All you wanted to know about your personal accident cover

Accidents, like most bad times in human lives, don’t tell and come, and can occur in any place be it your home, office or on road. Depending on the severity of the accidents, they could cause disability or even fatally injure an individual. Besides the hospital expenses and medicine bills, the inability to continue with work for some time might further strain your pocket. In such testing times, a personal accident insurance policy could prove the right kind of help, compensating your financial losses and providing support.

What’s the need?

Since a life insurance policy provides financial coverage only in cases of death and not accidents, this becomes a prime reason as to why you should take a personal accident cover for yourself. Also, an accident and its effects are unpredictable. The longer the recovery period, more shall be the monetary losses. A personal accident cover, in such a case, reduces financial constraints while compensating for injuries and death resulting from accidents.

What all can it cover?

In case of a personal accident cover, the injury/disability covered and the scope of coverage both vary from individual to individual.

Coverage of accidental death

If an individual was to unfortunately die in an accident, it would be covered by the insurance. This allows the payment of the complete sum assured to the nominee.

Permanent complete disability cover

The complete and irrevocable damage or loss of body parts or a paralysis gets included in complete disability, which renders a person totally incapable to for employment or any sort of work. In such cases, the complete sum of money assured gets paid to the person holding the policy.

Permanent partial disability cover

A permanent partial disability refers to the loss of a limb or the paralysis of a part of the body or organ. This kind of cover allows the payment of a small portion of the assured sum, weekly or monthly, to the policy holder for a specified number of weeks.

Temporary total disability cover

A temporary total disability cover would stand for any disability that exists for a temporary period, like a fracture or a dislocation which shall lead to a temporary loss of income. In such cases, a portion of the assured money which is subject to a maximum limit gets paid to the policy holder for a specified number of weeks.

Remember, for any policy holder to get covered in any of the above cases, the insurance company would require certification from a qualified doctor or medical personnel describing the type of injury and whether it is temporary or permanent. Only when the policy holder is verified on this basis, shall the payment be made.

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