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Personal Accident Cover in Car Insurance

By Finserv MARKETS - Sep 22,2020
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Car Insurance Personal Accident Cover

An estimated 1.51 lakh people died in road accidents in 2018 according to the Road Transport Ministry of India. 53 accidents occur every hour on Indian roads leading to 17 deaths during the same time. Speeding above the prescribed limits and driving on the wrong side of the road were the highest causes of casualties on the road.

A road accident can not only cause physical injury or disability, but also lead to the death of the driver, putting his/her family under financial stress over and above the emotional trauma that they have to face. This is where the importance of a personal accident cover in car insurance comes in.

What is Personal Accident Cover in Motor Insurance?

Purchasing a car insurance policy like the one available on Finserv MARKETS should be on the top of your priorities once you get your driving licence. This is because it comes with a car insurance personal accident cover that provides financial coverage of up to a maximum of Rs 1.5 lakhs( as per IRDA) in the event of any injury caused to you due to an accident while driving, permanent disability as well as accidental death. The compensation is decided as below and is paid out to you or your nominees depending upon the situation

Degree of injury Compensation provided( as a % of sum insured
Loss of 1 limb or 1 eye 50%
Loss of both limbs or both eyes or 1 limb and one eye 100%
Permanent disability 100%
Death 100%

Importance of Personal Accident Cover

Even though you might follow rules and regulations while driving on the road, increasing traffic density coupled with the stressful lives that everyone leads, only increases the chances of an accident on the road. Add to it adverse circumstances such as heavy rains, landslides, or riots and strikes and the danger to your life multiplies manifold. It is impossible to predict when and where you might face such adverse situations. However, despite that fact, their probability cannot be denied.

A personal accident cover in car insurance policy is your safety guard against such unforeseen events providing you with the necessary financial support required during an emergency. At a time when you might be grappling with physical pain due to an injury or are left without the power to earn due to a disability, or worse, lose your life in an accident, your family is compensated adequately thanks to the car insurance personal accident cover purchased by you.

Is it mandatory to have a Personal Accident cover?

Earlier the Motor Vehicles act of India (1988) only allowed for a compulsory third party liability cover. However with increasing cases of driver casualties received as claims by insurers, personal accident cover in car insurance was made mandatory. The purpose was to secure motor drivers and owners against injuries while on the road and minimise their financial losses.

In January 2019, a few amendments have been made to the previous rules. Under the new regulations, if you have a car insurance personal accident cover for your existing vehicle, you are not required to purchase one if you buy a new motor vehicle. You can also get a waiver on your personal accident cover in car insurance if you own a stand-alone motor insurance policy with a sum insured equal to or higher than Rs 15 Lakhs.

Benefits of having personal accident cover in your car insurance

Car insurance personal accident cover offers financial protection against any income loss that you may face due to a physical injury or disability that is permanent. It also takes care of your medical expenditure towards hospitalization, medicines, diagnostics etc. Moreover, your nominees or family members are provided with monetary compensation upon your death in an accident.

Conclusion

Apart from a personal accident cover, Car insurance available on Finserv MARKETS comes with cashless claim facility for repair and on-call assistance available 24X7 along with an extensive network of garages across India. You are also protected against natural disasters such as floods, earthquakes, landslides as well as man-made events such as thefts among others that may strike unannounced.

The comprehensive car insurance plans available on Finserv MARKETS allow you to settle your claims promptly either online or by calling the toll free number and letting the customer care executive guide you through the process. Choose add on covers for better financial security and get your policy renewed online, easily. If you haven’t already, get your car insured today and stay worry-free in the future.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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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