Personal Accident Insurance

Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death,
accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death
of the policyholder, the nominee gets 100% compensation from the insurer. There are various other compensations that are offered for accidental disability
such as loss of eyes, limbs, and speech.

An accident does not come knocking at the door. It can happen anytime, anywhere and may result in minor to serious injuries. Any such uncertainty may lead to financial crisis, and that is why it is recommended to buy a Accidental Insurance policy. It will provide the necessary financial assistance to you and your family against accidental death, bodily injuries and disabilities (Partial/ Permanent/Temporary). There are various other rider benefits such as accidental hospitalization cover, Hospital Confinement Allowance, and Medical Expense Cover.
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Types of Personal Accident Insurance Policy:

Accidental Insurance Policies can be further divided into two sub-heads. Here’s a quick rundown of the two variants:

Individual Accident Insurance:
This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.
Group Accident Insurance:
Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.

Accidental Insurance Coverage

You can avail the following coverage benefits with a personal accident insurance policy –

Accidental Death Cover
An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.
Permanent/Total Disability Cover
In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.
Permanent Partial Disability Cover
If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.
Temporary Total Disability
In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.

How Much Does Accident Insurance Cost?

The premium varies based on the plan that you have opted and also your age, occupation and in some cases medical history. However, it is recommended that you opt for the sum insured amount that is 100 times more than your monthly income.

How much Accidental Insurance Coverage is enough?

As a thumb rule, it should be 100 times of your monthly income. For example, if your current earnings are Rs. 10,000 then you can buy a personal accident cover of Rs. 10, 00,000. It will ensure that all the eventualities such as child education, loan repayment, marriage, and regular earnings for the spouse are taken care of, provided the policy is renewed timely.

How to File an Accidental Insurance Claim?

To initiate the claim process, you need to inform the insurance provider within the specified time frame. You might be provided with a claim reference number. The following information is required to be submitted to the provider while intimating a claim

1. Your contact number
2. Policy number
3. Date and time of the accident
4. Name and contact details of the insured person who is injured
5. Location of the incident
A brief description of how the accident/ loss took place with its location details
6. Extent of the loss

It is essential that these details are known to the family members or dependents (including spouse) also as an unexpected event such as demise may put them in situations where they are unaware of what to do next.

In case of an Accidental death/ impairment claim, following documents are required to be submitted

1. Death certificate
2. Post-mortem report
3. FIR report
4. Medical certificate
5. Medicine bills

As a necessary precaution, policyholders can ensure that these details are kept for future reference of the family members so that they are not left helpless or any advantage unclaimed in the event of an unexpected event leads to a coma or even demise.

Additional Benefits of Personal Accident Insurance Policy

In addition to the four primary benefits, there are various other benefits that come with a personal accident insurance policy. Some insurers may provide these benefits in the basic plan or you can buy them as an add-on cover by paying an extra premium:

Hospital Daily Cash: Daily cash allowance is paid to the insured in case of an accidental hospitalization. Coverage is limited to a certain number of days (as specified in the policy terms and conditions).
Ambulance Expenses: Compensation is provided for ambulance charges to carry the insured post-accident to the hospital. Transportation or Repatriation of Mortal Remains: In case of accidental death of the policyholder, the nominee would receive the expense incurred on repatriation and transportation of the mortal remains from the site of the accident to the hospital, home or the cremation ground. Compensation is also provided for the expenses incurred on the religious ceremonies related to cremation.
Broken Bones: In case of fractured bones or any bone damage, a fixed compensation is payable under the policy.
Burns: Compensation is also provided for accidental burns.
Family Transportation Allowance: It is applicable when the hospital is too from the insured’s residence. In such instances, the actual transportation expenditure incurred by the immediate family members, to reach the insured person is also compensated. The total reimbursement payable is subjected to the amount specified in the policy.
Education Advantage: In case of an unexpected demise of the policyholder, the cost of education of the dependent child is covered up to a specified limit.
Loan Protector: In the event of unexpected demise or lifelong disabilities, a lump sum amount (specified in the policy schedule) is paid.
Adaptation Allowance (also known as Home Alteration and Vehicle Modification Benefit):
Some insurers may offer this benefit. In case of permanent total disabilities or dismemberment due to an unfortunate event, money has to be spent to modify one’s house and/or vehicle is also covered.