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Types and Benefits of Personal Accident Insurance Policy

Updated On Apr 28, 2021

Accidents can happen anytime, anywhere. Vehicle collision, occupation hazards, and heavy machinery often pose a considerable risk of accidents or mishaps. These lead to serious injuries, partial or permanent disability, and in some extreme cases, death. Therefore it is essential for all of us to have a personal accident insurance policy that will guarantee us financial assistance during an emergency or unforeseen circumstances. Personal Accident Insurance providers understand these possibilities and hence they offer us plans that comprehensively cover the medical and monetary requirements of the policyholder related to the injuries sustained in an accident. In this article, we are going to tell you about the different types and benefits of personal accident insurance policies, so that you can make a better choice while deciding to purchase or invest in one.

Types of Personal Accident Insurance Policies

The following is a list of the different types of personal accident insurance policies -

1. Individual Personal Accident Insurance -

An individual accident insurance policy is offered for only one person by different insurance companies. Under this option, the policyholder is secured of all medical costs related to the injuries sustained by them due to an accident. Loss of vision, limbs or the unfortunate demise of a policyholder is covered under this type of personal accident insurance plans and the policyholder and their family members can be assured of a strong financial support in their times of urgent need for the same.

2. Group Personal Accident Insurance -

As the name suggests, a group accident insurance policy secures the possibility of an accident for a group of people and is generally offered by employers to their employees. The features and benefits are limited as compared to an individual accident insurance policy but it can be purchased at a discounted rate, as per the strength of the employer’s company. Under this option, policyholders are protected against accidental death, burns, partial or permanent disability, and their family members can receive the principal amount as the death benefit.

Now that you are aware of the different types of personal accident insurance policies,let us look at the benefits of Personal Accident Insurance Plans that can be availed by a policyholder.

Benefits of Personal Accident Insurance Plans

1. Minimum Paperwork

The reason why most people shy away from investing in insurance policies, in general, is the immense paperwork and documentation involved in the process. However, personal accident insurance policies have an advantage in this regard because they can be purchased without filing any extra papers. You just need to provide your basic details in the application form and the insurance provider will issue the policy.

2. No Medical Screening

Unlike health and life insurance policies, no medical screening or tests are required for holding a personal accident insurance policy. This is a significant benefit, as you can claim your insurance and facilities without mandatorily disclosing your medical history. You need not take any tests and it ensures that you receive the best medical attention and supervision after meeting with an accident, irrespective of any pre-existing medical condition.

3. Disability Benefit-

Personal Accident Insurance Policies come with a disability coverage that effectively supports and protects you financially against any accidental mishap. Any kind of partial, temporary or permanent disability suffered by the policyholder is covered by these kinds of policies. Insurance providers have a wide spectrum of disabilities for which they offer medical and financial support. You must check your policy documents carefully to ensure that it offers a maximum disability coverage as it is always more useful.

4. Accidental Death Benefit (ADB) -

In extreme cases and severe injuries, accidents can also lead to the death of an individual. Under Personal Accidental Insurance Policies, an Accidental Death Benefit or ADB is paid to the nominee in case of the policyholder’s unfortunate and untimely death. It is in addition to the promised sum assured amount, calculated as the total of additional bonuses received by the policyholder till their death.

5. Ambulance Benefit -

In case of accidents, the transportation of the injured person to the nearest medical center is extremely important to ensure immediate medical intervention and improved chances of recovery. Whether it is an ambulance or any other mode of transportation, personal accident insurance policies offer a transportation benefit as ambulance charges, thereby effectively reducing your costs while increasing the ambit of medical attention.

These are the different types and benefits of personal accident insurance policies. It is essential not only to give your family a sense of financial security in your absence but, also to secure for yourself medical and financial coverage in case of accidental disabilities. If your work entails traveling, then it is imperative for you to invest in a personal accident insurance policy. Hopefully, the pointers above will help you to consider and choose the best personal accident policy suited to your personal needs and requirements.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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