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Personal Accident Cover: Benefits that are Sure To Becharm You

Life is indecisive. An unforeseen situation may come knocking on your door any time. One must buy insurance to protect oneself or loved ones against such adversities. While an adequate life insurance plan ensures the comprehensive financial safety of your family, health insurance plans assure quality health care for you and your family, keeping you on the safe side during medical emergencies.

Is that enough or are we missing out on something important?

Well, what if an accident or critical illness causes total disability and leaves you unable to earn any income.  Remember, not all life insurance or health insurance products compulsorily provide accidental coverage. So, in case your insurance plan doesn’t cover accidental death or disability, you’ll need to ensure something can help you bridge this gap.

We’re sure you’re wondering how to do it?

Here’s how:

You’ll need to ensure Personal Accident Cover. Though it offers very little and specific coverage, it is better than nothing. You can add this accidental rider with a regular health insurance plan to maximize your policy benefits. However, it makes sense to carefully compare health insurance plans on parameters such as inclusion of accidental cover, and availability of personal accident rider before zeroing in on something.

Briefing the Term ‘Personal Accident Cover’

Personal Accident Cover offers financial assistance to the family of the insured in case of unforeseen events such as an accident. Under this plan, the policy holders, family members or the nominees named in the policy are entitled to avail the sum insured in case of injury, death, permanent disability, total or partial disability caused to the policy holder by an accident. The plan includes accidental events by rail, road, air, injury due to the collision, burn, fall, drowning, etc.

Inclusion List

Personal Accident Policy offers financial assistance in case of: 

  • The death of the policyholder due to accident or accidental injuries.
  • Permanent total disability due to an accident or accidental injuries.
  • Permanent partial disability due to an accident or accidental injuries.
  • Total temporary disability due to an accident or accidental injuries.

However, it is not necessary that a plan includes all the four benefits mentioned above. So, carefully read the terms and conditions when investing your hard-earned money on health insurance plans. It makes sense to carefully go through the fine prints and understand the terms and conditions of the policy to ensure complete benefits without any hassles.

Exclusion List

Personal Accident Cover does not offer coverage for:

  • Self-initiated injury such as suicide attempts.
  • Participation in life-threatening, risky, adventure sports.
  • Injury occurred under the influence of drugs or alcohol.
  • Injury due to riot, civil war, terrorist attack, participation in criminal activities.

Advantages of Personal Accidental Cover

Take a moment to think how your family will survive if an accident leaves you disabled? We’re sure you’ll agree that the situation, in such an event, will be drastic especially if you’re the breadwinner of the family. Will your family endure the ever-rising medical bills, EMIs or other household expenses?

We guess not! And, we’re sure, like everyone else, you too don’t want your family to face such situation. Buying personal accident cover is the only solution to such affairs.

Still not Convinced?

Check the below-mentioned advantages of getting insured with a Personal Accident Cover-

  • It provides financial security to your family.
  • The policyholder doesn’t need any prior medical check-up to avail the plan.
  • One can avail adequate cover at a lower premium.
  • Offers worldwide coverage.
  • Claim settlement is easy and hassle-free.
  • Avail double indemnity for death or disability.

Points to Remember:

  • Personal Accident Policy is a pre-defined benefit policy, where the insurer reimburses the insured for a pre-determined sum insured in case of an accident. It doesn’t cover any hospitalisation costs, in contrast to regular health insurance policies that cover hospitalisation expenses only. Let’s say if your policy mentions 50% of sum insured will be given towards permanent partial disability and if your policy offers Rs. 10 lakh coverage, then Rs. 5 lakhs will be paid by the insurer in case of an insured While in case of permanent total disability, the insurer will pay Rs. 10 lakhs as total loss cover.
  • Some policies may offer additional benefits such as Children’s education, reimbursement of medical costs, etc. However, all these depend on insurers marketing strategies and you should be careful. And that’s why it makes sense to always compare health insurance plans and buy the plan that suits your needs.
  • To avail this rider benefit with a regular health insurance plan, you may have to pay slightly a higher premium.
  • Personal Accident cover can be added to your car insurance as well; in case your health insurance doesn’t cover the accidental expenses.

Our Advice:

Don’t forget to read policy wording carefully. More or less many health insurers offer accidental coverage up to a certain level. However, there is no hard and fast rule that your policy will cover all medical expenses or accidental claims. The insurance companies may apply their own terms and conditions and you are bound to follow them.

Thus, read, understand and compare health insurance plans, before buying an insurance policy. And, we believe you wouldn’t mind paying a little extra to fortify the financial security of your loved ones.