Personal Accident Insurance Policy: Benefits, Types and Cover

Life is uncertain and unpredictable. An accident can occur anytime, anywhere, resulting in minor or major injuries. Your life would turn upside down in this situation. Such incidents might lead to financial crises really soon if you don't safeguard yourself.For complete financial protection, there is a personal accident insurance policy for everyone! In this article, you will get to know about personal accident policy in-depth, its benefits, and its types. Personal accident cover offers much-needed financial aid to the policyholder's family in case of accidents. Policyholders, their families, and nominees are eligible to receive the sum assured and the benefits in case of accidents leading to injuries, death, or permanent or partial disability. Personal accident insurance offers coverage for accidents caused on road, rail, and air, along with injuries caused by collisions, falls, burns, drowning, and so on. What’s better? These days you can buy personal accident insurance online .

a) Accidental death:

In times of accidental death of a policyholder, the nominee will receive the entire sum assured.

b) Permanent disability:

If the policyholder meets with an accident that leaves him permanently disabled, then his/her nominees will receive the agreed-upon sum as mentioned in the policy.

c) Permanent partial disability:

If the policyholder meets with an accident that has caused permanent partial disability, then he/she is eligible to receive 100% of the sum assured.

d) Temporary total disability:

If the policyholder has a temporary total disability, then a certain amount will be paid. This amount will be mentioned in the policy document.

Here are the things that aren't included in the personal accident policy:Accidents caused due to-

• Hazardous or life-threatening sports
• Terrorism
• Intoxication
• War
• Suicide attempt or self-inflicted injuries
• Criminal and violent acts

Fundamentally, there are two types of personal accident insurance policies in India, they are:

a) Individual Accident Insurance:

If you buy an individual accident insurance policy , then only your accidental death, disability, and vision are covered.

b) Group Accident Insurance:

It is provided by employers to their employees and is good for as long as the latter continues to work for the former.

Accidents can happen to anyone at any time. Even if one is the safest driver, accidents might still happen because of someone else's negligence. Accidents can also occur if someone works in a dangerous environment, such as a factory with heavy machinery. Therefore, it's critical to have a financial backup in place in case such an occurrence occurs.

Buying a personal accident insurance policy has various benefits. These are listed below:

Financial stability and mental tranquillity

In the event of any sad circumstance, the family is financially secure thanks to the personal accident insurance coverage . If an accident results in death or a permanent disability, then the full amount is paid.

No medical tests are necessary

Unlike with a health insurance policy , where the bike insurance company requires you to undergo medical exams if you apply beyond the age of 45, you are not required to take any tests regardless of your age.

Simple and seamless claim approval and processing

It has an easy claim process, which is crucial for policy purchasers because, in an emergency, a person wouldn't be able to use the insurance because it has a complicated method.

Global Coverage

When an accident occurs outside of India, several insurance policies do not provide coverage. However, regardless of where the accident occurs, personal accident insurance policy coverage offers benefits that are guaranteed. It is helpful in emergencies and has no geographic boundaries.

Coverage for Ambulance Expenses

Most insurance providers cover the cost of ambulance transportation to transport injured people from the scene of the accident to the hospital. Additionally, they let your family members know about the accident at the same time.

Financial Solace During Treatment

While the treatment is on, the personal accident insurance policy offers the patient a daily stipend. The policy also states that post-accident ambulance expenditures are covered.

• The entire family may be covered by a single plan.
• It offers 24-hour customer service.
• Funeral and legal costs have been covered.
• Provision of financial aid for schooling.

As you can see, personal accident insurance is important and should not be disregarded. In the case of the policyholder's demise or permanent disability, it offers benefits and compensation. The article offers a thorough review of personal accident insurance, including its advantages, varieties, etc. With proper research and after comparing the available personal accident plans online, you can easily obtain the best plan that suits your needs.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.