renewal The plan has no maximum cover ceasing age. Therefore, the plan has lifelong renewability. A Grace Period of 30 days is provided for renewing the policy. Exclusions There are certain factors that are excluded from the scope of coverage of travel insurance. The exclusions are as follows: Suicide, attempted suicide or willfully self-inflicted injury or illness, mental disorder, anxiety/stress/depression/nervousness, venereal disease, alcoholism, drunkenness or drug abuse Manual work or hazardous occupation, self-exposure to needless peril (except in an attempt to save human life), engaging in any criminal or illegal act. Pregnancy, resulting in childbirth, miscarriage, abortion, or complication arising out of any of the foregoing. War or any act of war, invasion, act of foreign enemy, war like operations, civil war, public defense, rebellion revolution, insurrection, military or usurped acts, riot, terrorism, chemical, radioactive or nuclear contamination. Participation or involvement in naval, military or air force operations, racing, diving, aviation, scuba diving, parachuting, hang-gliding, rock or mountain climbing. Any breach of law with criminal intent. Abuse of intoxicants or hallucinogens including drugs & alcohol. Premium Calculator Apollo Munich provides the facility of premium calculation to prospective individuals seeking to buy personal accident insurance plans from the company. Following are some of the instances where the premium has been calculated using the companys calculator: A wants to apply for a Personal Accident Insurance Standard plan for himself for a value of Rs.3 lakhs. His annual premium works out to be Rs. 410 only. B wants to buy a plan for himself and his newly married wife. He approaches Apollo Munich with a proposal to cover himself and his spouse for a total of Rs. 15 lakhs. The premium for their Personal Accident Premium Insurance plans comes to Rs.11, 830. C needs a personal accident premium insurance plan for his family comprising of himself, his wife and his two children. The coverage sought is Rs.50 lakhs for which the premium charged is Rs. 11,425. D needs a personal accident standard insurance plan for his family comprising of himself, his wife, two children and his two parents. The coverage sought is Rs.1 crore for which the premium charged is Rs. 3591. The table tabulates the above data for an instant reference Applying for Personal Accident Insurance Plans from Apollo Munich The Personal Accident Insurance plans offered by Apollo Munich can be applied to through multiple channels. A person who wishes to avail of a Personal Accident Insurance Plan from Apollo Munich may opt for any of the following ways to do so: Individuals desirous of availing any of the personal accident insurance plans can simply call the Sales helpline of the company and speak to the customer service representative. They can provide their name, mobile number and email id on the website of the company and request for a call back Lastly, customers may also visit the companys branches or get in touch with an agent to buy the plans required.
Apollo Munich Personal Accident- FAQs
1. How to pay premium? What are the modes of payment available? Apollo Munich Personal Accidentoffers three different modes for payment of the premium. You can get for the auto renewal process through the help of the mandate. You can deposit cash or cheque at the bank with the policy details You can also login to the site and make a direct payment. 2. How can I checkApollo Munich Personal Accident policy status? You can check the policy status online by login into e-Portal with valid User Id and Password. 3. What is the policy renewal process for Apollo Munich Personal Accident? You can renew the policy online. Simply go to the e-portal and follow the steps for renewing the policy. Please Note: 3rd party payment is not acceptable through online channel. Online renewal is not allowed if the policy is in grace period. 4. What is the companys process to settle claim for Apollo Munich Personal Accident? Apollo Munich Personal Accidentoffers two types of claims; Cashless Claim :- Under cashless claim, you need to utilize the hospitals that are on the panel of this insurance company. Verification by TPA will be done and upon authorization, direct payment will be made to the hospital. Reimbursement Claim :- For reimbursement claim you need pay upfront to the hospital and seek reimbursement from the insurers. You need to submit valid documents with claims forms to proceed. The claims are settled within 7 working days. 5. What is the policy cancellation process for Apollo Munich Personal Accident? You can cancel the policy, provided no claims have been made under it. The premium will be refunded as per the policy T&C. You can cancel your policy during the Freelook period of 15 days from receiving your policy kit. In case of Free Look cancellation, the insurer will deduct medical checkup expenses, stamp duty charges and service tax incurred on your policy. You might be interested following insurance plans provided by Apollo Munich: Apollo Munich Health Insurance Apollo Munich Travel Insurance Apollo Munich Insurance 6 Outstanding Health Insurance Plans from Apollo Munich Get Apollo Munich Health Insurance Cover for Dengue at Rs 444 premium Around 16 Million Households to Get Healthy with Citibank and Apollo Munich Offered Health Insurance Services
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