Personal accident insurance is a policy that covers medical expenses arising due to an accident. The policy also gives compensation to the policyholder in case of partial or permanent disability. If the policyholder meets with an unfortunate death due to an accident, the family receives the lumpsum compensation amount.
Accidents are uncertain and unfortunate. Life can take a turn for the worse in just a fraction of a second and hence it is crucial to have a reliable personal accident insurance policy.
Here are the features and benefits offered under the personal accident insurance plan:
The plan offers coverage against financial liabilities arising due to a personal accident or injury, keeping your savings intact.
The plan offers coverage against all medical expenses incurred for the treatment of the injury and reimburses your medical bills.
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.
Not just your medical expenses, but your children’s education fee is 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.
In case of a permanent total disability, get up to 125% compensation of the sum insured.
The plan offers a cumulative bonus ranging from 10 to 50% for every claim-free year.
Get faster claim disbursals, processed within seven working days from the date of fulfilling all the requirements.
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 accidents insurance from Bajaj Finance.
• Financial security of family
• Extensive coverage at a lower premium
• No requirement of medical tests and documents
• Worldwide coverage
• Get the most reliable plans for individual and family
• Avail easy claim process
• 7 days support assistance
• Customizable plans
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
Here are the common exclusions under a personal accident insurance plan:
• War or terrorism-related injury
Terrorism-related injuries or injuries during the war 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 attempt 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 also not covered under this policy.
• Hospitalizations for treatment of illness or disease
The hospital expenses are covered under the health insurance, not the Personal Accident Cover.
One can cope up with small accidents as there are no heavy expenses and they don’t affect life in any significant way. 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 loss of income. By having a personal accident insurance policy, one 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.
The claiming process of an accidental 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.
• You can avail of the benefit of 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 (For Eg: Aditya Birla network hospital) in the city where you want to get cashless treatment.
• Intimate the insurer within 48 hours (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 insurance desk of the hospital.
• Fill in the pre-authorization request form correctly available at the hospital and submit it to the hospital.
• For quicker action, fill 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 an e-mail and an SMS.
• You can also check the status online. The claim will be processed as per the terms and conditions of the policy after all the formalities are completed.
• 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-authorization has been issued by us.
• Collection and submission of claim documents- send 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 as per the terms and policy.
• If the request is approved, the insurer will send the reimbursement amount via NEFT to your registered bank account.
• If the request is rejected, the same will be communicated to your registered contact phone number and email id.
Following documents are required in case of accidental death insurance of the policyholder:
• Death certificate
• Original policy documents
• ID proof of the beneficiary
• Age proof of insurer
• 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)
Yes, anyone can buy a personal insurance policy by submitting the required documents to the insurer.
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
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.
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.
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.
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.