The Personal Accident Insurance policy offers comprehensive financial security to policyholders, safeguarding them against unforeseen events like accidental death, bodily injuries due to accidents, and both partial and total disabilities, whether permanent or temporary. In the unfortunate event of the policyholder's accidental demise, the nominee is entitled to receive full compensation amounting to 100% from the insurer.
What is personal accident insurance?
Personal accident insurance policies provide complete financial coverage to policyholders. You get coverage for accidental death, bodily injuries, and physical disabilities (temporary and permanent). In case of the insured’s death, the nominee gets 100% compensation.
Statistics of road accidents in India
India recorded a total of 4,12,432 road accidents in 2021, as per the Ministry of Road Transport and Highways of India reports.
- Out of these, approximately 37% suffered accidental death and 63% suffered injuries.
- The report also states that the most affected age group is 18-45 years old.
Therefore, with an increasing number of vehicles and accident-related damages, having personal accident insurance becomes imperative. So, buying a health insurance online is highly recommended to ensure complete coverage against personal accidents.
Features of personal accident insurance policy
Here’s a quick look at the features of a personal accident insurance policy:
Premiums start at
Cashless network hospitals
Child education support
Permanent and partial disability
- Get coverage for medical expenses and hospitalisation charges
- Nominee gets full compensation in case of accidental death
- Policyholders can make cashless or reimbursement claims
- Tax benefits available on the premiums paid
- Get a children's education bonus along with a personal accident insurance
- Get up to 125% compensation in case of permanent total disability
Benefits of personal accident insurance policy
The benefits of opting for a personal accident cover are as follows:
· Helps in savings
Provides financial coverage against treatment taken for injuries caused by an accident, helping you to keep your savings intact.
· Secures your family
Offers accidental death cover to ensure your family members stay financially secure.
· Covers medical expenses
Provides coverage for the medical bills for the treatment of an injury.
· Offers daily cash benefit
Provides a daily cash allowance of Rs. 1,000 up to 30 days during hospitalisation.
· Covers dependent children
Covers the education fees and medical expenses of dependent children. The insured’s dependent children (below 19 years old) get the compensation amount if the insured suffers permanent disability or death.
· Provides disability cover
Policyholders receive up to 125% of the policy sum insured in case of permanent disability.
· Cumulative bonus benefit
Get a cumulative bonus starting from 10% and up to 50% for every claim-free year.
· Quick claim settlement
Get your claims settled within seven working days after meeting all formalities.
What are the types of personal accident insurance policies?
There are two types of personal accident insurance policies:
· Individual accident insurance
Also known as personal accident insurance, covers only one person. The insured gets coverage in case of death or disability caused due to an accident. Covers loss of limbs or sight or any permanent disabilities.
· Group accident insurance
Employers offer group accident insurance to their employees. This type of accident insurance covers a group of people like workers, members of an organisation, or employees. You get coverage for accidental death or disability.
Why do you need personal accident insurance?
Accidents can happen anytime, and the consequences can leave you with hefty medical bills, a loss of income due to disability, and even death. A personal accident insurance policy is a vital investment to ensure your family's financial stability in case of any emergency. Here’s why you need a personal accident insurance policy:
- A personal accident policy gives financial assistance, covering all medical expenses and other miscellaneous expenses.
- It covers accidental death, permanent disability, and temporary disablement caused by an accident.
- With a personal accident insurance policy, you can focus on recovery. You can get back to your regular life without worrying about the financial burden.
Also, read about government health insurance scheme: Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Why choose personal accident insurance from Bajaj Finance?
Despite being careful and taking all the necessary precautions, accidents can happen at any time. Hence, personal accident coverage becomes essential for everyone. Bajaj Finance partners with leading insurers to offer a variety of health insurance plans with extensive coverage and affordable premiums. The following are the reasons to opt for a personal accident insurance policy from Bajaj Finance:
- Family’s financial security
- Wide range of coverage at affordable premiums
- No documents or medical tests required
- Simple and prompt claim process
- Reliable plans for family and policyholder
- Customisable plans