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Do You Need a Personal Accident Cover?

Do you need personal accident cover? The answer to this question is a simple yes. In recent years, medical treatment costs have increased significantly, making it more important than ever to protect yourself against physical and financial damages. Though life insurance policies generally

cover death in traffic accidents, they do not cover every type of accidental death. This article will guide you through all aspects of an accident insurance policy that you must be aware of before you invest in one.

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Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.

 

The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918

Accident Insurance

Every day, around 400 people die in road accidents in India, which turns out to be approximately 1.5 lakh deaths in a year. However, these numbers tell an incomplete story as every accident leaves more survivors than the dead. Surviving a severe accident can leave a person with total or partial disability. Most people believe that if they are careful while driving, the probability of accidents reduces drastically. The reality is very different, as an accident can happen to anyone, even if they are being extra careful.

As medical treatment costs have increased significantly in the past few years, protection against physical and financial damages due to an accident is very important. Though life insurance policies generally cover death in traffic accidents, they do not cover every type of accidental death. For instance, accidental death due to involvement in adventure or extreme sports is not covered by life insurance. Hence, ‘Do I need accident insurance?’ is a question that often hits the minds of many individuals.

What is an Accident Insurance Policy?

Accident insurance protects you from medical and other expenses arising out of accidents. Besides covering loss of income due to partial or total disability, it covers emergency treatment, hospitalisation, transportation, lodging expenses and even accidental death benefits. Health and life insurance have several exclusions, and an accidental insurance policy fills in the gap. Though it is not a very popular choice, under certain circumstances, an accident insurance policy can be the difference between your family’s well being and financial doom.

Here are the main reasons you should purchase an accident policy:

  • Covers Loss due to Disabilities

An accident can lead to any level of disability and accident insurance covers both total and partial disability. An individual may suffer a total loss of income as he/she may not be able to participate in any kind of occupation. Accident policies provide 100 per cent sum insured in cases of total disability leading to complete loss of livelihood. In case a person loses a part of the body, like an eye, hand or fingers, he/she can file a claim and the insurer will compensate for their loss. Accident cover policies also provide an income cover in case the insured become disabled to the extent that they are no longer able to work.

  • Hospital Expenses

The medical expenses are sky-high in case of accidents. From emergency hospitalisation, medical tests to ambulance service, accident policies provide for everything. Accident insurance can be used as an add-on to your health insurance. Purchasing a personal accident insurance plan to enhance your existing health cover is a prudent thing to do. Getting an accident cover has become very affordable with the sachet insurance policies from Bajaj Allianz. Some of the accidental insurance plansat Bajaj Markets that you can choose from include Outstation Accident Cover, Accidental Hospitalisation Cover, Accident Cover, Child Personal Accidental and more.

  • Accidental Death Benefit

One of the basic features of an accident insurance policy is to provide full compensation to the family in case of a policyholder’s death. The financial cushion provided by an accident cover helps in taking care of crucial needs like children’s education and other expenses. Some policies also offer optional children educational benefits and pay the complete or partial tuition fees as per the pre-decided clause.

  • Additional Benefits

Some accident policies cover special circumstances that are generally not covered by normal health or life insurance. For instance, personal accident plans cover accidental death or disability due to adventure sports. Optional covers are also available with basic plans for medical expenses that arise if a person falls into a coma. Some policies provide global coverage, which means an individual will receive insurance benefits even if the accident happens abroad.

  • Home or Vehicle Modification

Some disabilities require modifications to things of daily use like vehicles. For instance, if a person loses a hand, they will need a special steering wheel to drive using a single hand. The insurer will provide the funds for the modification of the steering wheel. Similarly, if someone needs a wheelchair to move around, he/she can file a claim to carry on modifications like adding ramps or railings at home.

  • Easy Documentation and Claim Settlement

Purchasing an accident cover is a simple process, which requires minimal documentation and no medical examinations. The claim settlement process is also relatively simple. In case of an accident, the insurer needs to be informed of the event details, the policy number and the policyholder’s details and the claim settlement is initiated without delay.

Conclusion

Accidents can happen to anyone at any time and anywhere. As an extra precautionary measure, buying accident insurance is a good idea to protect your future self financially. As mentioned above, health and life insurance policies have some gaps that an accidental cover fulfils. If you are looking to buy health insurance or accident insurance, you should check out the various plans available at Bajaj Markets and choose one that fits your requirements.

Health Insurance Plans Available at Bajaj Markets

Frequently Asked Questions

What is the best accident insurance policy in India?

You can find the best accident insurance policy in India by going through all available policies online and comparing plans available from different companies. However, make sure you only buy insurance from a reputed insurance company.

Do I need personal accident cover?

Yes, it is a good idea to have personal accidental cover in place to protect yourself and your family financially in case of an unexpected accident.

Does health insurance cover accidents?

Yes, health insurance covers accidents, but only of a few types, like traffic accidents. If you want a full accidental cover, you can buy accident insurance.

Why do I need accident insurance?

Accident insurance acts as an additional cover over and above your health insurance and protects in cases of accidents where your health insurance is not enough to give coverage.

What is the difference between health insurance and accident insurance?

Health insurance provides coverage to the insured in case they are admitted to the hospital for any reason including some types of accidents. Accident insurance is a much more specific policy that provides cover against all types of accidents.

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