Personal accident insurance protects you from accidents resulting from no fault of your own, which another person’s policy can never claim. Even though an unexpected accident is not pleasant to think about, prepare your finances for such events since no one can be 100% certain they will not happen. Without personal accident coverage, if the worst does happen, it can make things difficult financially for you (e.g., loss of income, unexpected bills, and expenses) as well as physically and emotionally for your family. Your accident cover may pay out compensation to you and your family if you are involved in a severe auto accident that causes injury or even death. Usually, this kind of coverage includes life and car insurance policies.
Which Incidents Are Covered By Personal Accident Insurance?
Many personal accident insurance policies cover injuries and accidents, but the exact coverage depends on the policy you choose. It typically covers incidents by individual accident policies include:
- Accidents or injuries occurring at work
- A road traffic accident that results in an injury or death (with no fault assigned)
- Accidents caused by slips and spills
- Loss of (or inability to use) any body part
Why Do You Need Personal Accident Insurance?
It is essential to consider personal accident insurance if you are a self-employed person. You may lack the benefits of a company insurance policy if you’re self-employed or work in a hazardous environment, or your finances and work could make it impossible for you to support yourself financially if you were injured and unable to work. Whether you obtain personal accident insurance is entirely up to you, but some people like to know that should the worst happen, their finances are at least a little bit better protected.
What Is The Coverage In A Personal Accidental Insurance Policy?
With a personal accident insurance policy, you can receive the following coverage benefits:
Accidental Death Cover
Accidental death insurance is intended for dependent family members not to experience a tragic accident’s emotional and financial effects. As stated in the policy document, the entire sum assured is paid to the nominee in the event of a fatal injury.
Permanent/total Disability Cover
In case of disability or total loss, the company will pay a specific sum insured if the policyholder suffers permanent impairment.
Permanent Partial Disability Cover
An insured person is entitled to a percentage of the benefits (up to 100%) if bodily injuries result in permanent partial disability.
Temporary Total Disability
In a temporary total disability and bed-bound state, the insurer will compensate the insured for lost income with a weekly allowance. It can pay EMIs if the insured fails earnings.
What Personal Accident Insurance Covers And What It Doesn’t?
Knowing the terms and conditions of such a policy before you purchase it always works in your favour. Let’s look at the inclusions and exclusions:
| Inclusion | Exclusion |
| Accidental death | Natural death |
| Total/partial disability that is permanent | Disability or injury that exists before the damage occurs |
| Dismemberment by accident | Having a child or being pregnant |
| Hospitalization costs/medical expenses | Suicides or self-inflicted injuries |
| Support for education of children | Non-allopathic treatments |
| Life support benefit | Influence of intoxicants |
