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Personal accident insurance is a policy that covers the emergency medical costs associated with treating injuries sustained during an accident. Along with bodily injuries, this type of insurance plan also covers permanent total or partial disabilities, temporary total or partial disabilities, and even death resulting from an accident. Let’s go through the types of accident insurance policies and what are the additional coverage options to consider.
Personal Accident Insurance – What is it?
According to statistics, there are more than 1200 accidents that happen on Indian roads every day, caused by factors such as carelessness and damaged roads. Unfortunately, in 2021, over 150,000 people lost their lives due to road accidents in India. Shockingly, 70% of these accidents involved riders between the ages of 18 and 45.
Considering these figures, it becomes critical to seek personal accident insurance. Accident insurance policies provide coverage for accidents that occur during travel by road, air, and rail. However, it’s important to note that accident insurance does not cover injuries or death that occur due to war, voluntary actions, or when the policyholder is under the influence of drugs or alcohol.
Personal Accident Insurance – Types
There are various types of personal accident covers available in health insurance policy, and some of the best options include:
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Individual Personal Accident Cover
This policy provides coverage to an individual in the event of an accident. The policy covers accidental injuries such as loss of limbs, disabilities, loss of sight, or death.
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Group Personal Accident Cover
This policy provides coverage to a group of individuals under the policy. Organisations often purchase this coverage to provide their employees with protection against accidents at affordable premiums.
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Child Personal Accident Cover
This policy provides coverage for children who are prone to unforeseen accidents. The policy offers a high insurance amount and covers medical expenses related to permanent partial disabilities caused by an accident.
Additional Coverage Options & Advantages
Personal accidental insurance comes with many features and benefits, some of which are highlighted below:
- Education Expenses Covered – The policy covers the education expenses of dependent children in case the insured suffers permanent disability or dies in an accident.
- Funeral Costs – The policy also covers the expenses of the funeral of the insured so that dependents can organise a dignified funeral without worrying about finances.
- Medical Care – This insurance covers the costs of hospitalisation and treatment in case the policyholder suffers from any accidental injuries.
- Burns & Broken Bones – Accidental burns, fractures, or bone damage experienced by the policyholder are covered under the policy.
- Repatriation of Mortal Remains – If the policyholder dies due to an accident, the policy covers the expenses incurred on transporting their mortal remains to the hospital or their home.
- Ambulance Charges – The policy covers the cost of getting an ambulance for the insured.
- Travel Expenses – If the hospital is far from the policyholder’s residence, the policy covers the actual travel cost for the immediate family members.
- Hospital Daily Cash – Depending on the policy, the insurance provider pays a fixed amount in case of hospitalisation to manage other medical expenses.
Why Buy Personal Accidental Insurance?
There are several compelling reasons why you should consider accident insurance, such as:
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Protection Against Financial Loss
Accidents can cause severe injuries or disabilities, which can result in high medical expenses. Having accident insurance provides you with financial security during such unexpected events. It covers the costs of medical treatment, rehabilitation, and other related expenses, ensuring that you don’t have to worry about the financial burden.
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Comprehensive Coverage
This insurance offers extensive coverage, including permanent or temporary disabilities, loss of limbs or sight, and even death. It ensures that you and your family are financially protected against the impact of accidents.
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Affordable Premiums
The insurance premiums are relatively low, making it a cost-effective option compared to other health insurance plans. You can enjoy the benefits of lump-sum payouts and comprehensive coverage at a reasonable cost, providing you with peace of mind in case of an accident.
Summing Up
Personal accident insurance is a crucial financial safety net that provides protection against accidents. With the rising number of accidents and their associated costs, having a reliable accident insurance policy is more important than ever. It not only offers comprehensive coverage but also ensures that the policyholder and their family members are protected in the event of an unfortunate mishap.
With its affordable premiums and extensive coverage, this type of insurance provides peace of mind and a sense of security that cannot be understated. So, don’t wait any longer and get yourself a personal accidental insurance policy today with Niva Bupa.
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