How to Buy Personal Accident Insurance Policy Online? Cover & Benefits

A personal accident insurance policy covers your medical expenses and offers compensation in case of disability or death caused by accidents. In this article, let's learn about personal accident insurance , its benefits, how to buy it, and what is and is not covered in the policy.It is better to be safe than sorry. We all know about this saying since childhood, yet we do very little to ensure our safety. Life is unpredictable, and it only takes a fraction of a second to turn upside down. For example, meeting with an accident. Thankfully, a personal accident policy exists.

As the name suggests, personal accident insurance provides financial compensation in case of accidents. It covers bodily injuries leading to total or partial disability or death. A personal accident insurance policy safeguards a family's financial stability in case of unfortunate accidents.

Here are a few advantages and perks of buying a personal accident policy-

• Financial security of a family
• Global coverage
• No need for medical tests
• Great coverage at low costs
• Medical expenses get reimbursed
• Education funds for children are covered
• The hassle-free and simple claim process

The most important aspect of buying personal accident insurance is the peace of mind that comes with it. You can rest assured while driving and riding your vehicles. As you know, your family's financial future will be secured in case of an unanticipated accident. Here are other important reasons why you should buy personal accident insurance.

a) Accidental Death Benefit

In case of accidental death of the insured person, the nominee will receive compensation of 100% sum assured. This is the most fundamental protection that comes with the personal accident insurance policy. This policy ensures your family's financial stability in your absence. Usually, the nominee is the legal heir of the policyholder. But it varies from person to person.

b) Permanent Total Disability Benefit

This benefit offers coverage against injuries and permanent disabilities that would keep you from working or carrying out any occupation after the accident. Total disability includes loss of vision or physical separation of limbs. This causes both mental and physical trauma and puts your finances at risk. This benefit will make sure that your finances are secured even if you are unable to work.

c) Child Education Benefit

Your children depend on you. They rely on you for support and finances. In the unfortunate case of accidental death or permanent disability, you won't be able to provide for them, which will cause them a huge loss. This insurance covers the education expenses of your children.

d) Family Security

The personal accident insurance policy offers financial protection to your family. In your absence, your family won't have to go through financial hardships as this policy will give them a safety net and time to recover from the losses incurred.

Nowadays, it has become easier than ever to buy a personal accident insurance policy. There are two ways in which you can buy this policy - online and offlineIf you choose the offline mode, then you will have to visit insurance companies physically and check out the plans. This involves a lot of time, money, and effort. It is recommended for you to opt for the online mode to buy the policy.As there are several insurance companies that offer personal accident insurance policies , your first step should be to compare different plans and benefits online. Once you have found an insurance policy that fits your needs and requirements, follow these steps:

• Visit the official website of the insurance company you want to buy the insurance policy from.
• Fill in the correct personal details. These include your name, occupation, birth date, income, etc.
• Enter your correct contact details.
• Choose the sum assured.
• Pay the premium online.

• 100% sum assured on the accidental death of the insured person.
• 100% sum assured on permanent total disability.
• 100% sum assured on the loss of eyes, two limbs, or one limb and one eye.
• 50% sum assured in the event of the loss of one limb or one eye.

• Compensation for more than one clause for the same term of disability.
• Any claim above the sum assured during the term of your policy.
• Death or disability due to suicide or attempted suicide aren't covered.
• Pregnancy or childbirth.
• War.
• Radioactivity
• HIV or AIDS.
• Natural death.

A personal accident insurance plan can secure you against financial losses. Hence, you must consider buying it. Furthermore, buying it is easy as it’s available online.

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.