Personal Accident Insurance: Why Is It Important?

Personal Accident Insurance: Why Is It Important?

Accidents occur without any warning and can become a nightmare for your family. It affects a family in many ways, especially financially if the only earning member of the family gets disabled. In such situations, personal accident insurance can become the only life-saver. It is offered in two different types – group personal accident insurance and individual personal accident insurance.

Let us have a look at some advantages of having health insurance covering accident expenses.

Disability Coverage

An accident may result in a temporary or permanent disability. If you have personal accident insurance, you can claim compensation for any kind of disability caused due to an accident. The insurance company will also compensate for any kind of loss incurred due to such an accident.

Hospitalization and other expenses

When an accident occurs and there is a need for hospitalization, the insurance company will provide all the expenses incurred for hospitalization and other medical care. Your personal accident insurance also covers other miscellaneous expenses such as repatriation charges, ambulance charges, funeral expenses in case of the death of the policyholder, and likewise.

Expenses covering home alteration and vehicle modification

The aftermath of an accident may cause some disability that may compel you to take support for the rest of your life. You may need a wheelchair. Also, to continue your daily activities, you will need a vehicle with suitable modifications for your comfort. All these expenses will be covered under your personal accident insurance plan. Furthermore, your health insurance will also provide expenses required to carry out alterations in your room such as installing ramps.

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Death coverage

In case an accident results in the death of a policyholder, the personal accident insurance policy will compensate his or her family. Moreover, if the policyholder has any child, the health insurance company will provide funds for his education. It may be 10% of the total sum insured or the tuition fee charged by the institution, whichever is lower. The insurance company may also pay the entire sum insured to the family members.

Transportation cost

If the accident takes place in a different city and the family of the policyholder has to travel to that city, the insurance company will cover all such travel expenses. Your personal accident insurance covers all the transportation costs required to reach the accident spot or the hospital. 

Apart from these, mentioned below are some other advantages of personal accident insurance.

Minimum documents required

Accident insurance requires very little paperwork with minimal documentation. You just have to provide all the basic details mentioned in your application form and you can get the insurance.

No need to undergo medical tests

Unlike in other health insurance plans, you do not have to undergo any medical tests while applying for personal accident insurance.

Worldwide coverage

While other health insurance plans have a geographical limitation, personal accident insurance does not contain any such limitation. Here, you can claim the benefit irrespective of the place of occurrence of the accident, that is it provides worldwide coverage.

Easy claim procedure

Accident insurance comes with an easy claim process. Irrespective of the type of policy, you just have to submit an application to the insurer for claiming the benefits. The insurer will verify your claim before paying you.

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Mental peace

Personal accident insurance will provide your family with financial security in case of an accident. Even if death occurs, it will provide 100% compensation to your family thus, you can have that peace of mind that your family will be financially stable even after your demise.

Bajaj Finserv’s personal accident insurance policy covers accidental death, temporary or permanent total disability, permanent partial disability, and hospitalization expenses. Under this plan, you are entitled to receive a daily allowance of Rs 1000 for a period of up to 30 days of hospitalization. You will receive 40% of the total claim amount or medical bills, whichever is lesser, as compensation for medical expenses.

Many accident health insurance plans come with a total permanent handicap benefit. In other words, in case an accident leaves you incapacitated for life to earn income, then your nominee will receive 100% of the sum assured. Bajaj Finserv’s personal accident

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