Personal Accident Insurance

Know why personal accident cover is important in today’s times.

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3 mins
01 Feb 2023

An accident can turn a person's life upside down in a matter of seconds. Furthermore, in case of hospitalisation, it can lead to financial burdens due to medical expenses. To be able to safeguard against such situations, it is always wise to opt for a personal accident insurance policy. This can be especially useful for those who need to travel extensively.

What is a personal accident insurance?

A personal accident insurance policy provides complete financial coverage to policyholders in case of accidental death, bodily injuries and physical disabilities (temporary and permanent). In case of the unfortunate death of the policyholder, the nominee gets 100% compensation.

Features of personal accident insurance policy

Here are the salient features of a personal accident insurance policy:

  • 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:

  • Provides financial coverage against liabilities from personal injury or accident and helps keep the savings intact

  • Covers the medical bills for the treatment of an injury

  • Provides a daily cash allowance amount of Rs. 1,000 for up to 30 days of admission in a hospital

  • Covers education fees and medical expenses of dependent children

  • In case of permanent disability or death of the policyholder, his/her dependent children (below 19 years old) get a compensation amount

  • Policyholders receive up to 125% of the policy sum insured in case of permanent disability

  • Get a cumulative bonus starting from 10% and going up to 50% of each claim-free year

  • Claim disbursals within 7 working days after meeting all formalities

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 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

Inclusions of personal accident insurance policy

Here is the list of things covered under a personal accident cover:

  • Accidental death of the policyholder

  • Permanent or partial disability due to an accident

  • Medications and hospitalisation

  • Child education bonus (if opted for in the plan)

  • Funeral and legal expenses (if opted for in the plan)

  • Coverage for fractures, burns, etc

  • Daily cash allowance

Exclusions of personal accident insurance policy

Here is the list of things that are not covered under a personal accident cover:

  • Terrorism and war-related injuries

  • Suicide or self-injury

  • Pre-existing disability or injury

  • Injury caused by adventure sports activities

  • Expenses for treatment of diseases or illnesses

Raising a cashless claim: No out-of-pocket expenses

You can get cashless treatments at partner network hospitals across India. Although in case of an accident, it is best to opt for the nearest hospital, if you have checked your insurer’s network hospital list previously and are in a position to get admitted to the closest one, you should do so. Follow these steps to get file this claim:

Step 1:  Inform your insurer within 48 hours of hospitalisation.

Step 2: Share the policy details or the patient’s policy cashless card at the insurance desk at the hospital along with a valid ID proof.

Step 3: Fill up all details in the pre-authorisation form and submit it at the hospital.

Step 4: To expedite the procedure, fill up a request form on the official portal of the insurer and also inform your insurer about the same.

Step 5: Your insurance provider might take up to two hours to review the application and inform you accordingly via SMS and e-mail.

Step 6: You can even check the status of the claim online.

The insurer will process the claim as per the terms and conditions after the completion of all formalities.

Raising a reimbursement claim: Simple steps

Step 1: In case of emergencies, you will have to notify the insurance provider within two days and pay expenses to the hospital if you do not have a pre-authorisation.

Step 2: Submit all necessary documents within fifteen days after discharge.

Step 3: The insurance provider will accept or reject the claim after reviewing all documents.

Step 4: Once approved, the insurer will transfer the amount to your registered bank account via NEFT.

Step 5: in case of rejection, you will receive a message regarding the same to your registered e-mail address and phone number.

   
Documents required to be submitted for claim in case of accidental death of the policy holder

  • Original policy documents

  • Death certificate

  • Beneficiary’s ID proof

  • Age proof of the policyholder

  • Medical certificate

  • Discharge form

  • Police FIR (in case of unnatural death)

  • Hospital certificates/ records (in case of death due to illness)

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

  • Employer certificate and cremation certificate

Disclaimer

Insurance is the subject matter of solicitation. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited and ManipalCigna Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Visitors are hereby informed that their information submitted on the website may be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective value-added service provider or Assistance company.
Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.