What are the Features of Personal Accident Insurance?
An accident does not come knocking at the door. It can happen anytime, anywhere and may result in minor to serious injuries. Any such uncertainty may lead to a financial crisis, which is why buying an personal accidental insurance policy is recommended. Read ahead to know more about the insurance plan:
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Types of Personal Accident Insurance Policy
Personal accident insurance can be categorised into two subcategories. Here’s a brief overview of these two variations:
Individual Personal Accident Insurance
This type of policy protects an individual in the event of accidental injuries. It includes coverage for accidental death, loss of limbs or vision, and other permanent disabilities resulting from accidents.
Group Accident Insurance
Employers opt for Group Accident Insurance to provide coverage for their employees. Depending on the size of the group, some insurers may offer premium discounts. This serves as an attractive incentive for smaller organisations, given its cost-effectiveness.
Why Choose Personal Accident Insurance?
A minor mishap can temporarily inconvenience an individual, whereas significant accidents can profoundly impact one’s life and overall well-being. Securing a robust insurance plan has become essential to safeguard oneself against such unforeseen dangers. An accidental insurance policy is designed to offer relief to the injured party or their dependents.
Personal Accident Coverage compensates for death, bodily injuries, disabilities, or disfigurement resulting from an accident. This compensation applies to accidents occurring via various means, including rail, air, and road incidents, drowning, collisions, burns, and more.
A personal accident insurance policy extends financial support to the policyholder in the event of accidental disabilities, regardless of the severity of the incident. Compensation is granted to the insured for accidental death, disability, and dismemberment resulting from accidents.
In the unfortunate event of the policyholder’s accidental demise, India’s best personal accident insurance plans provide crucial financial assistance to the dependent family members. In case of disability due to an accident, the policyholder also receives compensation for the loss of income. This assurance brings peace of mind by guarding against the most unexpected events. Additionally, these policies often offer supplementary benefits such as coverage for hospitalisation, payment of hospital bills, compensation for ambulance expenses, and more.
Coverage Offered by Personal Accident Insurance Policy
With a personal accident insurance policy, you can access the following coverage benefits:
Accidental Death Cover
In the unfortunate event of a fatal accident, the entire sum assured, as specified in the policy document, is paid to the nominee, providing financial support to the dependent family members during a challenging time.
Permanent/Total Disability Cover
If an accident leads to permanent disabilities or complete impairment, such as the loss of both limbs, the policyholder receives a predetermined sum insured amount to assist with lifelong challenges.
Permanent Partial Disability Cover
When bodily injuries result in permanent partial disabilities, the insured is entitled to a certain percentage of the benefit, which can be up to 100%, to help cope with the associated challenges.
Temporary Total Disability
In cases where the insured experiences temporary total disabilities, leading to being bedridden, the insurer provides a weekly allowance. This amount can also be used to cover expenses like EMIs when earnings are disrupted.
Inclusions & Exclusions of Personal Accident Insurance
It’s always advantageous to familiarise yourself with the terms and conditions before obtaining such a policy. Therefore, here’s a brief overview of what is covered and what is not:
| Inclusions | Exclusions |
| Permanent total/ partial disability | Natural death |
| Accidental dismemberment | Pre-existing disability or injury |
| Medical expenses/ hospitalisation charges | Childbirth or pregnancy |
| Child education support | Suicide or self-injuries |
| Life support benefit | Non-allopathic treatments |
| Burns, broken bones and Ambulance | Influence of intoxicants. |
| Daily allowance | Committing a criminal act or being involved in war activities, suffering from a mental disorder. |
| Accidental dismemberment | Participating in the naval, military, air force, adventurous or sports activities Childbirth or pregnancy. |
Bottom Line
The features of Personal Accident Insurance serve as a crucial safety net in the face of unexpected adversities, providing financial protection and peace of mind to policyholders and their families. From compensation for accidental death and disabilities to additional benefits like hospitalisation coverage, these policies are tailored to offer comprehensive support.
If you want to secure your future and protect your loved ones, consider exploring the best health insurance plans options provided by Niva Bupa. Take the first step towards safeguarding your well-being and financial stability by visiting Niva Bupa’s website or contacting their representatives today. Your safety and peace of mind are just a click or a call away.
