Personal Accident Insurance is a type of policy that offers financial coverage to the policyholder against the death, bodily injuries, or disabilities arising due to the accidents. An accident can happen anytime and anywhere and can significantly impact your finances. That is why purchasing this medical insurance best policy is advisable, as it acts as a financial cushion and safeguards you and your family in your hour of need.
Why do you need personal accident insurance?
Accidental Death
If an accident leads to the death or disability of the policyholder, then the insurance company pays compensation of up to 100% of the sum insured. It provides financial protection to the family members and helps them live as usual.
Disabilities
A policyholder may suffer from disabilities due to an accident leading to a loss of earning potential, which can lead to a financial crisis in the family. A personal accident insurance policy covers partial and total disabilities and offers compensation in either case. An insured is provided 100% of the sum insured in case of permanent total disability, while payment for permanent partial disability is subject to a certain sub-limit.
Expenses
Another reason to invest in an accident insurance policy is the coverage it can offer against the medical expenses along with ambulance charges, repatriation expenses, OPD for fractures, accidental emergency hospitalisation, funeral expenses, and so on.
Global Coverage
Personal accident insurance offers 24 hours global coverage irrespective of the geographical location. It means the insured will receive compensation even if the accident occurs outside India.
Education Benefit
The insurance plan takes care of the children’s education expenses and pays grants for each dependent child. The education grant is offered to a maximum of two children who are studying in case of the policyholder’s permanent total disability or death.
Premium
The personal accident insurance plan is cost-effective and charges low and affordable premiums. It offers extensive coverage and benefits as compared to other insurance policies.
Old Age
The policy can also be bought by the senior citizens who are up to the age of 70 years. It guarantees them financial stability and peace of mind during difficult times.
Minimal Documentation
Buying a personal accident insurance plan is simple and involves a little paperwork. You can avail this policy online without undergoing any medical tests. Fill out the application form, make the payment, and the insurer will issue the insurance policy.
Claim Settlement Process
Getting personal accident insurance from a top insurance provider offers a quick and trouble-free procedure for claim settlement. You just need to submit an application to the insurer providing the details of the event. Once verified, the claim is issued without any obstacle or delay.
Transportation Costs
The insurance companies cover the transportation expenses incurred by the immediate family member to bring the insured to the hospital. The family transportation benefit makes the policy more ideal as it reimburses expenses significantly based on the limit stated in your plan.
Family Security
With an accident insurance plan, an insured can be sure of his family’s safety even in his absence. Any accident can leave you unemployed and without any income source. The policy makes up for the loss of income and protects your family from bearing the expensive medical bills cover medical insurance.
Vehicle Modification Benefit
If an insured is in a wheelchair and requires a vehicle to travel, then he might need to do certain modifications to travel comfortably. Some insurance plans also cover the expenses incurred for vehicle modification.
You can choose a personal accident insurance plan as per your budget, keeping the benefits mentioned above in mind. You should read the policy document carefully to know your plan well beforehand to avoid any hassles later.
