Personal accident insurance goes beyond basic coverage.
Personal Accident Policy is a proactive step to safeguard yourself and your family from the potential financial burden resulting from an unexpected mishap.
When it comes to protecting our family’s financial security and covering healthcare expenses, life insurance, and medical insurance often take centre stage. However, amid an array of insurance plans available, personal accident insurance often goes unnoticed and overlooked. Yet, it is an indispensable coverage that deserves attention and consideration.
What is Personal Accident Insurance?
Life is unpredictable, and within a single moment, everything can change. Accidents happen unexpectedly, whether you’re at work, in the comfort of your home, or even on the road. The repercussions of such incidents can range from injuries and disabilities to the unthinkable loss of life. Apart from the personal toll, accidents can also have devastating financial consequences for your loved ones.
To mitigate these potential hardships, personal accident insurance emerges as a crucial safeguard. This insurance plan serves as a financial safety net, providing coverage in the event of an accident. It’s a proactive step to safeguard yourself and your family from the potential financial burden resulting from an unexpected mishap.
Benefits
When a policyholder passes away or experiences permanent, temporary, or partial disability, personal accident insurance comes into play by providing a lump sum payout to the chosen beneficiary. However, personal accident insurance offers more than just basic coverage. Insurers provide a range of additional benefits tailored to meet individual needs.
These benefits encompass various areas, including financial support for a child’s education, legal assistance for accident-related claims, compensation for lost income due to disability, temporary cash allowances, coverage for funeral expenses, and even taking over loan instalments. By selecting a suitable policy, individuals can ensure comprehensive coverage that caters to their specific circumstances.
What is Not Covered?
It is important to note that personal accident insurance policies exclude coverage for injuries resulting from riots, self-inflicted harm, war-related incidents, and congenital disabilities, among others. Additionally, physical harm sustained during adventure sports activities is not covered. Moreover, if an insured individual is at fault for an accident while under the influence of alcohol or substances, the insurance company will not be liable to pay the policy amount.
How Much Does It Cost?
The premium for personal accident insurance typically ranges from Rs 200 to 300 initially, and it increases proportionately as the coverage amount increases. The age of the insured individual is a significant factor in determining the premium. For example, a 35-year-old person may obtain accidental coverage ranging from Rs 500-1000, with a sum assured of Rs 10 lakh. However, specific coverage and premium rates may vary depending on the offerings of the insurance company.