Personal Accident

Personal Accident Insurance

Get covered against accidental death and disability with personal accident insurance.  While minor accidents can indispose you temporarily, major ones can severely impact your life and well-being. A sound insurance plan to protect you from economic repercussions of having a mishap has become a necessity. The value of the human life is immeasurable, but with a view to providing some relief to the injured person or a dependent, insurance companies have devised this insurance policy. It refers to an insurance which offers compensation in the event of demise, bodily hurts, impairment or mutilation resulting from an event, such as a violent, hazardous, visible and external means. The types of events that are included in such insurance are rail, road, and air, injury because of collision or fall, burn injury, drowning etc. The policy guards your dependents (parents or family) from any economic repercussions if the unfortunate comes to pass. A person should purchase the policy that covers or provides reimbursements for all eventualities from short-term impairment to untimely demise, and safeguard the family’s future.

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They are of two types:

Individual Accident Insurance:

This policy guards an individual in the event of any intentional or unintentional mishap. The incident may cause impairment, whether short-term or lifelong wounds or even demise.

Group Accident Insurance:

As the term itself suggests, it is not meant for individuals and is taken by employers for their employees. Depending on group size, discount on premium might be offered as well. It is a good incentive/ value added advantage for small organizations as it is available at low cost.

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Advantages under this insurance policy –

  • Accidental death: The benefits under this plan is payable if demise occurs from a mishap.
  • Accidental disability: It indicates that the policyholder is disabled either partially or wholly.
  • Accidental dismemberment: It indicates that a part of the policyholder’s body has been severed or dismembered. It means, if the policyholder loses his hand or leg or eyes in a mishap, then he would be eligible to get a claim under dismemberment.
  • Terrorism act: Injuries afflicted because of terrorist acts are also included.
  • Daily payment during hospitalization: It gives monetary relief to a patient while he undergoes cure at the hospital.