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Personal Accident Insurance Offers More Than A Health Plan

Monday, December 08, 2014
By Mukesh Kumar

Mukesh Kumar Executive Director HDFC ERGO General Insurance.

Accidents are unforeseen and inevitable. Such incidences take only a few seconds to turn life upside down. Moreover, the impact of such mishaps is felt more on the emotional as well as financial levels. It can even drain an individual’s lifetime savings, leaving his/her family in a difficult situation without resources or help. Securing family’s future and enabling their basic day-to-day needs in the absence of the breadwinner becomes utmost priority.

Personal Accident Insurance protects families from the financial concerns such as loss of income and medical expenses that unforeseen accidents lead to. The policy covers an individual against death, physical injuries and bodily burns.

A Term Plan only helps in the event of death and a Health Plan helps in case one is hospitalized. But if a person suffers a disability in an accident, neither of the two suffices enough to make up for his/her immense loss. That's where personal accident comes into picture and provides a financial cover to the victim. Some Life Insurance and Health Insurance policies also offer Accidental Benefit riders, but these riders are not as comprehensive as a standalone Personal Accident Insurance policy. We all in our day-to-day life are exposed to the risks of accidents. Despite all possible precautions, accidents do occur.

A standalone Personal Accident policy covers one for such possibilities at nominal premium rates compared to a life insurance policy. A 5 lakh cover can be bought for as low asRs300. Unlike health insurance which is valid only in one's country, personal accident gives a worldwide coverage.

A typical Personal Accident Insurance ensures an individual’s family’s financial security in the hour of need. This policy covers incidences such as Death, Permanent Total Disability, Temporary Total Disability, Broken Bones, Burns and Ambulance costs. The Personal Accident insurance plan can also be extended to include entire family under a single policy. Most Personal Accident Insurance policies offered by Indian general insurers ensure an individual’s protection across the boundaries.

Another good thing about this policy is that it has hassle free documentation. All one needs to do is fill the complete proposal form with relevant details and sign it. Tick any one plan and attach a cheque or fill the credit card details in the form.

Key Features of a typical Personal Accident Insurance Policy:

  • Accidental Death: If the physical injuries due to an accident leads to death of the insured, 100% of the Policy Sum Insured is reimbursed
  • Permanent Total Disablement: If the physical injuries due to an accident results in permanent disablement, then up to 100% of the Policy Sum Insured is payable to the insured
  • Broken Bones: If the physical injuries to the insured results in bone fractures, then up to 10% of Policy Sum Insured is payable under the policy
  • Hospital Cash (Illness & Accident): In the event of insured’s accident or illness, a daily assistance for hospitalization up to 45 days is provided
  • Burns: If an accident results in hospitalization of the insured and treatment of burns, up to 5% of Policy Sum Insured is payable
  • Ambulance Expense: Ambulance costs incurred on the insured post-accident are reimbursed as per the policy
  • Family Coverage Plans: Most Personal Accident plans offer a comprehensive coverage at affordable price extendable to the entire family in a single policy including dependents – parents and children
  • Mostly there are no boundary limits. Coverage for accidents in India and worldwide
  • Almost all risks pertaining to accidents like Broken Bones, Burns, Permanent Disability or Accidental Deaths are covered under the policy. Coverage on Ambulance expenses as well as daily cash reimbursements for hospitalization due to accidents and sickness are also included in the policy plan
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