What Is Accident Insurance Plan?

An accident would never come knocking at your door. According to the ministry of roadways, nearly 1214 accidents take place every day in India.  

Accidents may cause minor to catastrophic injuries at any time, anywhere. Any such uncertainty could result in a financial disaster, which is why it is always beneficial that all individuals purchase personal accident insurance online from the moment they start earning. 

With personal accident insurance, you may protect your family in an unfortunate event where you might not be there or suffer a disability.

Personal accident insurance provides the insured complete financial protection from unforeseen events like accidental passing, bodily injuries, partial or total disability, and permanent as well as temporary disabilities brought on by accident. If the policyholder breathes his last in an accident, the nominee would likely get a total payout from the insurance company. In case of unintentional impairment, the loss of eyes, limbs, or speech could be only a few examples of additional compensations likely to be included..]

Difference between health insurance plans and accident insurance plans

 Health insurance plans offer various coverages for medical emergencies under different circumstances. A personal accident insurance plan, however, may be an optional purchase that can be made together with a health insurance or motor insurance policy.*

* Standard T&C Apply

You can buy a compulsory personal accident cover as an add-on to your regular car insurance policy or any type of health insurance policy by paying some extra premium.

Types of personal accident insurance policies: 

  1. Individual accident insurance: This policy protects a person against accidental harm. It covers unintentional passing, amputations, blindness, and other long-term impairments brought on by accidents.
  1. Group accident insurance: Employers purchase this policy to provide coverage for their staff members. Some insurers also offer a concession on the premium based on the group size. * 

Since it is affordable, this can be a great incentive and value-added benefit for small businesses. However, this is a reasonably basic plan and may provide few benefits compared to individual plans.

* Standard T&C Apply

Personal accident insurance coverage

These plans give you cover for the following – 

  1. Accidental passing away: For financially and emotionally dependent family members, an accident where the policyholder loses their life can be shattering. The nominee of the insured receives the entire sum insured due in case of fatal casualties. *
  1. Coverage for Total/Permanent Disability: A pre-agreed amount may be paid to the person insured if the outcome of an accident results in permanent disability or lifelong total impairment, for instance, loss of legs. *
  1. Coverage for Partial Permanent Disability: If, in any unfortunate accident, physical harm results in a permanent partial disability, the insured would receive a portion (up to 100%) of the benefit. *
  1. Total Temporary Disability: If the insured becomes bedridden due to a temporary total disability, the insurer would pay a weekly allowance to compensate for the loss of income. If salary is lost, the insured may also use this claim amount to pay-off their debts. *

* Standard T&C Apply

Why should you buy a personal accident insurance policy? 

Imagine you are hit by a car and you have become a crippled for life. There would be no regular monthly or yearly income, only bank EMIs, medical costs, and other expenses. Getting personal accident protection comes in handy to handle such an event. 

Securing yourself with this cover ensures your family security without paying a considerable premium. An accidental insurance policy provides some relief to the victim or a dependent. It could be more critical for people who have taken out loans or must pay EMIs because it protects repayment of the outstanding balance in the event of a crisis. Your occupation determines the premium for this coverage, not your age.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.