True to its name, life is unpredictable. You could be having a great time one minute, and the next, something dreadful could happen. Things can go wrong anytime and anywhere without prior warning. In such a case, your finances could be left in a bind. As such, a personal accident insurance policy is recommended. When an insured person dies or suffers bodily harm in an accident, their insurance policy provides financial assistance. In this article, we cover all the essentials of personal accident insurance.
What Is Personal Accident Insurance?
The Personal Accident Insurance policy covers the cost of death, dismemberment, or significant disability caused by an accident while on the road. In addition, these policies cover hospitalization, hospital confinement, and medical expenses. Individuals who frequently travel for work should have Personal Accident Insurance coverage.
What Is The Purpose Of Getting a Personal Accident Policy?
Every day, accidents happen, and there is always a crash risk given the road and traffic conditions. No matter how safe you are, you can get into an accident because of someone else’s negligence. A Personal Accident policy is essential for covering the risk of an accident on the road. Besides road accidents, several accidents can happen in the workplace, primarily if you work in a high-risk setting such as a factory with heavy machinery. The results of any mishap can result in severe injuries or even death in extreme cases. Having a personal accident policy is therefore advisable. In the event of an accident, it will help you obtain financial assistance.
Types Of Personal Accident Insurance Policies
Personal accident insurance comes in two forms:
Individual Accident Insurance
In case of accident damage, an individual can receive benefits from this policy. This type of insurance covers accidental death, loss of sight or limb, or other permanent disabilities caused by accident. This plan is best for self-employed individuals, salaried employees, and business owners. Some insurers also offer educational benefits as part of their policies. When a child’s parents die or a permanent total disability claim is filed, the child is entitled to receive education benefits at a government-approved educational institution.
Group Accident Insurance
Employers often purchase this type of insurance to provide coverage for their employees. The low cost of obtaining these policies makes them good incentives for small businesses. When compared with individual accident insurance plans, group accident insurance provides limited benefits. In most cases, however, insurers offer comprehensive coverage in the event of death or partial or total disability of the insured.
What Are The Benefits Of a Personal Accident Policy?
- Ensures that your loved ones and family have the security of financial stability.
- No additional tests and documents are required over and above what is already in place.
- A wide range of coverage is available at much more affordable rates.
- Two types of plans are available, one for the individual and one for the family.
- Global coverage is provided.
- The process of making a claim is smooth and easy.
- The customer support centers are available 24 hours a day, seven days a week.
- Customize the policy to meet your needs.