Why Must You Buy Personal Accident Insurance

Posted by amrina alshaikh on April 3rd, 2021

The road conditions are dismal in many major cities of India. Traffic jams and potholes are everywhere on the roads and so, the risks of road accidents are very high. According to a Government report, there were around 1.49 lakh accidents in 2018 of which 30 percent were fatal accidents.

Government has taken initiatives like providing free treatment to road accident victims, which is definitely positive news. Nevertheless, the benefits of a personal accident insurance plan cannot be overlooked.

Accidents are events that cannot be anticipated. They do not come with a warning. So, it is better to stay prepared to face not just road accidents but any unforeseen incident. Getting ready for accidents is possible with accident insurance. A personal accident insurance provides you with a much-needed financial cushion in the times of emergencies. The plans are usually affordable but you should be careful in making a selection in order to get the maximum benefit.

3 reasons you should buy personal accident insurance

1. It is affordable

Personal accident insurance plans are affordable as compared to other types of health insurance plans. It is important to opt for personal accident plans if you are someone like an industrial worker who is facing high occupational risk. When you have a personal accident insurance policy, you are minimizing its impact on your savings in the time of an emergency. The premium amount for such a policy mostly depends on your occupation.

2. You have choice in selecting accident plan

You can opt for either an individual or a group personal accident plan. The individual plan covers only one individual while the group policy covers the entire family. A group accident plan is mostly offered by offices for their employees. Note that group policies may have certain limitations. Hence, it is essential to carefully examine all the policy features before buying.

3. It lessens the burden on your family

An accident can change any one’s life. It becomes difficult to handle the burden of paying for huge medical expenses while dealing with the loss of a loved one in the family. Even looking after someone who gets disabled due to an accident is difficult, especially for an average salaried person. A mediclaim policy with an accident cover is so very helpful in such situations. It provides a range of covers such as accidental hospitalization cover, permanent disability cover, temporary disability cover, etc.

The 5 benefits of personal accident insurance

1. You can file claims hassle-free

Availing of an accident cover and filing claims is a hassle-free process. This is because no prior medical check-ups are required in buying personal accident insurance. Also, the claim settlement process is amazingly easy in the case of accident insurance. All you have required to do is inform your insurer with the details like date and time of the accident, contact details, etc. Again, if you want to get treated in a non-network hospital in the case of an accident, your medical expenses are reimbursed by your insurer as per the terms and conditions of your policy.

2. You get coverage for accidental death

In the case, one loses his or her life due to an accident, the insurance company provides compensation by paying 100% of the sum insured to the family of the victim. A personal accident cover offers coverage for repatriation charges, ambulance expenses, as well as funeral expenses.

3. Hospitalization expenses are covered

The accident victim must be quickly rushed to a hospital to control the damage from the injuries. A cashless mediclaim policy that has an accident cover ensures that all the hospital bills are settled without any hassle as per policy terms and conditions.

4. You also get a disability cover

Temporary or permanent disability may arise because of a serious accident. A person with an accident cover will get coverage in case of Permanent Total Disablement or Permanent Partial Disablement. Again, in case of disablement such as loss of limbs, a certain percentage of the sum insured is paid to the policyholder as per the policy.

In addition to these benefits, you also get benefits like coverage for daily cash expenses and payment for the education of a dependent child, etc. with a personal accident insurance.

Conclusion

Thus, getting personal accident insurance to your name is a wise choice. Also, whenever you buy a personal accident cover, remember to check for the exclusions. You must evaluate your needs, consider the factors listed above, and read policy documents before buying an accident insurance policy.