Personal-Accident-Insurance
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. There are various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.
An accident does not come knocking at the door. It can happen anytime, anywhere and may result in minor to serious injuries. Any such uncertainty may lead to financial crisis, and that is why it is recommended to buy a Accidental Insurance policy. It will provide the necessary financial assistance to you and your family against accidental death, bodily injuries and disabilities (Partial/ Permanent/Temporary). There are various other rider benefits such as accidental hospitalization cover, Hospital Confinement Allowance, and Medical Expense Cover.
Types of Personal Accident Insurance Policy:
Accidental Insurance Policies can be further divided into two sub-heads. Here′s a quick rundown of the two variants:
1. Individual Accident Insurance: This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.
2. Group Accident Insurance: Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.
Accidental Insurance Coverage
You can avail the following coverage benefits with a personal accident insurance policy –
1. Accidental Death Cover An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.
2. Permanent/Total Disability Cover In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.
3. Permanent Partial Disability Cover If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.
4. Temporary Total Disability In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.
Why Choose Personal Accident Insurance?
A minor accident can indispose an individual temporarily, while major ones can have a severe impact on one′s life and their overall well-being. It has become imperative to buy a sound insurance plan to protect yourself against any such untoward perils. An accidental insurance policy is designed keeping to offer some relief to the injured person or a dependent.
Personal Accident Cover offers compensation in the event of demise, bodily injuries, impairment or mutilation resulting from an accident. Compensation is provided in case of an accident while travelling through rail, air, road, drowning, or due to a collision, bodily injuries, burn etc.
A personal accident insurance policy offers financial support to the policy-holder in case of accidental disabilities, irrespective of the intensity of the incident. Compensation is provided to the insured against accidental demise, impairment, and dismemberment because of an accident.
In case of unfortunate accidental death of the policyholder, the best personal accident insurance plans in India help the dependent members by providing them financial assistance. In case of impairment resulting from an accident, the policy-holder will also get compensation for the loss of income. It ensures peace of mind as it guards against the most unexpected events.
Advantages of Personal Accident Insurance Policy
Imagine a situation, you are hit by a motor vehicle and are permanently disabled? There would be no monthly or annual earnings but bank EMIs, medical expenses, and other expenditure. To deal with such an emergency situation, it is advisable to get a personal accident cover. Here′s a quick rundown of some of the major advantages of buying a personal accident insurance policy:
What are the Benefits of Buying a Personal Accident Insurance Plan?
Following are the benefits or policy coverage of buying a personal accident insurance plan.
Covers Accidental Death In the event of death due to accident, the nominee/ beneficiary of the policyholder is entitled to receive 100% sum assured as applicable under the plan.
Covers Accidental Disabilities
The personal accident insurance plan covers varying kinds of disabilities as per the policy conditions.
Permanent Total Disability (PTD): It refers to a situation when the insured has become completely disabled due to accidental bodily injury that leads to the loss of his/her earning capacity. In case of PTD, the insurer pays the entire sum assured to the policyholder as applicable.
Permanent Partial Disability (PPD): It refers to a situation when the insured has become partially disabled due to accidental bodily injury. In case of PPD, the insurer pays a percentage of the sum assured is paid as a lump sum or periodic payment for a specified period of time, as applicable under the plan. The payout percentage may differ from one insurer to the other.
Temporary Total Disability (TTD): It refers to a situation when the insured has become totally disabled and lose his earning capacity for some period of time (for months or weeks). In case of TTD, the insurer pays a part of the sum assured as specified under the policy.
Temporary Partial Disability (TPD): It refers to a situation when the insured has become temporarily disable to perform his duties, but it is assumed that he can recover totally. Under this scenario, the insured is able to work, but in a limited capacity. Some insurers also cover this kind of disability when it happens due to an accident.