While many of you currently have life and health insurance and save for emergencies, several other practical and niche insurance covers are equally crucial. Personal accident insurance is one such policy. Accidents don't always mean ones that involve vehicles. Anyone who has worked in a dangerous place like a construction site can attest to that. Heavy machinery and falling objects put employees and contractors at risk for a wide range of dangers that could result in catastrophic injury. Accident effects can sometimes be lethal, sometimes temporary, and sometimes permanent. Aside from the physical consequences, it can negatively affect your financial situation and emotional well-being. Accidental injuries can make it difficult for you to work and support yourself. Death is also a possibility. Personal accident insurance coverage can be helpful in this situation.
What Personal Accident Insurance Means
If an accident results in death, physical harm, temporary total/partial disability, or permanent total/partial disability, personal accident insurance provides you and your family with the necessary financial help. A 100% payout (equivalent to the sum assured) will be made to the designated nominee if the accident results in the policyholder's death.
The holder of personal accident insurance coverage may also be eligible for several other benefits, depending on the insurer and policy they select. These include:
- Hospitalization, pre- and post-hospitalization coverage
- A 30-day maximum daily cash allowance
- Coverage for temporary income loss
- Education benefits for your dependent children till a certain age
Read more - Benefits of Having a Personal Accident Insurance Policy
Significance of Personal Accident Insurance in the Construction Industry
Personal accident insurance coverage provides the best defence against the many unforeseeable situations a construction worker can encounter. The construction business combines the tasks of contractors, subcontractors, and labourers to deliver the finished product to a client. The creation of a new building, repairs to an existing one, or the design of a new pedestrian or vehicular street or walkway are examples of this product or output. There is a great chance that something will go wrong throughout a project because so many elements operate simultaneously. Often people believe they do not need to pay for this policy since they already have similar coverage. However, having additional coverage is always a good idea.
Here are the top five reasons why one should consider buying a personal accident policy:
Accidental Death Benefits
This is the main benefit of getting accidental insurance. This policy offers compensation up to the total amount insured if an accident results in the death or disability of the life insured. This policy's fundamental protection serves as a hand-up for the nominee to advance in life. A Class-1 lawful heir, such as the insured's spouse, mother, son, and daughter, would ideally be the nominee.
Permanent Total Disability Benefits
The bodily injury that completely and unquestionably prevents you from engaging in any employment is covered under personal accident insurance. The total disability, such as loss of eyes or limbs, is covered at 100% of the sum insured. Financial crises are caused by medical emergencies and lost income, but this policy protects you during these difficult times and promotes financial stability in the face of unforeseen events.
Read more - Personal Accident Insurance: A Safety Cushion for Your Family
Permanent Partial Disability
Accidents may cause nerve damage, a knee injury, or a loss of vision in one eye, among other things. In such instances, the accidental insurance coverage also covers bodily injury that causes complete, irrevocable, absolute, and ongoing loss of or impairment of a body part or sensory organ. For example, if the life insured loses one eye or limb, he could make an accident insurance claim, and the policy will reimburse for this loss subject to some sub-limit.
Family security, including Child Education Benefit
Being injured in an accident limits employment opportunities and income, which causes financial problems. Personal accident insurance offers a wide range of advantages, making it more desirable and advantageous for the insured. This coverage offers excellent assistance in recovering from income loss. It also protects the family from the economic effects of hospital bills. In case of the insured's death or total and permanent disability, certain insurance companies pay for the costs of the kid's education under their child's education coverage. The employer would be responsible for covering the cost of the dependent children's education grants, which will be a maximum of INR. 10,000 for two children.
Additional Benefits
The personal accident insurance policy can include additional coverage for costs like OPD for fractures and unanticipated medical expenses. Additionally, this policy has a lifetime renewal option. Therefore, this policy is ideal for reducing financial risks because it includes additions like ambulance coverage and unintentional emergency hospitalization.
Conclusion
Not only does an employee lose his life in the event of an accident on the job, but his family also loses their primary source of income. Insurance may undoubtedly assist in alleviating the financial obligations that an unforeseen incident might bring, even though it cannot immediately help with the emotional and psychological anguish that an accident can cause. Whatever field you work in, there are a variety of insurance providers and products available on your device that can comprehensively satisfy your specific needs for risk protection.
Read more - Personal Accident Cover or Health Insurance
