A personal accident insurance policy offers financial coverage to policyholders in case of an accident leading to bodily injuries, death, permanent partial disability, temporary total disability, and permanent total disability.
Features of personal accident insurance
- The entire sum insured is paid to the policyholder if an accident results in total disability.
- The sum insured is given to the nominee if an accident results in the sudden demise of the policyholder.
- A certain percentage of the sum insured, depending on the extent of the disability, is offered to the policyholder if an accident results in partial disability.
Exclusions of personal accident insurance
- Self-inflicted injuries
- Suicide attempts
- Pre-existing disability
- Terrorism-related injuries
- Injuries due to adventurous activity
- Illegal driving
- Hospitalisation expenses for treating an illness
- Disability or death while driving under the influence of alcohol or drugs
Benefits of personal accident cover
A medical insurance plan doesn’t come with any geographical limitations. The policyholders can enjoy 24-hour worldwide coverage irrespective of the location of an accident.
Ambulance Expenses Cover
The expenses incurred on an ambulance for transporting an injured person to the nearby hospital are covered under personal accident insurance.
No medical tests
There is no need to undergo medical tests to buy a personal accident policy.
Another benefit of purchasing a personal accident insurance policy involves minimal paperwork and documentation. The policy can be easily bought by filling out an application form with basic details and other information.
The insurance providers ensure easy and hassle-free settlement of claims when you buy a personal accident insurance policy. They address your claim with priority and pay the claim amount.
Peace of mind
A personal accident insurance policy gives you peace of mind and financial security even after an accident. The family members receive 100% compensation in case of the death of an insured. The compensation amount can help them cover their expenses and continue their everyday life.
Personal accident insurance offers home alteration, vehicle modification, educational allowances, family transportation, and employment coverage benefits. The policy also takes care of repatriation charges and funeral expenses.
How to claim personal accident insurance?
Fill out the form
Ask for the claim form from the insurers or download it from their official website. You need to fill up the required details in the form and forward it to the insurance provider along with the required documents.
Submit the form
You have to wait for the insurers to verify the details after submitting the claim form. Once verified, the insurer will settle the claim under the personal accident insurance cover.
Things to consider while buying personal accident insurance policy
Inclusions and exclusions
You should go through the policy documents and find the inclusions and exclusions of the policy. This helps you avoid confusion while filing a claim under the personal accident insurance cover.
Always buy a personal accident policy with an adequate sum insured to meet unexpected medical expenses.
Claim Settlement Ratio
You should know the claim settlement ratio of an insurer before purchasing a policy. CSR gives an idea of the insurer’s performance and ability to settle claims.
Choose an insurance company offering cashless treatment at reliable network hospitals. You should check out the list of insurers’ network hospitals and find the one within your reach. A personal accident insurance policy comes with in-built benefits for accidental death cover, permanent or total disability cover, permanent partial disability cover, and temporary total disability cover.
Accidents are unpredictable and can bring a lot of trouble. You must invest in the personal accident and medical insurance policies on time to safeguard yourself and your family from emotional and financial stress.