Accidents can happen at any time, anywhere and to anyone. According to official statistics, road accidents are a major cause for deaths. In India, in the year 2020 road accidents proved fatal for nearly 132 thousand people. Accidents can be of many other types and take away lives or leave a life altering impact in the victim’s life as well as the lives of his or her loved ones. While it is true that we can’t predict what the future might hold for us, a personal accidental insurance can financially protect you in unforeseen circumstances.
Medical Insurance is crucial to cover the expensive medical costs in recent times. Hospitalisation and modern treatments can exhaust your savings. Especially if the family survives only on your earnings, buying medical insurance is a must to avoid any financial hassle. It provides extensive coverage, ensures quality treatment, provides coverage for the family, and in case of any massive shift in the lifestyle of people. : It also offers tax benefits. A personal accidental insurance is a highly valuable addition to your base plan.
What is Personal Accident Insurance?
Accidents including any event of physical injuries, burns, death, and permanent disability is covered under a Personal Accidental Insurance. Your spouse, parents or children can enjoy the benefits of this policy. It ensures that a sudden accident does not push you into a financial crisis. The policy provides you financial coverage even in case of zero income as a result of the accident, it provides reimbursement of tuition fees if you’re a student, and burial or post-cremation costs are also covered if the accident caused death.
What does the policy cover?
Table of Contents
This policy gives the insurer financial compensation for a wide range of accidental injuries. It usually covers in the event of:
- Accidental Death
An accident is a devastating event which can cause emotional and financial breakdown for the dependent family members. If an accident results in the sudden death of the insured person, the nominee receives the total sum assured.
- Permanent Total Disability Cover
If the insurance holder met with an accident and became permanently disabled for lifetime, the insurance company pays a certain amount of money to the insured person.
- Permanent Partial Disability Cover
If a person undergoes serious injuries due to an accident and becomes partially disabled permanently, then a percentage of the sum insured is paid to the policy holder which can be up to 100%.
- Temporary Total Disability
An accident can mean the person suffered total disability, temporarily and is bedridden. If the insured person faces this situation and is unable to earn, then the insurer will provide a weekly allowance which the insured person can utilize to pay EMIs, and other expenses in case he or she suffers a loss of income.
The importance of buying a personal accident insurance along with your health insurance
Accidents are unexpected and sudden, taking a personal accident cover is meant to give you financial support. There are several insurance policies and some of them not only cover death, but also other injuries due to accidents and related expenses. incurred. Let us learn more about the basic benefits of Personal Accident cover:
- In case of fracture of bones from an accident, compensation is provided.
- If you suffered an accident that caused permanent disability, compensation is given for the costs incurred in modifying your house or vehicle.
- Weekly compensation benefits for people who met with an accident and lost his/her source of income due to disability.
- Some insurance policies offer reimbursement to a student who is unable to attend classes due to an accidental injury.
- If you had an accident and got admitted in the hospital, daily hospitalization allowance is given under this policy.
- In case of death due to an accident, this policy covers repatriation from the site of the accident to the hospital, insured’s residence, or to the cremation grounds.
- Not only that, the cremation expenses and funeral ceremony is also covered.
- Transportation of family is covered under this policy. This means that in case of death or permanent disability due to the accident, family members of the insured will get transportation expenses.
This health insurance policy not only takes care of your medical and other expenses in case of an accident but also provides numerous benefits to your family. During an accident you are worried about your health but you will not have financial worries if you buy this policy as an added cushion with health insurance. You can focus on your recovery and tackle the situation emotionally well.