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Personal Accident Insurance

Protects individual against unexpected loss caused by injury,
total permanent disabilities and death due to accident

Home > Personal Insurance > Personal Accident Insurance

Personal Accident Insurance

Protects individual against unexpected loss caused by injury,
total permanent disabilities and death due to accident

Benefits

• Death/Permanent disability – Total Sum Insured amount will be paid as lump sum to the beneficiary

• Injury/Loss of limbs - The benefit calculation is based on the doctor’s recommendation/ medical certificate under the insured’s name

• Hospitalization Expense/ Not able to work – 3% of Sum Insured per week up to maximum 15% of Sum Insured

Insurance coverage

• Death due to accident

• Permanent disability

• Injury

• Loss of limbs

• Not able to work

• Hospitalization Expense

Anyone who is the age between 16 to 65 years old can take coverage for this policy

Sum Insured

• Minimum MMK 500,000 up to maximum MMK 200 lakhs

Premium

• For normal occupation, the premium rate is 0.7% of Sum Insured (for 1 year term) but for Military Personnel, Policemen, Aircrew, Electricians and any other risky occupations is 1% of Sum Insured.

• For 3 months, 6 months term policies, the prorated premium amount based on full year premium

Policy Term

The term of the policy will be from 3 months, 6 months and 1 year

Premium will be paid only one time.

Premium for risky occupations is 1% of sum insured

The benefit will be paid for hospitalization, injury, not able to work, loss of limbs, permanent disability, death due to accident.

Sum insured amount will be paid as lump sum to the beneficiary if the insured die or get total permanent disability

1. What documents are needed to insure?

Ans:  i. NRC

ii. Proposal

2. How long does it take to produce policy ?

Ans: Normally, it takes about an hour if the documents are all set.

3. How long is the policy term for personal accident insurance ?

Ans: The policy term is (1) year.

4. What is the premium rating for personal accident insurance?

Ans: The premium rating is depended on

i. Sumed Insured Amount

ii. Nature of Work (For normal occupation- 0.7% and for Risky occupation- 1%)

iii. Policy Term

5. When does the coverage start?

Ans: Coverage starts after the premium payment by customers.

6. How many times can be claimed in a year? Is there any benefit for those who don't have a claim?

Ans: The claim amount can be different based on the insurance package and the insured can claim within the limited amount. The insurance policy will be cancelled automatically when the policy date is ended and there is no other benefit for those who don't have a claim.

7. Can personal accident insurance be renewal?

Ans: Personal accident insurance cannot be renewal. If the insured want to renew, he/she must buy a new policy number.

8. What are needed to change insured's name in personal accident insurance?

Ans: Cannot be able to change the name and endorsement in personal accident insurance.

9. What are needed to cancel personal accident insurance policy?

Ans: There is no refund policy in personal accident insurance. Policy will be cancelled automatically if the insured is late to pay premium.

10. Is there door to door service for personal insurance ?

Ans: Yes, AYA SOMPO Insurance has door to door service.

11. What is the difference between having a personal accident insurance with an agent and personally at office?

Ans: There is no differences between them. AYA SOMPO Insurance give same services for all customers.

12. How does the insured do if he/she wants insurance service by connecting with bank?

Ans: Customers need to attach with the bancassurance in AYA banks and must also bring the necessary documents.

Benefits

• Death/Permanent disability – Total Sum Insured amount will be paid as lump sum to the beneficiary

• Injury/Loss of limbs – The benefit calculation is based on the doctor’s recommendation/ medical certificate under the insured’s name

• Hospitalization Expense/ Not able to work – 3% of Sum Insured per week up to maximum 15% of Sum Insured

Insurance coverage

• Death due to accident

• Permanent disability

• Injury

• Loss of limbs

• Not able to work

• Hospitalization Expense

Anyone who is the age between 16 to 65 years old can take coverage for this policy

Sum Insured

• Minimum MMK 500,000 up to maximum MMK 200 lakhs

Premium

• For normal occupation, the premium rate is 0.7% of Sum Insured (for 1 year term) but for Military Personnel, Policemen, Aircrew, Electricians and any other risky occupations is 1% of Sum Insured.

• For 3 months, 6 months term policies, the prorated premium amount based on full year premium

Policy Term

The term of the policy will be from 3 months, 6 months and 1 year

Premium will be paid only one time.

Premium for risky occupations is 1% of sum insured

The benefit will be paid for hospitalization, injury, not able to work, loss of limbs, permanent disability, death due to accident.

Sum insured amount will be paid as lump sum to the beneficiary if the insured die or get total permanent disability

1. What documents are needed to insure?

Ans:  i. NRC

ii. Proposal

2. How long does it take to produce policy ?

Ans: Normally, it takes about an hour if the documents are all set.

3. How long is the policy term for personal accident insurance ?

Ans: The policy term is (1) year.

4. What is the premium rating for personal accident insurance?

Ans: The premium rating is depended on

i. Sumed Insured Amount

ii. Nature of Work (For normal occupation- 0.7% and for Risky occupation- 1%)

iii. Policy Term

5. When does the coverage start?

Ans: Coverage starts after the premium payment by customers.

6. How many times can be claimed in a year? Is there any benefit for those who don’t have a claim?

Ans: The claim amount can be different based on the insurance package and the insured can claim within the limited amount. The insurance policy will be cancelled automatically when the policy date is ended and there is no other benefit for those who don’t have a claim.

7. Can personal accident insurance be renewal?

Ans: Personal accident insurance cannot be renewal. If the insured want to renew, he/she must buy a new policy number.

8. What are needed to change insured’s name in personal accident insurance?

Ans: Cannot be able to change the name and endorsement in personal accident insurance.

9. What are needed to cancel personal accident insurance policy?

Ans: There is no refund policy in personal accident insurance. Policy will be cancelled automatically if the insured is late to pay premium.

10. Is there door to door service for personal insurance ?

Ans: Yes, AYA SOMPO Insurance has door to door service.

11. What is the difference between having a personal accident insurance with an agent and personally at office?

Ans: There is no differences between them. AYA SOMPO Insurance give same services for all customers.

12. How does the insured do if he/she wants insurance service by connecting with bank?

Ans: Customers need to attach with the bancassurance in AYA banks and must also bring the necessary documents.

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