Health Insurance

Benefits Of Personal Accident Insurance

Nov 27, 2021

Accidents can happen at any time to anyone. Those who are fortunate, escape them with just a few scratches and bruises, but those who aren't so lucky end up with serious consequences. While some face disabilities, others end up losing their lives. Accidents are unpredictable and you cannot really prepare for them. 

 

What you can prepare for is your life post an accident. If you ever have an accident that alters the course of your life by leaving you disabled, or in the worst-case scenario, dead, the provisions will be in place to support your loved ones financially. You can do so by simply buying a personal accident insurance plan. Take a look at this article to know about the various benefits you get when you have such an insurance cover with you. 

 

The main advantages of a personal accident insurance plan

 

It is wise for everyone to invest in a personal accident insurance policy. When you do so, you get the following benefits:

 

  1. Accidental Death benefit - 
    The personal accident insurance policy offers a death benefit to the policyholder’s nominees if the former dies in an accident. This is a pre-decided amount and is paid out as a lump sum after the demise of the policyholder. The complete amount of the sum assured is paid if the policyholder dies in an accident.

     
  2. Accidental Disability benefit - 
    If the policyholder is left disabled in an accident, he or she will receive a percentage of the sum assured. The amount of the payout will depend on the extent of the disability. Disabilities are categorised as permanent or temporary, whole or partial. If a person has a temporary disability, such as a broken limb, he will receive compensation for the period for which he cannot earn a livelihood due to the disability. Once he recovers, the compensation will stop. If the person is left completely and permanently disabled, he will receive a percentage of the sum assured with which he can take care of the financial needs.

     
  3. Accidental Hospitalisation cover - 
    Medical insurance coverage is available for all the expenses incurred in the treatment following the accident. The hospital bills, surgeries, therapies, etc are covered under the comprehensive health coverage.

     
  4. Protection for the family - 
    One of the biggest advantages available here is that the policyholder’s family stays protected financially. Whether it is paying the hospital bills or replacing the policyholder’s income, the proceeds from a personal accident insurance policy help the family at such difficult times. Many times, the accident victim is the only breadwinner of the family and his loved ones are not financially strong enough to take care of the expenses. Having a personal accident insurance policy at such times proves to be very helpful. 

     
  5. Very cheap - 
    A personal accident insurance policy is a very cheap and inexpensive health insurance plan. You can get a high cover at a low cost. The plans are also quite easily available and you can buy them instantly by clicking a few buttons online.

     
  6. No pre-policy screening - 
    Most of the insurance providers do not ask you to undergo a pre-policy health screening, when you look to buy a personal accident insurance policy. This makes it all the more simple for you to get such a plan in a quick and affordable way. 

     
  7. Very easy claim process - 
    The health claim process is also very simple. You just need to prove the accident took place. Documents such as all the medical bills and prescriptions, FIR copies, photographs, etc help the claim process. You should remember that the plan has some exclusions, such as drunk driving and self-harm. If the accident happened because you were driving under the influence of alcohol or you purposely rammed your vehicle somewhere, no claim will be available as these exclusions are very clearly stated in the policy wordings.

     
  8. Attractive features
    Many insurers offer added features such as waiver of premium and education benefits. If you are left disabled after an accident, your insurance provider may waive off the future premiums. Then, if you happen to lose your life in an accident, the insurer may pay a percentage of your child’s education. Please note that these features are not available on every single personal accident insurance policy, so you need to read the policy wordings before you buy the plan. 

 

These are the main benefits you get when you buy a personal accident insurance policy. Keep these benefits in mind and get a good personal accident insurance cover today.

Ways to opt for Personal Accident Coverage in India:

There are 2 ways to opt for a Personal Accident Plan:

  1. Opt for a standalone personal accident plan like:
    1. Future Generali Accident Suraksha Personal Accident Plan, 
    2. Star Health Accident Care Individual Insurance Policy,
    3. Max Bupa AccidentCare - Personal Accident Insurance Policy

Which covers accidental death, temporary and permanent disability, dismemberment, hospital cash, etc.
 

  1. Opt for a personal accidental rider along with your existing life insurance plan like:
    1. LIC’s Accident Benefit Rider with LIC Tech Term Plan
    2. SBI Life – Accidental Death Benefit Rider and SBI Life - Accidental Total & Permanent Disability Benefit Rider with SBI Life eShield Plan
    3. Max Life Accidental Death & Dismemberment Rider with Max Life Online Term Plan Plus Plan

The rider benefits are like:

 

Accidental Death Benefit Rider
  • You get the rider sum insured if you happen to die within the policy tenure in an accident and it best suits people who:
    • Frequently travels in flight for work or travel purpose
    • Commute daily using your own vehicle like car, bikes, scooters, public transport, local trains, etc.
    • Workers and labourers in a factory, manufacturing industry or is a civil worker at a construction site
Accidental Total and Permanent Disability Rider
  • You get the rider sum insured if you happen to be disabled as a result of an accident. The disability could be temporary or permanent. This rider is best suited for people who:
    • Frequently travels in flight for work or travel purpose
    • Commute daily using your own vehicle like car, bikes, scooters, public transport, local trains, etc.
    • Workers and labourers in a factory, manufacturing industry or is a civil worker at a construction site
Accidental Dismemberment Rider
  • You get the rider sum insured if you happen to be dismembered as a result of an accident. The payout for the dismemberment is based on the amount of the damage. For example,  50% of the Sum Insured is payable if you lose one limb and 100% for two. Each rider has a properly laid out schedule of benefits for the same.

 

In a nutshell

As you can clearly see from the points mentioned above, there are many attractive and tremendously useful benefits of buying a personal accident insurance policy. Since these plans are inexpensive and very easy to buy, you should definitely consider getting them. As mentioned, unfortunate events such as accidents do not come announced and all we can do is stay protected in the best and the most comprehensive manner.

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