Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurer. There are various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.
Types Of Personal Accident Insurance Policy?
Accidental Insurance Policies can be further divided into two sub-heads. Here’s a quick rundown of the two variants:
Individual Accident Insurance:
This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.
Group Accident Insurance:
Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.
Accidental Insurance Coverage
You can avail the following coverage benefits with a personal accident insurance policy –
Accidental Death Cover
An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.
Permanent/Total Disability Cover
In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.
Permanent Partial Disability Cover
If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.
Temporary Total Disability
In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.
Why Choose Personal Accident Insurance ?
A minor accident can indispose an individual temporarily, while major ones can have a severe impact on one’s life and their overall well-being. It has become imperative to buy a sound insurance plan to protect yourself against any such untoward perils. An accidental insurance policy is designed keeping to offer some relief to the injured person or a dependent.
Personal Accident Cover offers compensation in the event of demise, bodily injuries, impairment or mutilation resulting from an accident. Compensation is provided in case of an accident while travelling through rail, air, road, drowning, or due to a collision, bodily injuries, burn etc.
A personal accident insurance policy offers financial support to the policy-holder in case of accidental disabilities, irrespective of the intensity of the incident. Compensation is provided to the insured against accidental demise, impairment, and dismemberment because of an accident.
In case of unfortunate accidental death of the policyholder, the best personal accident insurance plans in India help the dependent members by providing them financial assistance. In case of impairment resulting from an accident, the policy-holder will also get compensation for the loss of income. It ensures peace of mind as it guards against the most unexpected events.
Advantages of Personal Accident Policy ?
Imagine a situation, you are hit by a motor vehicle and are permanently disabled? There would be no monthly or annual earnings but bank EMIs, medical expenses, and other expenditure. To deal with such an emergency situation, it is advisable to get a personal accident cover. Here’s a quick rundown of some of the major advantages of buying a personal accident insurance policy:
- Family security
- No requirement of medical tests and documentation
- Substantial coverage at a lower premium
- Worldwide coverage
- Both individual and family plans are available
- The easy and certified claim process
- 24×7 support service
- Legal and funeral expenses are covered
- Child education benefit
- Double indemnity for demise/ impairment while traveling in public transport.
- Availability of customizable plans