Personal accident cover insurance offers financial protection for all accident-related medical expenses. This coverage includes hospitalisation, treatment, necessary surgeries, and other associated medical costs. Moreover, it extends its support to cover expenses incurred due to permanent or partial disabilities resulting from the accident. In the unfortunate event of accidental death, the nominated beneficiary receives compensation up to the sum insured.
While personal accident coverage is typically included in most health and motor insurance policies, you also have the option to purchase it separately for enhanced and complete coverage. The Insurance Regulatory and Development Authority of India (IRDAI) has set a standardised minimum limit for personal accident cover, which is up to ₹15 lakh. Additionally, it mandates insurance providers to offer this cover as part of their motor insurance policies.
Need for Personal Accidental Insurance Policy
In times of emergencies, having a strong financial safety net is crucial. That’s where a personal accident policy comes into play, providing you with the necessary support to be financially prepared for any unforeseen circumstances.
With this insurance policy in place, your loved ones can focus on ensuring the best possible treatment and aiding in your recovery rather than being burdened by financial concerns. Your insurer takes care of the financial aspect, allowing you to access quality healthcare services without worrying about the funds.
Moreover, medical expenses can significantly impact your savings. Recovering from an accident and returning to normalcy often takes time. However, if you have a personal accident policy, your treatment expenses won’t deplete your savings. This provides you with a sense of financial stability during your recovery period, allowing you to navigate through that phase.
Coverage Under the Policy
Personal accidental insurance policies commonly offer the following coverages:
- Hospitalisation Expenses
This coverage includes all the medical expenses incurred during your hospital stay, such as room rent, treatment costs, surgical procedures, diagnostic tests, and more.
- Death Coverage
In the unfortunate event of the policyholder’s demise due to an accident, the insurer pays the sum insured mentioned in the policy to the nominated beneficiary.
- Disability Coverage
If you suffer from a permanent or partial disability as a result of an accident, this coverage takes care of the expenses related to treatment and support. For instance, it can include coverage for therapies, prosthetics, walkers, or any other equipment necessary to assist you in leading your regular life.
- Loss of Income
This coverage provides compensation in case you lose your source of income due to permanent disability. It offers financial stability and may enable you to participate in retraining programs to acquire new skills and secure employment. Additionally, you can use the compensation to continue paying your EMIs if applicable.
- Child’s Education Coverage
In the event of loss of income or accidental death, this coverage ensures a fixed amount is provided to support your child’s education expenses. It concerns about their educational fees, allowing them to continue their studies uninterrupted.
- Funeral Expenses Cover
The nominee receives compensation to cover the funeral expenses associated with the insured individual’s passing. This coverage assists in managing the financial aspects of the funeral arrangements.
Benefits of Personal Accidental Insurance
The main advantage of having such an insurance policy is the peace of mind it provides. It offers financial security and ensures that you and your loved ones are prepared for any unexpected emergency. With this policy in place, you won’t have to bear the financial burden during such critical times.
Some additional features of personal accident policy are:
- 24×7 Assistance: You and your family members can access round-the-clock assistance provided by health insurance companies. This means you can receive prompt answers to any queries or concerns while you are admitted to the hospital.
- Simple Claim Process: These policies typically have easy and straightforward claim processes, making it convenient for you to receive the necessary benefits when required.
- Worldwide Coverage: These policies may offer worldwide coverage, depending on the specific policy you have chosen. This can provide you with a sense of security and financial protection regardless of your location.
Having a personal accidental insurance policy not only ensures financial stability but also offers additional benefits like access to assistance, hassle-free claims, and potential global coverage, all of which contribute to a more comprehensive and reassuring insurance experience.
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