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Personal Accident Insurance

Personal accident insurance is a policy that covers medical expenses arising due to an accident. The policy also compensates the policyholder in case of partial or permanent disability. The family receives the lumpsum compensation amount in case of the policyholder's death due to an accident.

Accidents are uncertain and unfortunate. Life can take a turn for the worse in just a fraction of a second. Hence, it is crucial to have a reliable personal accident insurance policy.

Key features and benefits of Personal Accident Insurance

Here are the features and benefits offered under the personal accident insurance plan:

  • Financial security

    The plan offers coverage against financial liabilities arising from a personal accident or injury, keeping your savings intact.

  • Medical expenses coverage

    The plan offers coverage against all medical expenses incurred for the treatment of the injury and reimburses your medical bills.

  • Hospital confinement allowance

    The plan provides a daily cash allowance of Rs. 1000 per day for up to 30 days of hospitalization if your regular income is disturbed due to an accident.

  • Children education bonus

    Your medical expenses and your children's education fee are also covered under this insurance plan. In case of death or a permanent disability, the plan offers a sum amount for your child(ren) below the age of 19 years.

  • Permanent total disability coverage

    In case of a permanent total disability, get up to 125% compensation of the sum insured.

  • Claim-free bonus

    The plan offers a cumulative bonus ranging from 10 to 50% for every claim-free year.

  • education loan online

    Quick disbursals

    Get faster claim disbursals processed within seven working days from the date of fulfilling all the requirements.

Reasons to choose personal accident insurance from Bajaj Finance

Personal accident cover is essential for every individual. Despite taking all precautions, accidents do happen. This can result in partial/ permanent disability or even death. A personal accident insurance policy is considered as important as life insurance and health insurance in this situation. Here are the reasons to choose personal accident insurance from Bajaj Finance:

• Financial security of family

• Extensive coverage at a lower premium

• No medical tests and documents requirement

• Worldwide coverage

• Get the most reliable plans for individuals and family

• Avail easy claim process

• 7 days support assistance

• Customisable plans

Inclusions of Personal Accident Insurance Policy

Here are the common inclusions of personal accident insurance policy:

• Coverage against accidental death of an insurer

• Coverage for partial or permanent disability in case of an accident

• Coverage for hospitalisation and medications

• Covers the expenses of child education, in the case opted in the plan or available in the plan

• Covers expenses of legal process and funeral, in the case, opted in the plan or available in the plan

• The accidental health insurance policy covers accidents like burns, fractures, and others

• Provides daily cash allowance

Exclusions of Personal Accident Insurance Policy

Here are the common exclusions under a personal accident insurance plan:

• War or terrorism-related injury

During the war, terrorism-related injuries are not covered under the accident insurance policy plan because the risk of getting injured in war or terrorism activity is very high.

• Self-injury or suicide

The accident insurance policy does not cover self-inflicted injury or attempts to suicide/ suicide.

• Pre-existing injury or disability

This policy does not include the by-birth or pre-existing disability of the insurance holder.

• Injury due to adventurous activities

The chances of injury are high during adventurous activity; hence, this is not covered under this policy.

• Hospitalisations for treatment of illness or disease

The hospital expenses are covered under the health insurance, not the personal accident cover.

Why is there a Need for a Personal Accident Insurance Policy?

One can cope with small accidents as there are no heavy expenses, and they don't affect life significantly. But major accidents can tremendously affect individuals physically and mentally. Along with that, the cost of treatment is exorbitant and more burdensome if the accident results in a loss of income. Having a personal accident insurance policy can ensure financial security and mental relief during an emergency.

The personal accident insurance policy covers the expenses of bodily injuries, impairment, mutilation, or demise of the insurance holder. These compensations are provided to the person travelling by rail, air, road, or due to collisions, body injuries, burns, or fractures.

How to raise a claim?

The claiming process of an accident insurance policy is very convenient as all you must do is inform the insurer within an allotted period and you can either choose the cashless method or go for a reimbursement claim.

Cashless claim

You can benefit from cashless treatment at partner network hospitals anywhere in the country. The procedure to file a claim is as follows:

• First, search for a partner network hospital (E.g., Aditya Birla network hospital) in the city where you want cashless treatment.

• Intimate the insurer within 48 hours of hospitalisation (in case of emergency hospitalisation) and 3 days before admission (in case of planned hospitalisation).

• While visiting the hospital, carry the patient's insurance cashless card or the policy details.

• Show the health insurance cashless card and valid ID proof at the hospital's insurance desk.

• Fill in the pre-authorisation request form available at the hospital correctly and submit it to the hospital.

• For quicker action, fill in the request form on the official website and intimate the insurer.

• Wait for the decision as your request will be reviewed.

• The insurer may take up to 2 hours after receiving the request and will inform you about the decision via e-mail and SMS.

• You can also check the status online. The claim will be processed per the terms and conditions of the policy after all the formalities are completed.

Reimbursement claims

In case of an emergency admission, you need to notify the insurer within 48 hours and pay the charges to the hospital directly unless a pre-authorisation has been issued by the insurer.

Collect and submit the list of the documents mentioned below within 15 days of discharge from the hospital.

After reviewing the documents, the insurer will approve or reject the same per the terms and conditions of the policy.

The insurer will send the reimbursement amount via NEFT to your registered bank account if the request is approved.

If the request is rejected, the same will be communicated to your registered contact phone number and e-mail address.

Documents required to be submitted in case of an accidental death

The following documents are required in case of the accidental death of the policyholder:

• Death certificate

• Original policy documents

• ID proof of the beneficiary

• Age proof of the insured individual

• Discharge form (executed and witnessed)

• Medical certificate (as proof of the cause of death)

• Police FIR (in case of unnatural death)

• Post-mortem report (in case of unnatural death)

• Hospital records/ certificate (if the deceased died due to an illness)

• Cremation certificate and employer certificate (in case of early death)

Personal Accident Insurance Frequently Asked Questions (FAQs)

Q-1 Can I buy personal accident insurance?

Yes, anyone can buy a personal insurance policy by submitting the required documents to the insurer.

Q-2 What is not covered under personal accident insurance?

Death or injury due to the following factors is not covered in the personal accident policy.

• Natural death

• Pre-existing or by birth disability

• Childbirth or pregnancy

• Suicide of self-injuries

• Treatments that are not allopathic

• Committing any criminal act

• Participating in any war or riot activity

• Suffering from any mental disease

• Participation in defence-related activity in the Navy, Army, or Airforce.

• Participation in any adventurous sport activity

Q-3 Can I claim multiple personal accident insurance?

Yes, one can buy or hold more than one personal accident insurance. It is entirely legal in our country. People with higher personal accident insurance get extra protection from misfortunes, which is impossible with a single policy. You can get a total of all the policies you are holding, but the total payment will be according to the terms and conditions of the insurance company.

Q-4 How do I get money from the insurance company after an accident?

The policy holder can get the money from the accident insurance policy by following some of the below steps:

• By gathering the information at the scene

• By obtaining witness

• By taking medical treatment

• By informing the details of your accident to the insurer as soon as possible

• Keep all your medical bills.

Q-5 In case of accidental death, how can accidental death insurance help?

The accidental death insurance helps the victim's family after their death as it provides the sum insured under the policy chosen to the family and compensates the expenses of the children's education if they have opted it.

Q-6 What is the claim period of personal accident cover?

To file the claim for personal accident cover, the victim should inform the insurer as soon as possible after the accident. They can do this also on the official website of the insurance company.

Q-7 What is the purpose of personal accident insurance?

The personal accident insurance policy covers treatment expenses arising from an accident. This policy also offers compensation to the policyholder in case of any partial or permanent disability. If the nominee gets severely hurt, leading to their death, the nominee will then be compensated.

Q-8 Which policy is best for accidental insurance?

An accident insurance policy that covers a range of in-patient hospitalisation expenses is the best policy to have. Such policies offer financial assistance against bodily injuries, disability or death. If the insured person dies due to the accident, a death benefit is payable to the nominee.
The need for an accident insurance policy arises as it safeguards one from expenses arising out of hospitalisation and keeps the family covered in case of an unfortunate death. It is, however, essential to carefully study the terms and conditions of the policy and choose the one that meets all the requirements.

Q-9 What is personal accident policy coverage?

A personal accident insurance policy offers financial protection against disability or death caused due to an accident. In case of the insured’s demise, the insurer provides the sum insured to the policyholder’s nominee. One can apply for instant personal accident cover online against an affordable premium.

Q-10 What accidents are covered by accident insurance?

An accident insurance policy is uniquely designed to offer financial relief in an injury, permanent disability or death due to an accident. In addition, substantial compensation is provided in case of accidents while travelling, fire, etc.

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