Is Personal Accident Insurance Beneficial for Those Working in the Construction Industry

Published On 20 Nov 2019 By Prashant Srivastava

Why Personal Accident Insurance Is Important for the Construction Industry?

Life is totally unpredictable!

Abhishek works in a construction company, and more often, he happens to work at construction sites.

He manages to save a small amount every month and tends to keep saving consistently.

Since Abhishek works in a construction company, he is exposed to several kinds of accident dangers due to working with heavy machinery. Risks of heavy objects falling upon him are higher. He stands at a vast scope of risks that could cause him serious injury.

Abhishek better knows how dangerous it is for him to work at construction sites. He also believes many others working with him are prone to bodily injuries.

Therefore, buying Personal Accident Insurance is crucial for him.

Although like many builders/employers or the construction companies, Abhishek’s employer offers him health insurance cover against bodily/accidental injuries; however, Abhishek wants to be covered under personal accidental (PA) insurance for enhanced safety.

Here is how a PA cover is helpful for him and his family.

Benefits of personal accident insurance for the people working in a construction company

Personal accident policy is a type of cover that takes care of you everywhere. In case of an injury at a construction site that leads to death or permanent disability, personal accident insurance provides maximum financial assistance. Besides coverage against disability or death, the policy offers financial support to the insured. In many cases, it has been seen that the earning capacity of the individual is partially or completely lost post-accident. In such a condition, a personal accident stands as financial support. 

Key benefits

Some of the common coverage benefits in case of an accident-related injury:

  • Permanent Total Disablement
  • Broken Bones, Burns, Coma
  • Permanent Partial Disablement
  • Head & Spinal Injury
  • Accidental Inpatient Hospitalization & Restore Benefit
  • Total Temporary Disablement
  • Accidental Outpatient Hospitalization
  • Hospital Cash, Purchase of Blood
  • Transport of Imported Medicine

Common coverage benefits in case of accident-related death:

  • Accidental Death Cover
  • Cremation Ceremony
  • Transportation of Mortal Remains

In addition to this, some accident policies take care of your family by paying for marriage expenses for children, education, home maker care, pet care, multiple member disability, elderly care, education funds for disabled, dependent child.

Optimum Protection

A personal accident insurance policy ensures optimum protection against different kinds of accidental situations that a construction worker could face while at work. The policy can be helpful in various circumstances.

Suppose you are working on the top of a newly constructed building. All of a sudden, the bricks fall upon your body. Or you are standing on the scaffold to reach the higher parts of a building.

God forbid, the scaffold breaks down and you break your spine. Who will be responsible for your treatment or the well being of your dependent family? The accident will twist the fate of the entire family.

To tackle such situations, a personal accident cover is the right option as it provides optimum protection to you and your family. It can pay to you a lump sum amount so that your family can remain financially stable during adverse circumstances.

The amount received can be used to:

  • Repay loans, mortgage
  • Pay hospital bills
  • Pay many other utility bills
  • Pay school fees of your children (if any)

Not only this, the amount can help you fulfil many other requirements so that you can have a quality life even after changed circumstances. With a wide range of coverage, the policy can let you focus on your work without having to worry about how you or your dependent family can manage financially when something wrong happens to you.

It’s important to note that in case of the death of the insured, the sum assured amount along with additional benefits is given to his/her immediate family or nominee. This helps the family to continue their existing lifestyle without worrying about the financial crisis.

Helpful If You’re Unable to Work Further

There are circumstances when you are unable to work further due to an injury. And your income stops. Despite you’re not earning, you will have to pay your medical bills and arrange for household expenses. In such a situation, a personal accident insurance policy is helpful. The policy gives you a 100% lump sum amount so you can keep your life going on smoothly.

No Medial Checkup and No Documentation

Unlike at the time of filing a health insurance claim, when getting a personal accident claim, you won’t need to go for a health check-up, submit documents (hospital bills, medical test reports, investigation reports, discharge summary, indoor case papers, etc.). Although the accidental coverage majorly depends on the policy wording, you can request for increased protection by paying an extra premium.

Tax Benefits

The best part is that by having Personal Accident Insurance, you’re able to save tax. The section 80D of the Income Tax allows every individual to save tax against the premiums paid for insurance policies. Also, the lump sum amount paid by the insurer is tax-free.  

Low Premiums

When it comes to the cheapest insurance plans, personal accident cover comes first. Available at a few hundred rupees spent each year, the policy covers the policyholder for a sum of several lakh of rupees.

Moreover, unlike other insurance plans, the premium of a PA cover is determined by the nature of the job, not by the age of the policyholder. The premiums of low-risk jobs like IT and software may be lower compared to the jobs at the construction industry or the jobs with greater risk.

Over To You

Like Abhishek, if you are working in a construction company or doing a job with greater risks, buy a personal accident cover today. Surviving an accident with not even a single scratch is a miracle. But not everyone is so lucky every time.

Also, read How to Plan Health Insurance Premiums Well in Advance to Renew the Policy?

Accidents in the construction industry are fatal and can cause partial or permanent disability, in some cases even death. In such situations, personal accident insurance can only be your loyal companion. 

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