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Life’s uncertainties are known to us all. While we cannot prevent unforeseen events from occurring, we surely can keep ourselves, and our family protected against them financially. In the case of accidental death or disablement of the sole breadwinner of the family, the dependents will be pushed into a financial turmoil.
If you are the sole income earner of your family, you certainly would not want your loved ones to suffer in any way. That is when personal accident insurance may come in handy. Let us understand the personal accident insurance plan in detail.
The personal accident insurance plan reimburses the medical expenses incurred due to accidental death or disablement of the insured.
In other words, if you are involved in an unforeseen mishap, the treatment and hospitalisation expenses will be covered under the plan. Moreover, if something were to happen to you, your family will receive the rightful compensation to secure their finances and care for the dependents.
There are two types of personal accident covers in health insurance that you can opt for:
The individual personal accident policy secures a single person in the event of an unfortunate incident. Such an insurance plan covers accidental injuries endured by the individual such as loss of sight or limbs, disabilities or even death.
The group personal accident insurance plan safeguards a group of people covered under the policy. Such coverage is purchased by employers to cover their employees against the risk of accidents. Thus, employees can avail a personal accident cover at an affordable premium.
Besides paying a lump sum amount in the case of covered contingencies, the salient features of personal accident insurance plans in India are listed below:
The policy is available at an affordable premium amount. Also, the premiums paid towards the personal accident insurance plan can be claimed for tax deductions under Section 80D of the Income Tax Act.
Most insurers do not request the applicant to undergo a medical examination when buying the policy. However, it is wise to check with your chosen insurer beforehand for any such criteria.
The sum assured amount is determined based on the applicant’s income.
Personal accident insurance coverage is available only to the insured and cannot be extended to other family members.
The personal accident insurance plan covers the policyholder for the following aspects:
The policy provides a lump sum benefit to the dependent in case the insured dies in an accident.
If you (the insured) are left with permanent total disability due to the accident, the policy pays the entire sum assured amount to you. You can use this corpus to financially secure your loved ones from the loss of income.
If you suffer from a permanent partial disability, a specific percentage of the sum assured is paid to you.
The policy also offers weekly benefits you (the insured) for a temporary period in case the insured suffers from temporary total disability. This sum can be used to take care of treatment costs as well as other household expenses.
The personal accident insurance plan does not cover the following:
If your (the policyholder’s) injury/death is found to be caused intentionally, no claim will be accepted under the personal accident coverage.
If it is found that your injuries/death was caused because you were under the influence of drugs or alcohol, no claim will be accepted under the personal accident policy.
No claim will be honoured under the personal accident coverage if the injuries are incurred due to your participation in a civil or foreign war.
The insurance claim will not be accepted under the personal accident policy if your injuries/death was caused because of any STD.
The insurance claim under this policy will not be accepted if you suffered from injuries as a result of pregnancy or childbirth.
If you suffer from injuries due to any pre-existing medical conditions, the insurance claims will not be accepted under the personal accident policy.
As explained earlier, the personal accident insurance plan is known to cover you (the insured) and your dependents against unforeseen events. Besides, the personal accident cover provides the following benefits:
The dependent children will receive a lump sum benefit in case you (the insured) pass away or suffer permanent disability in the accident. This amount can be used to cover the education costs of the children.
The personal accident insurance policy also covers the expenses incurred on arranging the funeral of the insured. Thus, the dependents can have a funeral for their family member without worrying about their finances.
In case the policyholder endures any accidental injuries, the policy covers the cost of hospitalisation and treatment. So, you can focus on recovering from your injuries by getting the best medical care!
The charges incurred on transporting the mortal remains of the policyholder from the site of the accident to the hospital or their home is also covered under the personal accident insurance plan.
The insurance provider shall reimburse the cost incurred on getting an ambulance for the insured.
If the hospital is far from your residence, the personal accident insurance cover shall pay for the actual travel cost. This benefit is available to your immediate family members of the policyholder.
Depending on your personal accident policy, the insurance provider shall payout a fixed amount in case of hospitalisation.
The chances of suffering from loss and multiple injuries are higher during an accident. Such an unfortunate mishap can lead to disability, loss of limbs or sight, and even death of the person. In this situation, the last thing you would want to worry about is the healthcare expenses, which is why personal accident insurance covers such costs with ease.
As the name suggests, personal accident insurance offers comprehensive coverage when it comes to accidental loss. Apart from death resulting from the mishap, it also includes other circumstances such as temporary or permanent disability and partial or total disability. Whether you suffer from fractures or a disability, you can always fall back onto your insurance plan.
The premium charged for a personal accident cover is comparatively lower when compared to the add-on covers available with other insurance plans.
If you are planning to buy personal accident insurance online or offline in India, you should note the following things about the policy:
The policy compensates in case the insured passes away or suffers total disability in an accident.
One of the primary objectives of the personal accident plan is to protect the insured’s family financially. So, the policy makes up for the loss of income caused due to the accident.
The policy offers lifelong coverage and can be renewed easily.
The premiums paid towards the plan stay the same throughout the tenure. The age or lifestyle habits of the insured have no impact on the premium amount.
The policy does not cover death caused due to illnesses.
The policy offers daily cash benefits to the insured if the accident requires hospitalisation for recovery.
Given the fact that the road accident rate is significantly increasing in our country, it is wise to have personal accident insurance under your name, even if you have a comprehensive health insurance plan. The policy mainly acts as financial security for your loved ones in case you die or suffer disablement in a mishap.
If you are looking for a policy that covers illnesses and hospitalisation, you can buy a health insurance plan at Finserv MARKETS online. Here, you can also extend the coverage of your health plan to cover hospitalisation, treatment and more.
The health insurance plans available on Finserv MARKETS offer extensive coverage, cashless claim settlements, hassle-free renewals, reinstatement benefits, and so much more. If you are worried about the premiums charged on your chosen coverage and add-on benefits, use the health insurance premium calculator to determine the same.
So, why wait? Get a comprehensive health insurance plan at Finserv MARKETS, today!
You can also read about health insurance tax benefits by visiting Finserv MARKETS website.
The following aspects are covered under the personal accident insurance plan:
Accidental death
Accidental dismemberment
Disability
Medical expenses
Child education
Ambulance charges
Fractures
Daily allowance
The exclusions of personal accident insurance are:
Self-injury
Suicide
Accident caused under the influence of alcohol
Alternative treatment
Natural death
You can keep the following documents ready while filing a personal accident insurance claim:
Medical report
Original medical bills
Death certificate, in case of death
Post-mortem report
FIR
A personal accident insurance plan secures you against the risk of an accident and covers the healthcare cost arising from the accidental injuries. Whereas, health insurance covers any medical expenses that you incur for ailments, injuries, etc. throughout the policy tenor.
Yes, you can easily opt for a health insurance policy online on Finserv MARKETS, so, head over to our platform now!
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