5 min read
Updated on Jan 23, 2023
The rate at which accidents are taking place in India, it has become indispensable for everyone to have a personal accident insurance cover. Accidents are caused without warning and they create an emergency situation for the victim, especially if the injuries are severe. Also, with serious injuries the treatment expenses become high. It may make the person physically handicapped and impact his/her income or earning. Hence, it is very necessary to protect your family members from such situations by buying a personal accident insurance policy.
Personal Accident policy is one that offers all-inclusive financial security to the insured against health emergencies arising out of accidents including deaths, bodily injuries, partial and total disabilities as well as temporary and permanent disabilities.
Thus, if an insured meets with an accident, his/her family can claim for financial assistance in the event of accidental death, bodily injury or any other disability of the insured. The family or nominee can receive 100 % reimbursement in case of death of the insured which is equivalent to the amount of sum assured. In addition, compensation can also be received by insurance companies for disabilities of speech, eyes, limbs etc.
Personal Accident insurance are of two types – Individual Personal Accident Insurance and Group Personal Accident Insurance.
1. Individual Personal Accident Insurance – This is a type of insurance that safeguards the policyholder from various accidental damages including accidental deaths, loss of eye sight, loss of body parts, any other disability caused by the accident.
2. Group Personal Accident Insurance – The group personal accident insurance plans are normally purchased by employers or companies to provide coverage to their workers. Depending on the company size as well as the total employees working in an organization, insurance companies allow discounts under these schemes. These group personal accident insurance ensures the financial security of employees in case of any mishap at the workplace.
Now, let us take a look at the various factors which need to be considered while choosing a Personal Accident insurance policy.
Below are the key factors to be considered:
Below are few common inclusions and exclusions of Personal Accident Insurance:
|Accidental death of policyholder||Natural Death|
|Any permanent disability||Pre-existing injury/disability|
|Any partial disability||Self -inflicted injury|
|Ambulance Charges||Injuries caused by participation in adventure sports|
|Child education support|
Accidents and medical emergencies are unpredictable and they indeed drain a family financially. Hence, it is necessary to ensure safety and financial protection from such financial aftermaths. So, it is imperative to buy accident insurance coverage in case you don’t want to see yourself and your family under such circumstances.
With a Personal Accident Insurance Policy, you can get exclusive cover against medical expenses arising out of accidents. However, before you finalize on a personal accident policy, compare and analyze the various criteria to buy the best policy and to ensure the security of your dear ones.
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Generally, health insurance companies do not cover accidents as part of their regular coverage. Moreover, even if any company allows the same, it is limited to the defined guidelines as per their policy document. Thus, it is necessary to buy a personal accident plan as a separate policy so that you can get complete coverage against accidents or at least purchase an add-on accident cover under your health insurance plan.
As per the Indian Motor Vehicles Act, every vehicle owner must have a personal accident cover mandatorily. However, if you haven’t purchased a personal accident cover under your motor insurance plan, you can get it as part of your health insurance plan.
Below mentioned documents are required during the claim settlement process of Personal Accident Insurance:
Copy of insurance policy
Details of the insured
Completed and signed claim form
First Information Report (FIR)
Original death certificate (in the case of death)
Bill of Doctor’s fee etc.
Below are some of the top insurers offering best Accidental Policies:
Bajaj Allianz General Insurance
HDFC Ergo General Insurance
Niva Bupa Health Insurance
Care Health Insurance
There are two different types of personal accident insurance available - individual personal accident cover and group personal accident cover.
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