Personal Accident Insurance : Coverage, Price, Benefits and all other things you should know.
What is Personal Accident Insurance?
Here’s an alarming fact about accidents in India: as per a report by Ministry Of Road Transport & Highway there were approximately 449,002 road accidents in 2019. An average of nearly 1,230 accidents everyday. Accidents are an uncertainty that can disrupt your daily life. It can be a huge physical and financial burden at the same time, to you and your family. At times like these, Personal Accident Insurance can help relieve some of that financial pressure.
Personal Accident Insurance is a policy that can provide total financial coverage against disability or death caused by accidents. Insured members can reimburse medical expenses against injuries, partial or total disabilities, permanent as well as temporary disabilities and death caused by an accident. Personal Accident Insurance assures that your family’s daily life does not come to a halt in your absence. Hence, it is essential to have a good Personal Accident Insurance policy.
Accident Insurance policies can be classified into two types -
Individual Accident Insurance:
This type of Accident Insurance policy financially protects an individual in case of any accidents. It covers accidental death and permanent or temporary disabilities like loss of limbs or sight, etc.
Group Accident Insurance:
Group Personal Accident Insurance is usually offered to the employees of an organization by their employers. It protects the employees against the medical expenses incurred due to injury or death resulting from an accident at the workplace. The best part about Group Personal Accident insurance is that it covers accidents irrespective of whether the employee is on duty or off duty. While the employees feel protected, the employer gets a group discount based on the size of the company.
What is Included in Personal Accident Insurance?
Although all policies might have slight variations in the finer details, but generally speaking, as an individual you can avail the following coverage benefits of Personal Accident Insurance policy -
In case of a fatal accident, the entire sum assure is paid to the nominee mentioned in the document by the policyholder. Consequently, keeping the family financially secure.
Permanent Total Disability:
If an accident results in permanent life-long disabilities, then depending on the nature of the disability, a defined insured amount is paid to the policyholder.
Permanent Partial Disability:
When injuries lead to partial disabilities like loss of sight in one eye, loss of hearing from one ear or losing a limb, then a percentage of insured amount (upto 100%) can be claimed by the policyholder.
Temporary Total Disability:
If the policyholder is bedridden due to a temporary total disability then they may enjoy the benefits of weekly allowance by the insurer to compensate for the loss of income.
In cases where the policyholder is needed to be transported to the hospital, some insurers also cover the conveyance expense incurred.
What is Excluded in Personal Accident Insurance*?
Before you buy a Personal Accident Insurance policy you need to know some of the notable exclusions -
Self Inflicted Injuries
Pre-Existing Injury Or Disability
Venereal Or Sexually Transmitted Diseases
Childbirth Or Pregnancy
Injuries Inflicted Due To Adventure Sports
Participation in Defense Operations
Any Injury Or Disability Caused Due To War
Influence of Intoxicants
Treatment of Obesity Or Cosmetic Surgery
It is advised to read all policy related terms and conditions to gain a better understanding of the aforementioned exclusions. Contact us and let HealthySure team help you buy a Group Personal Accident cover that your employees deserve.