Personal accident cover provides financial help to the insured's family in the event of an accident Under this plan, policyholders, family members, or nominees listed in the policy are entitled to the sum insured in the event of an accident causing injury, death, permanent disability, or entire or partial disability to the bike insurance policyholder. The plan encompasses accidents by train, road, and air, as well as injuries from collisions, burns, falls, drowning, and so on.
Coverage Under the Personal Accident Insurance Policy
- Accidental Death- The nominee of the policyholder will receive the sum assured in case of the policyholder's death due to an accident.
- Permanent Disability- If the policyholder gets permanently disabled in an accident, he/she will receive a pre-agreed amount.
- Permanent Partial Disability- The policyholder will receive 100% of the sum assured if the accident causes permanent partial disability.
- Temporary Total Disability- If a policyholder suffers disability for a certain period, a pre-agreed amount will be paid.
Personal Accident Insurance Policy Exclusions
The following things are excluded from a two-wheeler insurance policy-
Accidents caused on account of-
- Participation in hazardous or life-threatening sports.
- Self Inflicted Injuries like suicide attempts.
- Participation in criminal acts.
- Terrorism.
- Any accident following intoxication.
- War or civil war.
Read more - All About Personal Accidental Cover in Two Wheeler Insurance Policy
Types of Personal Accident Insurance Policies
There are two types of personal accident insurance policies. These are-
- Individual Accident Insurance- In this policy, an individual's accidental demise, loss of limbs, or vision is covered.
- Group Accident Insurance- It is offered by employers to their employees and stays valid till the time the latter stays with the former.
What is the Need for Having a Personal Accident Insurance Policy?
Accidents can occur at any point in life. Even if one is the safest driver, it can also occur due to another person's fault. Also, if someone has a risky job like a factory where there is heavy machinery, mishaps can take place. So it is important to have yourself covered with financial support should such an event take place
Advantages of Having a Personal Accident Insurance Policy
There are several advantages of obtaining a personal accident insurance policy. These have been given below-
Financial Security and Peace of Mind
The personal accident insurance policy provides financial security to the family and loved ones in case of any unfortunate event. 100% amount is received in case of death or permanent disability due to an accident.
No Medical Tests Required
You do not need to take any tests regardless of your age, unlike with a health insurance policy, where the bike insurance company compels you to undertake medical checkups if you apply for it after 45 years of age.
Easy and Seamless Claim Process and Approval
It has a simple claim process, which is important for policy buyers since, in the event of an emergency, a person would be unable to claim the insurance, which has a lengthy process. You can submit an online or offline application, and the firm will verify it before paying out the bike insurance claim.
Worldwide Coverage
Some insurance policies do not reimburse when an accident occurs outside of India. However, personal accident insurance policy coverage provides guaranteed benefits regardless of the location of the accident. It has no geographical boundaries and is useful in emergencies.
Ambulance Expenses Coverage
Most insurance companies pay for ambulance transportation for taking the injured from the accident scene to the hospital. At the same time, they also inform your family members about the occurrence of the accident.
Read more - Is Personal Accidental Cover Mandatory for a Two Wheeler?
Financial Respite While the Treatment is on
It provides a daily stipend to the patient as a financial respite while receiving treatment at the hospital. According to the policy, post-accident ambulance fees are also covered.
Other Benefits
- A single plan can cover the entire family.
- Enjoy 24-hour customer service facilities.
- Legal and funeral expenses are paid for.
- Provision of child education benefits.
Conclusion
As can be seen, personal accident insurance should not be overlooked. It provides benefits and compensation in the event of the policyholder's death or permanent incapacity.
The above article provides an in-depth analysis of the personal accident insurance policy, including its benefits, types, etc. You can obtain the best personal accident insurance policy on Paytm Insurance.
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