The Benefits Of Buying A Personal Accident Insurance Policy

Accidents take place without any prior notice. Your life may change in a fraction of seconds due to such unfortunate incidents when you least expect it. One moment you are enjoying life and then the next moment out of nowhere an accident takes place and it can leave you with physical pain, emotional trauma, and financial burden. Accidents can lead to permanent disability, life-threatening injury or even death. While you can never know about an accident beforehand, with a Personal Accidental Insurance, you can be prepare and take care of the financial woes in advance. 

A medical insurance policy provides multiple coverages relate to a medical emergency for various situations. Whereas a Personal Accidental Insurance is like an add-on that one can buy with the existing health insurance or motor insurance policy. This will cover medical and hospital expenses only in the event of an accident. It is not a replacement for your regular medical insurance plan. 

The benefits of buying a personal accidental insurance

A Personal Accidental Insurance ensures financial stability for you and your family members in case of an accident. These policies are specially design to help you deal with the consequences of a life-altering or fatal accident. Listed below are a few Personal Accidental Insurance benefits that the insurance company provides.

1. Accidental death

In case of an accidental death, the insurer is liable to pay your family the sum assure. This is a major benefit of a personal accident policy, unlike a health policy, it covers against any accidental death and the nominee mention in the insurance plan gets 100% of the sum assure. 

2. Permanent partial disability

This is an injury cause due to an accident that may result in the loss of speech, eyesight, legs or hands. This may leave the person incapable of getting employe or result in a loss of income. The policyholder receives a percentage of the sum assure for a specific period of time or as a one-time lump sum payment.

3. Permanent total disability:

This is another type of injury cause due to an accident which prevents the insure from going back to his normal life and duties for a continuous time frame of over 12 months with no hope of improvement. The nominee is then entitle to make a claim for the total sum assured.

4. Temporary total disability:

When a loss occurs due to an injury caused due to an accident, within the policy year where an individual is not able to carry out their normal work and other duties for some time. Insurers provide a daily or weekly benefit in such cases.    

5. Daily hospitalization allowance 

A few insurance companies also cover the hospitalization expenses incurred by the policyholder when he/she is hospitalized due to an accident. This is a huge financial relief for the patient and the patient’s family members as everyone can focus on the patient’s treatment and recovery. Post accident costs for ambulances incurred are also reimbursed as per the policy. 

6. Child education

In case of an accident, if the insured individual is permanently disabled or has passed away, a fixed amount is provided on a regular basis to help fund his/her child’s education. 

7. Cost-Effective Plan

The Personal Accidental Insurance offers more than one benefit at low premiums. It can be bought for a single individual or for one’s entire family. Family floater policies ensure that sum insured will be available to the whole family. 

8. Quick and easy claim settlement

The entire process of claim settlement is very swift and hassle-free. There are not too many complications, it requires minimal information and no need to show any medical test reports. All you need to do is inform the insurance company, share details of the accident, like time, date, and then the insured’s details, policy number, contact number and the claim settlement procedure will be initiated. 

Some exclusions of Personal Accidental Insurance policies include, any disability caused by voluntary participation in dangerous activities, self-harm, addictions, mental instability, pre-existing diseases, etc. 

While medical insurance covers hospitalization expenses and helps take care of your family’s financial needs in the case of your demise, it will not provide financial assistance if you are partially or fully disabled either temporarily or permanently. The importance of Personal Accidental Insurance is in such scenarios. You must avail the policy if you are the sole bread-winner for your family.