Accidents happen in an instant—but their impact can last a lifetime. Beyond the emotional and physical toll, unexpected medical expenses can add financial stress when you need urgent care. Imagine being in a situation where you're recovering from an injury, yet hospital bills and treatment costs keep piling up.
That’s where a personal accident insurance policy steps in. It ensures that you or your family don’t have to worry about medical expenses, disability compensation, or loss of income due to an accident.
Want to stay financially secure in case of an accident? Get accident coverage of Rs. 10 Lakh for as low as Rs. 9.3/day!
What are the advantages of personal accident insurance policy?
A personal accident insurance policy gives you coverage against medical treatment, accidental death, or disability. It is part of a health insurance policy and provides coverage for all medical-related expenses caused due to an accident. It covers hospitalisation, treatment, surgery (if required) and associated medical costs. Furthermore, it covers expenses towards permanent or partial disabilities suffered because of the accident. In case of accidental death, the nominee gets compensation up to the sum insured.
Most health and motor insurance policies offer personal accident cover. However, you can separately buy the personal accident insurance policy to get complete coverage.
The Insurance Regulatory and Development Authority of India (IRDAI) has a standardised minimum limit of personal accident cover up to Rs. 15 lakh. It also mandates insurers to offer this cover on their motor insurance policies.
What Is Not Covered In a Personal Accident Insurance Policy?
While personal accident insurance provides financial protection, certain exclusions apply:
- Pre-existing conditions are not covered.
- Injuries due to self-inflicted harm or suicide attempts.
- Accidents caused by intoxication (alcohol or drugs).
- Participation in hazardous activities like adventure sports.
- War, terrorism, or criminal acts leading to injury.
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Why should you opt for a personal accident insurance policy?
Having a strong financial backup is important during emergencies. The personal accident insurance policy does the exact job. It keeps you financially prepared for any emergency.
It simply ensures that your loved ones focus on the best treatment for you and your recovery than worry about the finances. Let the finances be taken care by your insurer. You can avail of quality healthcare services without worrying about the funds.
Also, medical expenses can dent your savings. Coming back to normalcy after an accident can take some time. If you have personal accident insurance, your treatment may not affect your savings. So, you can have some financial stability during your recovery days.
Read more: Mediclaim vs health insurance
What is the coverage in a personal accident insurance policy?
Below are some of the common coverages offered under personal accident insurance policies.
- Hospitalisation expenses: All the medical expenses incurred during the hospitalisation period including your room rent, treatment, surgery, diagnosis, etc.
- Death coverage: Upon demise due to the accident of the policyholder, the insurer pays the sum insured in the policy to the nominee.
- Disability coverage: Treatment and support items expenses required in case of permanent or partial disability. For example, you can get coverage for therapies, prosthetics, walkers, or any other equipment required to help you lead your regular life.
- Loss of income: This helps you to avail of an amount as compensation in case you lose your income source due to permanent disability. It will help you to get financial stability and enable you to restart by enrolling in retraining programmes to get a job. You also continue to pay your EMIs if any with the help of the compensation money.
- Child’s education coverage: In case of loss of income or accidental death, this cover will give you a fixed amount against your child’s education. So, they can continue their education without worrying about their fees.
- Funeral expenses cover: The nominee will receive an amount as compensation to cover the funeral expenses.
How does age affect the premium of personal accident insurance?
Usually, age plays an important factor in case of determining the premiums for health insurance policies. As, with age, the chances of falling ill and claiming the policy amount is high. However, the proposer’s age is not a considerable factor when calculating the premiums of personal accident insurance policies.
Key benefits of personal accident insurance policy
The primary benefit of a personal accident insurance policy is peace of mind. You can stay financially secure and prepared for any emergency. This policy ensures that there is no financial burden on you or your loved ones during this critical time.
The other benefits of this policy are:
- You or your family member can avail of the 24x7 assistance offered by the insurance company. Get answers to any queries while you are admitted to the hospital.
- These policies have easy and simple claim processes.
- You get worldwide coverage. However, this depends on the policy you have chosen.
To sum it up, having a personal accident insurance policy makes yours and your loved one’s life easier in times of emergency. You can easily compare and buy a personal accident insurance policy online.
How is the premium calculated for a personal accident insurance policy?
The premium for a personal accident insurance policy depends on several factors:
- Coverage amount: Higher sum insured leads to a higher premium.
- Occupation risk: Jobs with higher accident risks (e.g., construction) attract higher premiums.
- Age: Older individuals may have slightly higher premiums.
- Add-on benefits: Features like disability cover or hospital cash increase the cost.
Conclusion
A personal accident insurance policy provides financial security in case of unforeseen mishaps. However, for broader coverage, combining it with an individual health insurance plan ensures complete protection against medical expenses. Investing in the right plan today can safeguard you from both accident-related and health-related financial burdens.
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