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Personal Accident Insurance: Everything You Need to Know

Published On Mar 17, 2022

A minor accident can briefly incapacitate a person, whereas serious accidents can have a significant influence on one's life and overall well-being. To protect oneself against such calamities, it is now necessary to purchase a sound insurance plan. The purpose of an accidental insurance policy is to provide some relief to the injured person or a dependent.

Personal Accident Insurance: Everything You Need to Know

Personal Accident Health Insurance

Personal accident health insurance provides the insured with total financial protection in the event of a misfortune. They compensate insured members in the event of an accident-related death, injury, or partial or total disability. Personal Accident Insurance is a type of health insurance that protects the insured in the event of death, permanent entire disability, permanent partial disability, or permanent partial disability resulting from a general accident at work or while traveling. 

Why Should People Buy Health Insurance for Personal Accidents?

Whether it is a minor or serious accident, it can have a significant impact on one's life. It not only has an impact on an individual's overall well-being, but it also reduces their savings. It is thus advisable to purchase a dependable health insurance coverage that will cover you in the event of such an unforeseen event. In the unfortunate event of an accident, a personal accident policy is designed to provide some financial assistance to the wounded individual or dependent. The policy compensates the insured in the event of a misfortune such as death, bodily injury, mutilation, or incapacity as a result of an accident. If the accident was caused by flying, railing, drowning, bodily injuries, burns, or a collision, the insured will be paid. 

Another advantage of a personal accident policy is that it provides coverage for unintentional impairments caused by an accident. In the event of injury, dismemberment, or death as a result of an accident, compensation is provided. If an accident results in impairment, the insured will be compensated for lost income as well. It may be difficult to go through such terrible times, but having a trustworthy personal accident plan may make it simpler. The plan provides you with the ultimate peace of mind even in difficult times by covering hospital bills, ambulance fees incurred due to transportation of the patient to the nearest hospital, medical bills, and other expenses.

Advantages Of Personal Accident Health Insurance

1. Accidental Death Cover

Dependent family members may suffer emotional and financial consequences as a result of an accident. In such a circumstance, a personal accident insurance policy pays the nominee the full amount insured as stipulated in the policy. 

2. Hospital Daily Cash

A personal accident policy, in addition to the core coverage benefits, provides a daily cash reward in the event of hospitalization due to an accident. The benefit can be used for a set number of days as defined in the policy's terms and conditions.

3. Transportation of Mortal Remains

If the insured dies as a result of an accident, the nominee is reimbursed for the costs of repatriation and transportation of the mortal remains from the accident site to the hospital, crematory, or home. In addition, the nominee will be reimbursed for expenses incurred during religious rituals. 

4. Adaptation Allowance

A few insurance firms provide adaptation allowance, commonly known as house alteration and vehicle modification benefit. In the event of permanent total disability or disbursement resulting from an accident, the insurance company will provide money to modify one's home and/or car. 

5. Total Number Of Members Covered Under Personal Accident Health Insurance

Individual and Group Personal Accident Insurance can be acquired. An individual personal accident policy is obtained by someone who wants to protect themselves or their dependents from financial ruin in the event of a disaster. A group personal accident policy, on the other hand, can be obtained for a group of people who share a common interest, such as a business or location. For example, in a coal mine, a group of workers can be insured by Group Personal Accident Insurance. 

Take Away

Personal accident insurance protects you and your family against the financial consequences of a car accident. It is a fixed-benefit plan that pays out in the event of death, permanent/temporary disability, or hospitalization due to an accident. In the event of any of these dreadful events, the plan will pay out a lump payment, as specified in the policy terms and conditions.

Also Read: Health Insurance Plans By LIC

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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