Benefits of Personal Accident Insurance
It is a well-accepted fact that prevention is better than cure. In spite of taking an ample number of precautions, we all are still prone to accidents. Having an insurance plan that covers the medical costs for an injured person to heal is essential. Instead of praying for good health, it’s practical to be insured with a Personal Accident insurance plan.
So, in case of an unfortunate event, like an accident, it is better to be safe rather than having to worry about it later. The impact of a major accident isn’t just limited to physical injuries but can bring in a financial crisis as well, as healthcare costs these days are pretty high.
About Personal Accident Insurance
Personal Accident insurance offers coverage for expenses that are incurred by the insured after an accident. Also, in the case of the death of an insured, this insurance plan provides financial support to the beneficiaries. Basically, Personal Accident insurance plans can be of two types. One would be individual accident insurance, which provides protection for a single individual and offers coverage for medical expenses or death benefits if the policyholder meets with an accident. The other is the group accident insurance, which is generally provided to employees of an organization by their employers.
Coverage Offered by a Personal Accident Insurance Policy
The primary benefits offered are as follows:
- In case of death of the policyholder, a personal accident insurance policy provides the nominee or beneficiary with financial aid. The insured amount is discussed and decided beforehand with the policyholder at the time of purchasing the policy.
- Disablement: if an incident results in the lifetime impairment of the policyholder, then the firm pays a certain benefit amount to the insured.
- Partial Disablement: in case of partial disablement of the policyholder, a certain percentage of the sum insured is paid out. The amount is determined based on the extent of the loss incurred by the individual.
- Temporary Disablement: if the policyholder is impaired and confined to the bed for a short-term period when they are unable to earn as usual, the accident insurance plan offers weekly financial aid.
Some additional features offered under accidental health insurance are:
- For a specified number of days, a fixed amount is paid to cover the insured’s medical costs.
- All the ambulance costs will be reimbursed to the insured, up to a pre-defined amount.
- In case of death of the insured, the transportation and cremation expenses are paid out to the nominee specified in the insurance plan.
- If the unfortunate event results in burns, a percentage of the benefit is paid out to the insured.
- A personal accident health insurance plan also offers allowance if the accident results in permanent disability. This allowance is granted to help make the insured’s home and vehicle impairment friendly.
- All the benefits are valid if the policyholder’s injuries happened due to a terrorist act as well.
Apart from the inclusions and coverage offered by the plan, there are also some exclusions that you should keep in mind. For example:
- If the individual was hurt or disabled before purchasing the policy.
- Illness or health problems that are caused by or because of childbirth or pregnancy.
- If the insured dies or is injured because of suicide, self-injuries, or intoxication, the plan does not provide coverage or benefits.
- The plan doesn’t offer coverage if the insured is involved in any sorts of criminal acts.
Don’t let unfortunate events like major accidents pull you down economically. Give yourself time to heal physically and mentally without having to worry about medical expenses. Buying accidental health insurance simply means being prepared for the worst that could happen.
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Personal Accidental Insurance Policy (PA) Articles
- All You Wanted To Know About Your Personal Accident Cover
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- Advantages, Types, and Coverage of Personal Accident Insurance
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