Why you Should Buy a Personal Accident Insurance Cover?

HEALTH INSURANCE PLANS



Benefits of Personal Accident Insurance

The road conditions in many major cities in India present a dismal picture with traffic jams and potholes visible everywhere. Hence, the risks of road accidents are high. A Government report reveals that there were about 1.49 lakh accidents in the year 2018 and about 30 percent of them were fatal ones.

Efforts taken by the Government, for instance in Delhi, towards providing free treatment for road accident victims is certainly positive news. However, the benefits of a personal accident insurance policy cannot be overlooked.

Accidents are unforeseen events that do not come with a warning. So, it is better that one is prepared to face any untoward incident, not just road accidents, with the support of accident insurance that will provide the much-needed financial cushion during emergencies. Such insurance plans are usually affordable and one should make a careful selection to get the maximum benefit.

We explain below the various reasons for buying a personal accident cover and its benefits.

Lesser Burden on Family

A personal accident can change a person’s life. While dealing with the loss of a loved one or looking after someone who becomes disabled due to an injury, it really becomes difficult to handle the financial burden of paying for medical expenses, especially for an average salaried person. A Mediclaim policy with an accident cover comes to the rescue in such situations by providing a range of cover like accidental hospitalization cover, permanent or temporary disability cover, etc.

Affordability

Personal accident plans are relatively affordable compared to other types of life and health insurance policies. It is important to opt for such plans if you one of those people facing high occupational risk, for example, an industrial worker. By choosing such an insurance policy, you are minimizing the impact on your savings at the time of an emergency. The premium amount generally depends on the occupation of the policy buyer.

Choice of Plan

You can either opt for an individual plan or a group personal accident policy. As the names suggest, the former will cover only one person while an entire family can be covered under the latter. Usually, group accident cover is offered by employers to their employees. However, group accident policies may have certain limitations. So, it is essential to check the features before buying.

What Are the Benefits of Personal Accident Insurance?

  • Hospitalization expenses covered: The hospital is where the accident victim must be immediately rushed to so that the damage from the injuries is controlled. A cashless Mediclaim policy with accident cover will ensure that the hospital bills are settled, as per policy terms and conditions, without any hassle.
  • Disability cover: Permanent or temporary disability could arise as a result of a serious accident. A person who has opted for an accident cover will receive coverage, as per policy terms and conditions, in case of Permanent Total Disablement (PTD) or Permanent Partial Disablement (PPD). A certain percentage of the sum insured will be paid to the policyholder, as per policy terms and conditions, in case of disablement like loss of limbs, etc.
  • Cover for accidental death: In case the accident victim loses his or her life, then the insurance company will provide compensation by paying 100% of the sum insured to the family of the deceased. Also, personal accident cover provides coverage for repatriation charges as well as ambulance and funeral expenses.
  • Add-on benefits: In addition to the above-mentioned benefits, accident policy includes coverage up to some specified limit for daily cash expenses and payment for the education of the dependent child, as per policy terms and conditions. Coverage of up to a certain percentage of the sum insured is offered in case of events like fractures and burns. Also, policies like accident insurance policies like ‘Secure’ offered by Religare Health Insurance cover expenses arising out of diagnostic tests for reconstructive surgery cases. The policy also offers benefits in the form of enhanced coverage amount on subsequent renewal after completion of the policy year, as per policy terms and conditions.
  • Hassle-free claim: Availing an accident cover is a hassle-free process as there are no prior medical check-ups involved. Furthermore, the claim settlement process is extremely easy. All that one is required to do is inform the insurer with specific details such as contact details, date and time of the accident, etc. If you choose to get treated in a non-network hospital, your medical expenses will be reimbursed by your insurer, as per policy terms and conditions.

Whenever you opt for a personal accident insurance cover, do remember to check for the exclusions. For instance, treatment for any pre-existing injury or self-inflicted injury is often not covered. Thus, policy buyers must evaluate their needs, consider the above factors and thoroughly read the policy documents before finally buying an accident insurance policy.