What is Personal Accidental Policy?
Personal accident insurance is an agreement between the health insurance company and also the person insured where the company will provide financial compensation to the latter or his/her family just in case of permanent disability/death caused directly and only because of an accident. (Accident does not mean only road accident, It means any forceful activity). You can buy accident insurance from several insurance companies within the country. Just in case there is an injury because of an accident that needs immediate treatment, the policy will ensure coverage for the costs in this case.
Advantages of having Personal Accidental Policy:
- Family security
- No demand for medical tests and documentation
- Great cover at a lower premium (Cover of Rs. 25Lac in less than 2,000 PA)
- Worldwide coverage
- Can be bought for the family
- Life Long Renewal without a change in Premium
Benefits of Personal Accidental Policy:
Some insurance companies offer this coverage as a part of the comprehensive policy. But it’s usually that one can choose when purchasing the policy. The cover is available at a nominal premium and may be renewed annually.
The key benefits of a Personal Accident Cover:
- Accidental Death: If the policyholder dies in an accident then his nominee gets accidental death compensation according to the sum insured. The family is financially secure during this situation. The compensation can vary from Rs 5 lakh to Rs 1 crore or depending upon the Sum Insured.
- Permanent Total Disability: Sometimes, despite medical help, the victim becomes disabled for life. Then the policy pays a particular amount depending upon the nature of the disability. The policy also covers loss of speech, loss of vision in both eyes and deafness in both ears.
- Permanent Partial Disability: This can be applicable if someone has partially lost their hearing in one ear or suffered eyesight loss in one eye. Or, it might be that the policyholder has lost a finger, a thumb, or maybe a hand. In all these cases, the policyholder can approach the insurer for a claim. The claim in the case of Permanent Partial Disability depends on the part of the body.
- Transportation benefit: Some insurers company also grants a family transportation benefit. Say, the insured person is hospitalised 150 km away from his home. The family member will incur certain transportation expenses to succeed in the hospital. The insurance will reimburse these expenses up to a maximum of Rs 50,000*.
- Further Benefits: The insurance policy covers other factors like education and employment benefits and funeral expenses. Might also get coverage for hospital charges, including ambulance costs, air ambulance costs, etc. Some insurance policies offer an educational allowance and home or vehicle alteration benefits.
- Hospitalization Cash Benefit: If the policyholder is hospitalized because of injuries suffered during a road accident, the policy offers daily cash allowance as hospitalization charges. This amount may be availed for a maximum of fifty days during hospitalisation*.
- 24 Hours Claim Support Benefit: Most of the insurance companies offer this coverage. Roadside assistance and a helpdesk for claim-related issues, on a 24/7 basis. This makes the claim process quick and hassle-free.