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Things to know about personal accident insurance policy

Things to know about personal accident insurance policy

A personal accident insurance policy gives you financial coverage for medical expenses incurred due to an accident. Considering the uncertainties of life, it is essential to purchase a personal accident insurance policy that extends substantial coverage to the policyholder in case of disabilities and financially secures the policyholder’s family in case of fatality.

A personal accident cover ensures covering both major and minor accidents. Apart from covering fatality, it covers partial or total disability. Many basic insurance policies do not include personal accident cover, so it is usually taken as an add-on cover. It is always wise to choose the right personal accident policy and ensure maximum protection for yourself and your family.

Read on to know the essential things about this policy.

Things to know about personal accident insurance policy

A personal accident insurance policy basically gives compensation to the nominee of the insured person in case of death as per the the sum insured in the policy. It also covers the treatment of the policyholder if suffered permanent or partial disability caused by accident.

Hence, one must always assess all the factors to make an informed decision. Here are some of the factors that one must know before buying a personal accident insurance cover:

  • Type of plan
    When planning to purchase a personal accident cover, individuals must know about the two main categories of such policy: group accident insurance and individual accident insurance. Group accident insurance is taken by corporates or organisation to provide insurance cover to their employees. You can choose either individual or family personal accident cover based on his/her requirements.

  • Policy coverage
    The policy coverage includes medical expenses for treatment, hospitalisation, and pre-and post-hospitalisation. It also gives you a daily allowance of at least Rs. 1,000 per day if your regular income is disrupted due to hospitalisation. Insurance partners with Bajaj Finance offer Rs. 1,000 daily allowance for up to 30 days of hospitalisation.

    The premium amount depends on the risk factors and the extent of coverage.

  • Claim settlement process
    When purchasing a personal accident insurance plan, choose a policy that offers easy and quick claim settlement process to ensure prompt and hassle-free procedure. In addition, there are certain documents like FIR copies, claim forms, medical certificates etc., that need to be kept handy when registering for the claim. Also, ensure knowing about the claim history and the involvement of third-party administrator (TPA).

    Besides, it is important to read the policy wordings and terms and conditions to know all the exclusions in order to avoid disappointment at the time of claim settlement. Since, a few policies have some percent of the amount deducted from the sum insured. One must note that injury or death due to illness or diseases is not covered under this insurance policy.

Things covered under personal accident insurance

Usually, the exact coverage aspects vary from one lender to another and the policy nature. Moreover, the levied insurance premium considers occupation and one's exposure to risks on a regular basis. Nonetheless, here are some of the things that are covered under a personal accident insurance policy:

  • Permanent/total disability cover
  • Temporary total disability
  • Accidental death cover
  • Permanent partial disability cover

Apart from these, one can also avail of additional coverage such as –

  • Child education support
  • Burns, broken bones and ambulance charges
  • Accidental dismemberment
  • Medical or hospitalisation charges
  • Daily allowance

Benefits of personal accident cover

  • Here are some of the benefits you can avail of under this policy.Get financial security for you and family
  • Considerable coverage at a reasonable premium
  • Prompt and seamless claim process
  • No requirement for medical tests and documentation
  • 24x7 customer support service
  • Child education benefit
  • Availability of personalised insurance plans
  • Worldwide coverage
  • Provides coverage for legal and funeral expenses

A personal accident cover is quite convenient to purchase as it is easily available online. For example, you can opt for an all-inclusive health insurance policy from Bajaj Finserv Finance that includes personal accident cover at a nominal premium amount. Moreover, such policies can be purchased separately or as an additional benefit over the existing policy.

Partnered with reputed insurance companies, Bajaj Finance brings a range of health insurance policies at affordable premium rates. With seamless cashless treatment and prompt reimbursement of medical expenses, such policies are an effective investment option for staying secure during medical emergencies.

Therefore, individuals must conduct a thorough comparison of policies online and select those that suit their health requirements.

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