3716
4 min read
An accident can often be traumatizing. It does not just leave you shattered emotionally and physically but can also dig deep into your savings, thus causing a financial setback as well. Keeping the unpredictability of life in mind, it becomes very essential to be under the umbrella of Personal Accident Insurance, so that even if tomorrow something goes wrong, you would have a financial backup plan in place. Having accidental insurance becomes all the more vital if you are the primary earning member in your family, or you tend to travel a lot, or if you are involved in a profession that is considered to be risky.
If you or someone you know is looking for accident care plans and wants to purchase Personal Accident Insurance, read on.
Personal Accident Insurance is a health insurance plan. If the insured member gets involved in an accident, the insurance company takes care of the medical expenditure. The accident care policy also covers disablement that is caused because of an accident. Loss of life is also covered under such plans.
When a policy is purchased, the policyholder selects a sum insured. In case of his/ her accidental death, the nominee receives 100% of the sum insured as a lump sum amount.
Accidental insurance also covers permanent disability that is caused because of an accident. A pre-decided amount is paid out to the insured member.
In case of an accidental injury the insured suffers any permanent disability, a pre-decided amount is paid out to him/ her.
If due to an accident, the policyholder suffers a total disability, even if it is temporary, he/ she would receive a pre-decided amount.
Depending on the company and the plan that you have opted for, the following may also be covered under Personal Accident Insurance:
If you are still contemplating whether to invest in Personal Accident Insurance or not, take a look at the advantages:
Most people have this doubt, as to how much would be enough. As per most financial experts, the coverage is directly dependent on your income. To calculate the amount you need as Personal Accident Insurance cover is about 100 times of your income in a month. For instance, if your monthly salary is IR 1 lakh, then 100 times INR 1 lakh is INR 1 crore.
With such a sum insured you can rest assured that even if an accident takes place, your loved ones would receive enough compensation. This amount can be used in replaying your salary, repayment of loans, children’s education, etc.
To make a claim you would have to follow the procedure of the company that you have opted for, however, most companies these days try to keep very simplified claim procedures so that the customers can get their claims easily and quickly.
After an accident, you would have to notify the insurance company at the earliest, preferably within 24 hours of the accident. This can be done telephonically, via email, or if possible through online registration on the company website. After the intimation, you would have to fill in the Claim Form, providing all necessary details and documents. Most companies, in most cases, settle their claim in a week or 10 days.
Life is unpredictable, and though we may not always be able to prevent an accident, we can keep ourselves ready to deal with one. Personal Accident Insurance is a safe and secure way to keep yourself and your loved ones covered. So, in case you are in a profession that entails a lot of traveling or involves uncertainty and risk, it is highly recommended that you invest in a Personal Accident Insurance plan. Such an accident care policy will ensure the welfare and safety of your loved ones. Even in an unfortunate accident, you will be financially secure.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
AYUSH treatments have recently generated massive popularity as an emerging branch of medicine. Looking at the increasing demand for the treatment, it has become imperative.
The year 2024 started with some groundbreaking measures and initiatives in the health insurance sector to facilitate policyholders with better health coverage and benefits. One.
Our knee is an important joint in the entire musculoskeletal system. The support and strength of the knee are pivotal for fluid movement and locomotion..
Updated on Jan 30, 2024 Understanding how OPD and IPD are two different terms in medical science, their coverage in health insurance plans and the.
Updated on Jan 23, 2024 February 10 marks the National Deworming Day observed every year across India. Let us understand the importance of deworming and.
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
Updated on Feb 22, 2024 World Cancer Day aims at educating people and spreading awareness about detecting cancer and its prevention and treatment. Let us.
Updated on Jan 23, 2024 Rare Disease Day is an occasion observed on the last day of February every year. This year February 28 marks.
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
Updated on Jan 30, 2024 What is Insurance Regulatory and Development Authority (IRDA)? - Know in Detail The Insurance Regulatory and Development Authority of India.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue