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Check what is the Need for Personal Accident Insurance? Features & Benefits

Cases of accidents are quite common in India. Every day, we see or hear the news of people getting injured, whether on the road or at their workplace. While it may not be under one’s control to ensure their physical protection from an accident, financial security is not something they cannot assure.

Accidents are taxing in every which way. Not only they deprive one of their physical and mental comforts, but also leave them with a financial burden. The best possible way to prevent one’s lifelong savings from getting vanished in one go in such a scenario is by investing in personal accident insurance.

What is Personal Accident Insurance?

Personal accident insurance is basically an insurance policy that provides financial security against accidental risks. It considers expenses incurred for the treatment of injury wounds that occurred in an unfortunate accident.

Be it road/air/rail collision, fire, explosion, or any other element behind the accident, personal accident insurance provides coverage for medical expenses and concerning the loss of income, owing to an accident.

Yet another point to note is that personal accident coverage offers coverage to the insured as well as his family. In case of an injury, death, total or partial disability taking place owing to an accident caused by visible, violent, and external means, the individual insured and family members can get the compensation amount.

Why Considering Personal Accident Insurance is Important?

  • Additional expenses caused by an injury are covered under personal accident insurance. Be it the cost of rehab or any other expenses not covered by a health insurance policy, personal accident insurance covers all.
  • Even in case of an accident, a personal accident policy provides one with peace of mind. Be it the accident victim or their family, none has to bear the mental stress of losing their financial security or worry about managing finances in the future, owing to stopped income because of work loss.
  • Personal accident insurance provides unmatched lifestyle support by preventing the family from getting affected by lack of income. It offers financial support to the family if the insured unexpectedly dies or becomes disabled.

​Benefits of Personal Accident Insurance Policy 

An unfortunate accident can bring a drastic change in one’s life within no time. What’s also a fact is that not only the accident victim but also their dependents become helpless at some point. It is then when that personal accidental insurance comes across as a major savior. Let’s uncover all the advantages that personal accident insurance brings along:

  • Great coverage at a low premium
  • 24x7 support service
  • Simple and certified method for claiming
  • Can be purchased for an individual or a family
  • Family security
  • Doesn’t require medical tests and documentation
  • Worldwide coverage
  • Legal and observance expenses
  • Double indemnity for death/ incapacity while traveling in public transport
  • Child education benefit

Coverages Under Personal Accident Insurance

  • Accidental Death- In the case of the policyholder’s death, the nominee is provided with compensation. This, in turn, helps in ensuring the financial security of the family.
     
  • Permanent Total Disability- There are times when a victim becomes permanently disabled. In such a case, the health insurance policy offers a certain amount based on the nature of the disability. Take note that the policy covers loss of speech, hearing loss in both ears as well as loss of vision in both eyes.
     
  • Permanent Partial Disability- This particular cover becomes applicable if the victim has partially lost hearing in one ear or has eyesight loss in one eye. Permanent partial disability also holds value for those who have lost an index finger, a thumb, or even a hand.
     
  • Daily Allowance throughout Hospitalisation- One of the major benefits of personal accident insurance is monetary relief to the patient at the time of their treatment in the hospital.
     
  • Terrorism Act- Injuries caused because of terrorist acts are also a part of the personal accident policy cover.

Now that we have covered the significance and benefits of personal accident insurance, let’s shed light on the exclusions as well. That said, take note that personal accidental insurance doesn’t generally cover it!

The Exclusions Under Personal Health Insurance Policy

  • ​Self-inflicted injuries
  • Dental injuries
  • Injuries occurred while committing a crime
  • Accidents due to prior illnesses
  • Dangerous behavior
  • Injuries under the influence

At last, if you think personal accident insurance is a necessity for you, go ahead with the decision to buy personal accident insurance online or group personal accident insurance without giving it a second thought. However, make sure you keep the below-mentioned points in mind to make the ideal choice.

Key Points to Emphasise:

  • Choose a plan with the lowest accidental insurance premium payable
  • Conduct a comparison of various insurance plans offered by the best companies in the Indian health insurance sector
  • Finalise an accident insurance policy that you can not only purchase, but also renew online

Ready to invest in the best personal accident insurance policy?

Start considering it right away! Remember not to make a hasty decision and keep all the aspects in mind so that you don’t have to regret it in the future.

All the best!

Also Read:

Personal Accident Insurance Policy-Benefits and Exclusions You Must Know!

Personal Accident Cover - What Is So Special About It?

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