Personal Accident Insurance Plans
About Personal Accident Insurance?
Accidents shatter people emotionally, physically, and financially, draining away lifelong savings. Your happiness comes to a pause and you are left with shock and financial burden. An accident can occur anywhere, at your workstation, at road or even at home and resulted in death or injury to you. Due to this, you or your beloved family may face financial crisis. Due to the uncertainty of accidents, we are offering Personal Accident Insurance policy with extensive benefits that will help you ease o- just in case one occurs. Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurer. This policy also designs to select other optional rider cover on additional premium named as Hospital Confinement Allowance, Accidental Hospitalization Cover and Medical Expense Reimbursement.
Why you need Personal Accident Insurance?
Even after an accident, you can enjoy financial stability and peace of mind. This is what a personal accident policy because it plugs an important role in your insurance portfolio. Firstly, it will provide financial support to the policyholder if he is disabled after an accident. Secondly, the magnitude of the mishap doesn’t matter; even minor ones like falling off a bicycle and breaking an arm, or fracturing a leg while playing football are covered by the policy.
A Personal Accident Insurance is essential for everyone, irrespective of their age, occupation, and health. You should ideally buy this plan as soon as you start working. Even after taking extensive precautions, accidents do occur. This may result in disablement or loss of limbs or sometimes even death. In that case, a personal accident insurance policy proves to be a savior. The premium of a personal accident cover depends on the occupation you are in.
Mentioned in the list below are three categories under which occupational risks can be segmented.
Here are the Top Reasons to choose Personal Accident Insurance
If the policyholder is completely or partially disabled after an accident, then this type of policy will assist him with financial support regardless of the type of injury. In the event of the policyholder's demise in an accident, his nominee gets accidental death compensation benefits.
Emergency accident medical expense
Following an accident, the victim needs immediate medical attention and personal accident policy provides coverage for hospital bills, medical treatment that are not due to a pre-existing condition, as well as expenses like repatriation charges, funeral expenses in the event of policyholder's demise, and ambulance charges.
Following an accident, say, you are hospitalized more than 150 km of your residence. Do not worry. The insurer company will reimburse the transportation costs incurred by a family member to reach you.
Compensation for Loss of Income
If the policyholder suffers a fracture or a disability such as loss of eyesight, speech, or hearing impairment, the policy compensates for the loss of income. If a person suffers temporary total disability, then the insurer will grant a weekly benefit.
Due to the accident, if the policyholder gets paralysed and bound to a wheelchair, he may require structural adjustments to accommodate and ease his movement. The policy compensates to make such necessary alterations in his home and vehicle to facilitate easy movement.
Death of the policyholder
In this situation, the policy disburses compensation to the family. If you have young children, then the insurer takes care of their education. The insurer pays 10% of the sum insured or the actual tuition fee charged by the institution, whichever is lower.
Children education benefits
Personal accident insurance ensures that education expenses of victim's children are not impacted as it provides an education benefit for the children amounting to 10% of the principal sum insured or the actual tuition fee charged by the institution, whichever is lower.
Option to cover family
Are you worrying about covering your growing family? Well, we love the family bonding and have policies to cover your family in one single policy.
Inclusions and Exclusions
*Inclusions of Personal Accident Insurance Plans –
- All damages or injuries caused by accidents are usually covered here. These include external, violent and visible means. It includes death or disability as well, which may occur because of any of the following:
- Rail, road or air accidents
- Collision or fall
- Bursting of a gas cylinder
- Snake bite or frostbite or dog bite
- Burning, drowning or poisoning
If you suffer from either partial or complete disability due to any accident mentioned above, the losses would be covered by your insurance. The term permanent total or partial disablement may be the loss of limb, vision, etc. Temporary total disablement is a condition where the patient cannot perform duties; they did before the accident. Both require a medical certificate to be covered by the personal accident standalone plan.
In the case of death or permanent total disability, lump sum payment is insured. In partial disability, you get a fixed percentile of the total amount for a set number of weeks. The maximum tenure is 104 weeks.
- On medical costs, you will be covered for the following instances:
- Medical expenses and treatment for everyday injuries
- Hospitalization and similar expenses
- Costs for corrective surgery
- Funeral expenses in case of death of policyholder
- Double indemnity for death
- Double indemnity for permanent disablement while using public transport
- Education costs for children of policyholder, in case of death or complete disability
- Exclusions of Personal Accident Standalone Plans
- Intentional suicide attempt or self-inflicted injury
- Injuries due to civil unrest or war
- Accidents due to intoxication like drugs and alcohol
- Death because of HIV/AIDS
- Injuries due to disorderly behavior
- Intentional acts or suicide attempts
- For personnel on duty with military, police force or paramilitary organizations
- Taking part in unsafe and dangerous sports
Advantages of the Personal Accident Insurance Policy
- Now a day, chances of natural death or getting hospitalization for illness is lower than chances of meeting an accident
- Personal accident cover is a potential hedge against unforeseen accidental events in life
- This cover is designed to bridge the financial gap while you recover from injury caused by an accident.
- This cover can provide peace of mind any time of the year, anywhere in world. Whether you are at work, commuting, sitting at home or travelling abroad, you are covered.
The personal accident plan is highly recommended for the breadwinner of the family. It ensures you have the following benefits:
- Financial security of the family
- Exemption from medical tests or lengthy procedures
- Lower premiums than health insurance in most cases
- Group plan options too
- Availability of overseas coverage
- Education security for children in the event of death of the policyholder Customization options