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Personal Accident Cover - What Is so Special About It?

Published On Mar 29, 2019 5:30 AM By Gunjan Anand

When it comes to life, the most special thing about it is unpredictability. If suddenly something good comes to us, we title it as a surprise, whereas bad news is termed a shock. Everybody loves to face surprises and avoid shocks in life. But, as maximum events are destined in life, we can’t evade facing them, but yes, we can surely plan to deal with them. Buying a health insurance is good, but to safeguard yourself and your family from dire consequences, you need to think beyond the health plan.

Here comes the personal accident cover. Although, it is known for covering a specific limit of coverage it holds a great prominence. Thus, it advised adding this accidental rider in your regular health insurance plan to enhance its benefits. Therefore, it is suggested that every policyholder should compare health insurance policies of different insurers on various grounds such as before and after inclusion of accident cover prior to finalize and buy a plan. 

What is the basic concept of personal accident cover?
Personal accident cover plan provides the financial help to policyholder’s family in case of any serious mis-happening like an accident. Under this scheme, the nominee is entitled to receive the insured sum, if the insured member has suffered any partial or complete disability, critical injury, death and so on, due to an accident. We all know that if the bread-earner of any family fall prey to such conditions, how bad circumstances the whole family may need to face and go through. Especially when apart from earning a bread, the family members also need to bear the hefty medical bills of the bread earner. 

These events make the accidental cover a must-have thing.  The plan incorporates several sorts of accidents such as road, rail or air accidents, injuries due to drowning, sufferings due to a burn case, etc. There exist many insurance firms that don’t offer accidental insurances under their regular schemes. Thus, every insurance seeking individual should check the presence of accidental cover in the plan before buying or if have bought a plan already without accidental cover, you can go for an accidental cover plan separately. Here is the list of inclusions and exclusions in the accident cover plan. Going through it can help you choose the personal accident cover easily.

List of inclusions:
Total disability for a temporary period due to accidental sufferings
2. Partial disability permanently due to accidental injuries
3. Total disability permanently caused by accidental injuries
4. Death of an insured individual caused due to the accidental injuries
However, there is a possibility that not all these mentioned inclusions are available in your plan and only some of these lies there. So, always check the inclusions before purchasing the plan. 

List of exclusions:
Injuries occurred due to suicide attempts or self-injuring activities
2. Sufferings caused due to the influence of drugs and alcohol
3. Injuries happen due to participation in risky sports events. 
4. Wounds or disabilities happened in the riots, civil war, terrorist attack, etc. 
If any policyholder gets injured or faces any sort of suffering due to these points, he or she would not be eligible to find any financial assistance. 

Benefits of Personal Accident Cover at a glance!
Here are some advantages of owning a personal accident cover policy:

  • The plan develops the provision of providing financial assistance to the family
  • The insured persons don’t require to go through any health check-up to get covered under the plan
  • The plan gifts a good amount of financial cover at the cost of a very low premium
  • The policyholders can avail the benefits of the plan anywhere in the world
  • The settlement of a claim under this plan is quite easy to achieve. 

Points that make the accident cover plan, none of a kind! 

A) In the personal accident cover policy, a pre-decided amount is insured. It is to be provided to a nominee or the family of the policyholder in the case of an accident. The accident cover plan isn’t confined to cover the hospitalization expenses only as happen in the case of a regular health insurance plan. In fact,  the former extends the financial support to a much larger extent, for example, if there is a sum of Rs 10 Lakh is insured as per the plan, the insured individual would be eligible to get 50%, i.e., 5 Lakh, in the case of partial disability and 100%, which counts as 10 Lakh, in the case of permanent disability. 
B) Apart from just providing the insured sum, some plans also provide financial help for medical costs, children’s education and so on. However, every plan may not include all the benefits, so it would be great to always come to a health insurance policy before purchasing.
C) The personal accident cover can be added to the health as well as car insurance plans by paying a little extra premium. As many health policies don’t have the provision to include the accident cover, hence, its inclusion in a car insurance plan is being offered. 

Also Read

Personal Accident Insurance Policy-Why so important?

The Need for Personal Accident Insurance? It's More Than You Think

Apart from the regular health insurance policy, the personal accident cover plan also holds a lot of importance. Thinking about the uncertainties in life, we all need a plan to face the worst conditions that include partial or total disability due to accident or critical illness. The scenario may get worse if the injured person is the breadwinner for a family. In these situations, personal accident insurance benefits can rescue the members of the family by proving the maximum amount of financial help. Hence, go for the accident cover today, to shield your tomorrow.              

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