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Everything You Should Know About Personal Accident Insurance

Published On Apr 18, 2022 10:00 AM By InsuranceDekho

An automobile accident doesn't come knocking. It can happen at any time and at any place, with moderate to severe consequences. Any uncertainty can lead to financial ruin, which is why it is recommended that you get Accidental Insurance coverage. In the case of an accident, bodily injury, or disability (partial/permanent/temporary), it will provide financial assistance to you and your family. Accidental hospitalization coverage, Hospital Confinement Allowance, and Medical Expense Coverage are just a few of the additional rider benefits. Personal Accident Insurance provides insured people with full financial protection against unforeseen occurrences including accidental death, bodily injury, partial/total disability, permanent and temporary disabilities, and death as a result of an accident. In the case of the policyholder's accidental death, the nominee is fully reimbursed by the insurer. Accidents that result in the loss of eyes, limbs, or voice may be eligible for further compensation. Continue reading to learn more about personal accident insurance.

What Is The Purpose Of Buying Health Insurance For Your Family?

A minor accident may render a person temporarily incapacitated, while catastrophic accidents can have a considerable impact on one's life and overall well-being. It is now vital to have a robust insurance plan in order to protect oneself from such disasters. The goal of an accidental insurance policy is to help the injured person or a dependent in some way. Personal Accident Cover provides financial support in the event of an accident-related death, physical injury, disability, or disfigurement. In the case of a rail, air, or road accident, drowning, or injuries received as a consequence of a collision, bodily injuries, or burns, among other things, compensation is provided. In the case of an accident, personal accident insurance coverage offers financial help to the policyholder, regardless of the severity of the incident. In the case of accidental death, disability, or dismemberment as a consequence of an accident, the insured is reimbursed. The best personal accident insurance plans in India provide financial aid to dependent relatives in the case of the policyholder's untimely death due to an accident. The policyholder will also be paid for lost income in the case of an accident-related handicap. It protects you from the worst-case circumstances, giving you peace of mind. Hospitalization coverage, hospital bill payment, and ambulance cost reimbursement are among the additional benefits.

What Are Some of the Benefits of Purchasing Personal Accident Insurance?

You may receive personal accident insurance regardless of your age, profession, or health. You should definitely acquire this software as soon as you start generating money. It is particularly important for persons who have taken out loans or are required to pay EMIs since it protects them from having to repay the outstanding sum in the case of a calamity. Your occupation, not your age, will decide the premium for this coverage. You may prevent having your membership lapse by paying it online. The price of insurance is decided by the plan you select, as well as your age, occupation, and, in certain cases, medical history. However, it is recommended that you select a total insured sum equal to 100 times your monthly payment. Under Section 80D of the Income Tax Act of 1961, the premium paid for personal accident insurance plans that offer protection against bodily disability, dismemberment, or accidental death is not tax-deductible. It's important to remember, though, that the primary motive for buying any sort of insurance is to provide protection and safety. Insurance decisions should never be based on tax considerations.

Take Away

You should think about what would happen to your loved ones if you died, but you should also think about how they would cope if you become permanently incapacitated. You can be prepared for the unexpected if you have the right insurance. Personal accident insurance coverage covers accidental injury and death. Such plans, on the other hand, do not cover natural deaths or deaths caused by illness. 

Also read - What Can You Do To Make Your Current Health Insurance Plan Better?


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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