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Personal Accident Insurance Policy-Why so important?

Published On Apr 01, 2019, Updated On Dec 04, 2020

You are bound to be familiar with the terms of health insurance and life insurance. But comparatively, personal accident insurance has not gained prominence lately in India. 
The personal accident insurance policy covers the policyholders against death or disability due to an accident. All the general insurance companies offer this but may not be willing to sell you one. It is quite unpopular because agents earn a lesser commission on selling these low-priced policies. However, why you should own one is obviously because it plugs a vital role in your insurance portfolio. 

Who needs personal accident insurance? 

Personal accident insurance is important for all of us. But it can be said that it is more relevant to the salaried people residing in urban areas. Considering they travel a lot from their home to office and vice versa, on a daily, monthly or yearly basis, they are more prone to accidents than any illness.

God forbid, in case the accident results in any disablement or loss of limbs, life, or even then personal accident insurance becomes your life saviour. But it does not completely ignore the importance of health insurance and life insurance.    

What is the need for a personal accident insurance policy?

Imagine if someone is physically rendered following an accident. And the consequences of meeting an accident could be dangerous. Life insurance, in this case, would be of help for the dependents only if there is any loss of life. Plus, it will cover the cost of hospitalisation only. To avoid similar circumstances, you need to buy personal accident insurance.

Major reasons why you need personal accident insurance policy-

  • Disabilities covered- Several disabilities might be witnessed after an accident, for which a policyholder can claim compensation. For instance, if an individual loses hearing in an ear or vision in an eye, he can file a claim. This policy also covers loss of speech, loss of hearing and loss of eyesight. If the policyholder loses an index finger, a thumb or a hand, then he will receive compensation for the income loss.  
  • Major expenses sorted including hospitalisation- Apart from hospital bills and medical treatment, personal accident insurance policy covers other expenses, such as ambulance charges, repatriation charges and in case of death even the funeral expenses.  
  • The benefit of home alteration and vehicle modification- In the aftermath of an accident, you might be wheel-chair bound if you have disabled limbs. In such a situation, it will be essential to have transport that suits your needs to make traveling to work conveniently. Also, you might need to modify your house for easy living. These modifications may include setting up ramps, or low height of wash basins in washrooms etc. The insurance provider facilitates these claims and transportation claims for the policyholder. 
  • Family transportation- In case you are hospitalised more than 150km from your residence, your family member would find it hard to reach you. In this case, the insurance provider will reimburse the transportation cost.  
  • Event of the death of the policyholder- In case of the death of the policyholder, the compensation is received by the family. The young children, if the policyholder has any, are provided education by the insurer. Either actual tuition fees or 10% of the sum insured, whichever is less, is paid by the insurer.

Also read: 5 Factors to Consider While Buying a Health Insurance Policy

The best part of personal accident insurance is that it goes easy on the pocket. You can buy personal accident insurance by spending a mere Rs. 225 per year and get a benefit of nearly 5 Lakh in return! Apart from lower premium rates, to make it a valuable asset for your family members, you can add them too under a single policy. Nothing else you could have asked for, right? 

But even after major benefits that personal accident insurance provides, people consider it as an additional expense as they already own health and life insurances. But they fail to understand that accidents are uncertain to occur and to anyone. So, to prevent self from untoward consequences of an accident, getting personal accident insurance is a safe option. 

Also Read

Top 5 Affordable Health Insurance Policies You Can Buy Online in India

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

So, now is the time! Contact our customer care executives at 1800 1205 698 to avoid any type of confusion and decide the best plan for you and your near and dear ones. 

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