Personal Accidental Insurance

Personal accident insurance covers emergency medical costs, permanent and temporary disabilities, and fatalities resulting from accidents. Available in individual and group plans, it extends coverage to accidents during road, air, and rail travel. Exclusions include injuries or death due to war, voluntary actions, or intoxication. This insurance acts as a robust financial safeguard, balancing comprehensive coverage with specified exclusions.

Here’s a look at the personal accident insurance plans available on Bajaj Markets -

Check out the table below to learn about the inclusions and exclusions under the personal accident insurance plan -

Here’s why opting for personal accident insurance could be beneficial for you in the long run:

• Financial Security Against Accidents: Personal accident insurance becomes essential due to the increased risk of multiple injuries or disabilities in accidents. In the unfortunate event of loss of limbs or sight, permanent or temporary disability, or even death, the last concern should be healthcare expenses. This insurance ensures financial security in challenging times.

• Wider Coverage: Offering comprehensive coverage, personal accident health insurance goes beyond covering fatalities. It includes various circumstances such as temporary or permanent disability, partial or total disability. This extensive coverage provides a reliable safety net, offering support in diverse situations.

• Cost-Effective Premiums: Personal accident cover provides affordable premiums considering the associated benefits. Compared to other plans, it offers not only lump sum payouts but also extensive coverage at a reasonable cost. Choosing personal accident insurance ensures cost-effectiveness without compromising on the breadth of coverage.

While Section 80D of the Income Tax Act (1961) doesn't provide specific tax benefits for accident insurance policies, it's crucial to recognise that the primary objective of purchasing personal accident insurance is to ensure financial security and safety for both you and your family. Despite the absence of tax incentives, the policy remains a valuable investment offering coverage against various medical costs and disabilities resulting from accidents.

The premium for an accident insurance policy is influenced by factors such as age, occupation, and medical history. Consequently, the cost of personal accident coverage may vary among different insurance providers. It is advisable, however, to prioritise comprehensive coverage over opting for a lower premium quote. 

Opting for sufficient coverage guarantees that you receive adequate financial support in the event of an unforeseen accident, providing peace of mind for you and your loved ones.

You may have to submit the following documents when claiming an accident insurance policy: 

• Original insurance policy document

• Death certificate of the policyholder, in case of death

• Proof of identity

• Proof of age

• A medical certificate, as proof of death of the insured

• Discharge form

• Post-mortem report

• Hospital records

• Police FIR

• Medical bills and receipts

Personal accident insurance serves as a vital safeguard against unforeseen mishaps, providing financial security and peace of mind. For comprehensive coverage and competitive offerings, explore personal accident insurance plans available on Bajaj Markets, ensuring your well-being and that of your loved ones in times of need.