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What is personal accident cover? 7 things you should know

By Finserv MARKETS - Aug 19,2019
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Everything About Personal Accident Insurance Policy

Did you know that a person dies on the road every 23 seconds across the world? In fact, the World Health Organisation’s fourth Global Status Report on Road Safety (May 2019) reveals that a whopping 1·35 million people are killed each year, making road-traffic injuries the eighth leading cause of death worldwide. As of March 2016, India was home to 230 million registered vehicles which grew at a compounded annual growth rate (CAGR) of 9.9 per cent since 2006(Ministry of Road Transport and Highways). Growing vehicular traffic has only fuelled traffic congestion which is increasing day by day thus leading to death and injury that can result in permanent disability. This is where a personal accident insurance policy, like the Global Personal Guard Plan

available on Finserv MARKETS can safeguard your financial interests as the breadwinner of your family, even if an eventuality strikes unannounced. Not only does a personal accident cover provide at the least, a 100 percent payout in case of a permanent disability or death, it also makes the hospitalization process easier by reimbursing your hospital and medical bills. Here are seven things to know:

  1. Hassle free documentation- People between 18 to 65 years of age can apply with little to no paperwork. Premiums are the same across all age groups. No medical tests are required unlike other insurance products. The earlier you get insured, the more years you get protected for.
  2. High disability compensation- Any permanent total disability that prevents you from engaging in any kind of occupation is compensated with up to 125 percent of the sum assured. One can also opt to buy additional protection against partial disability such as loss of eyesight, speech impairment, etc if needed.
  3. Keep your savings intact- You do not have to dip into your savings in case of a traumatic experience. Rather, it is taken care of by your personal accident cover. Not only do you get up to 40 percent of valid claim amount or actual medical bills reimbursed(whichever is less), but also receive 1000 Rs per day for up to 30 days of hospitalization as a part of the personal accident cover available on Finserv MARKETS.
  4. Easy claim settlement- Once the company is informed of claim and the details of the accident such as the time and date as well as the personal accident insurance policy number and the insured persons details, the claim settlement process is processed within a week. This saves you time running after
  5. Claim free bonus- For every year that you don’t file a claim, the personal accident insurance plan provides a cumulative bonus ranging from 10 to 50 percent. This is an additional benefit that you accrue for every claim free year apart from being insured.
  6. Child education benefit- In case of death or permanent disability, either 10 percent of the total sum assured or Rs 5000 per child below the age of 19 years(whichever is less) is covered by the personal accident insurance policy so that your child’s education is not hampered.
  7. Discounts galore- Most personal accident insurance plans provide discounts on premium if two or more family members are covered. Not only this, the premiums are quite low and affordable as compared to other policies.

Along with the benefits listed above, come certain exclusions. Any pre-existing injury or disability, self-inflicted injury such as suicide, war or terrorism related injuries or those arising out of any adventurous activity are not included in the policy. However, all said and done, a personal accident insurance plan helps to provide a financial cushion in times of uncertainty, especially given the hectic pace of our lives. What’s more, most policies on Finserv MARKETS come with a free look in period of 15 days to help you make an informed decision. As you are working hard to secure the future of your family, it only makes sense to also protect them against any unforeseeable circumstances by buying a personal accident cover, which provides financial stability, reduces out of pocket expenditure and ensures peace of mind. Preparation and planning is the key, like everything else. After all, life is precious, not only yours but that of your family too, so make sure that even if something happens to you, your family is still protected. Be insured and keep uncertainties at bay.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522