Nobody wants to get into an accident, but it’s an unfortunate reality for a lot of people each year. While you can’t plan for the where and when; you can make sure you’re prepared if you ever find yourself involved in an accident.
When a car wreck or a simple trip and fall incident happen that is where you will be glad you have a personal accident insurance policy. Since the number of vehicles is increasing in India, chances of the number of accidents have increased drastically. It’s better to be safe than sorry! Buying a personal accident insurance provides a financial cushion against such mishaps. Below is the list of 10 reasons why one should buy this policy:
1. Accidental Death Benefit
This is the major advantage of having accidental insurance. This policy provides compensation up to 100% sum insured in case an accident leads to the life assured’s death or disability. This is the basic protection under this policy and it acts as a helping hand for the nominee to move ahead in life. The nominee would be Class I legal heir which includes- insured’s spouse, son, daughter and mother.
2. Permanent Total Disability Benefits
Personal accident insurance covers the bodily injury that totally and absolutely prevents you from engaging in any kind of occupation. The total disability such as loss of both eyes or limbs is covered with the payout of 100% of sum insured. Medical emergencies and loss of income lead to the financial crisis but this policy serves you in such dark phases and fosters financial stability against the financial blow of unexpected occurrences.
3. Permanent Partial Disability
Accidents might result in loss of vision in one eye, knee injury or nerve damage etc. In such cases, the bodily injury that results in total, irrevocable, absolute and continuous loss of or impairment of a body part or sensory organ is also covered under the accidental insurance policy. If the life assured loses say one eye or limb, he can file the accidental insurance claim and the policy will compensate for this loss subject to some sub-limit.
4. Add-on to health or motor insurance:
Life policies and health plans also let you add personal accidents cover in case of death or disability. Enhance the coverage and make your insurance portfolio stronger and effective in order to meet any kind of mishaps. Since health insurance does not cover accidental medical emergencies, it is crucial to include personal accident insurance in your health plan. The key benefit advantage here is the convenience it offers at the time of renewal-you can renew both at one go.
5. Cost-Effective Policy
The premium of Personal accident policy is very low and affordable. For example, a 30-year-old buying an independent accident policy of Rs. 10 lakh, which also covers disabilities, will have to pay a premium less than Rs. 1000 per year, depending on the insurer and plan chosen.
6. Additional Benefit
One can cover additional expenses such as OPD for fractures, accidental medical expenses in personal accident insurance policy. This policy also comes with lifelong renewability. Extensions such ambulance coverage, accidental emergency hospitalization make this policy a perfect financial risk mitigation solution.
7. Family Security
Accidental insurance aids family members by providing protection to ensure complete financial security against accidental risks. Being disabled in an accident affects employability and thus income flow which leads to a financial crisis. This policy provides a great support in making the good of loss of income. It also shields the family from the impact of hospital expenses.
8. Child Education Benefit
Some Insurance companies cover education expenses of children under child education cover in case of death or permanent total disablement of the insured. The company shall be liable to pay an education grant for the dependent children, Rs. 10,000 per child, maximum up to 2 children. This is an extensive benefit of personal accident insurance which makes this policy more appealing and beneficial for the insured.
9. Easy Claim Settlement:
Claim settlement process is very simple and hassle-free. Insured just need to intimate the insurance company about the claim and details of the event such as time and date of the accident, policy number, contact details, and insured person’s detail who is injured. Once all the information is provided, the claim settlement process will be initiated without any delay.
10. No Medical Test and Hassle free documentation
This is a very simple insurance product and involves minimal information and less to no paperwork. There is no need of medical test while availing this policy. This policy is also available online, where you can just fill in the proposal form and make payment via NEFT. The policy will be issued quickly after payment success. This ensures your family and your future protection easily.
Some insurers also provide worldwide coverage and various other value-added services with the policy. Generally, we do not put much emphasis on personal accident insurance instead our focus is to invest in a health insurance plan. But remember, there is nothing called the best health insurance, the one that suits your needs and can be customized to your advantage and is available at a competitive price is the right one for you. Personal Accident insurance is equally important since it provides a financial shield against mishaps.
Buying it in an early age works well since one is in the pink of health and wealth and more prone to accidents. Industries like transportation, construction, food delivery services should always consider buying this policy so as to safeguard their employees to maintain their financial stability even in cases of contingencies.