Personal Accident Insurance Plan - High Risk Job?

[Akshay]

I am looking for a Personal Accident Insurance Plan. I am 24 years old and working as Petroleum Engineer in govt. firm. My job involves huge risk of life as I work in oil fields, sometimes even in high sea. Is it easy to get PA policy from pvt. company or should I go with PSU.

[LastWarrior]

In general military service is excluded in the PA plans, so I feel that you will get a plan.

[LastWarrior]

There are two way the PA policies risk is covered -
1. Occupational Classification
There are three types of risk classification of the insured person under personal accident insurance i.e normal risk, medium risk, and heavy risk persons. Higher premium is charged for higher risk category insured.
2. Income Criteria
The income of the insured person is a major factor in determining the maximum sum assured under the policy. Generally Sum assured is taken as 60- 100 times the monthly income.