With a myriad health insurance plans available for purchase, zeroing down on a suitable policy can often get tricky. You need to consider what are your requirements exacts and what is it that is offered by the insurance company. In addition, comparing various plans and considering the policy features are essential to make the right choice. One such type of medical insurance coverage is the personal accident insurance.
Why is it essential to purchase a personal accident insurance?
The unpredictable nature of accidents, be it a road accident or at your workplacemake it imperative to have some form of protection against them. While some of them are not so severe, a few can result in serious consequences like disability. It can either be a permanent or temporary disability. Finances is the last thing you want to worry about when you are injured. A serious injury may result in disability along with fatal consequences too. A personal accident cover includes protection against these circumstances. So, a personal accident insurance comes handy. With the help of a personal accident insurance, the treatment costs are covered without you having to focus on the monetary aspect but instead on the recovery.
What is covered under personal accident plans?
A personal accident policy offers coverage for the following situations –
- Death due to accidents.
- Permanent disability caused, be it of complete or partial disability of any part.
- Coverage for burns and fractures in an accident.
- Coverage for critical diagnostic tests are also included by some insurers.
- Reconstructive surgery coverage.
- In addition, optional coverage is also available for temporary total disability helping make up for the treatments required.
Why should you include a personal accident policy in your insurance portfolio?
A personal accident policy offers benefits like financial coverage for treatments required due to accidents. Further, compensation is also offered in the event of disability due to which any means of livelihood lost due to such accidents can be made up for. In addition, the entire sum insured is paid to the beneficiaries resulting in the death due to accidents.
What are the different types of personal accident policies?
Two types of personal accident plans are available –
#1 Individual accident insurance
This policy provides coverage only for individual policyholders to insure against the various perils of accidents. Loss of limbs, loss of vision or demise are some of the different situations included as a part of its scope. The IRDAI has also asked insurers to introduce a standardized personal accident insurance policy called Saral Suraksha Bima with a similar coverage. Please read through the terms and conditions of the policy to know more about the specific coverage offered.
#2Group accident insurance
Here, the policy features are available on one-to-one basis are extended to a group of people. These policies are generally purchased y employers where employees are working in a high-risk environment. Since it is purchased with an intention to cover many beneficiaries at once, they have limited scope and cover only basic features.
What is not covered by a personal accident insurance?
Injuries caused by policyholders to themselves in an attempt to suicide, sexually transmitted diseases or mental or nervous condition, are not included in its scope. Sporting activities unless declared beforehand are not covered in its underwriting. Claims related to hazardous activities are specifically excluded. These are some of the common exclusions.
Among the many types of health insurance plans that you can buy, make sure to keep a personal accident cover in your insurance portfolio to stay insured against uncertain accidents and injuries.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.