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Personal accident insurance safeguards you & your family against financial pain of an accident. It is a fixed benefit plan that covers death, permanent/temporary disability and hospitalization caused due to an accident. In case of any of these unfortunate events, the plan will provide a lump sum payout, as specified under the policy terms and conditions.
Why is personal accident insurance important?
Health insurance, critical illness insurance, life insurance – these are all vital components of your insurance portfolio. However, if you want complete protection from unforeseen events, then you should consider getting a personal accident insurance policy as well. These plans fill an important gap in your coverage needs. They ensure you are covered for the big tumbles in life, as well as the minor hiccups too. Let’s look at some reasons why you should get yourself a personal accident insurance policy.
- Bad can things happen to the best of us: Accidents can happen at any time and to anyone! More often than not, such mishaps bring a string of unwanted expenses. Something as small as a fracture can cost you a lot of money in the way of doctor’s bills, possible ambulance & hospitalization charges and maybe even a loss of income for a few days.
- Makes up for the loss of income: That’s right, in case an accident results in temporary total disability, your personal accident insurance policy will offer weekly payouts to help you cover your loss of income. Some plans will offer as much as Rs. 25,000 per week for a maximum of up to 104 weeks. This will help you sail through a challenging time with ease.
- Family security: An accident can have a ripple effect on the financial security of your family. This is especially if you are the sole breadwinner of the family or if you contribute to the household’s monthly income. In case of temporary disability, the plan will offer weekly payouts, and in case of permanent disability, the plan will offer a lump sum payment as the policy underwriting and the nature of your injuries.
- Your child’s future: An accident that results in your disability or untimely demise could upset your child’s future. Without your income, all your child’s aspirations could hang in the balance. This is where accident insurance can step in and save the day. Most plans offer coverage for the dependent children’s education cost. This ensures that all the hopes and dreams you have for your children stay intact in your absence or the absence of your income.
Easy Claim Process
One of the critical things that most insurance buyers look for while buying personal accident insurance is an easy claim process. No matter what type of policy you choose, the claim process is easy. You must submit an application to the insurance company (you can do this either online or offline) and once the insurance company verifies the claim, the claim amount is paid-out.
However, we also understand that you might be squeezed for time and unable to visit one of our branches or agents. Not to worry! You can kick-back on your couch and visit out virtual office – our website. Yes! You can also buy personal accident insurance online.
Types of Personal Accident Insurance:
Group Personal Accident Insurance Â
Typically, the business owners and employers buy group personal accident insurance to cover their employees. Depending on the size of the organisation, and the number of employees, the insurance companies offer a discount on the premium. A group personal accident policy is an excellent incentive for the employees as it assures them financial safety in the event of any mishap at the workplace.
Individual Personal Accident Insurance
As the name suggests, it is taken by an individual and it guards the policyholders against the accidental damages. It usually covers accidental death, loss of body parts and other disabilities resulting from an accident.