Looking for Accidental Insurance? – Important Things You Must Know
Road accidents are common in India. In 2018, more than 1.40 lakh road accidents were registered in the country. Similarly, the nature of work in many professions is such that the chances of accidental injuries are higher. Also, there are natural calamities, rail accidents, and accidents arising from poor infrastructure that could result in injuries or other dangerous outcomes.
Such eventualities could not only result in life-threatening injuries, but the treatment could last for several weeks and months. This often leads to expensive medical bills. Personal Accident insurance can be highly beneficial in such scenarios.
Let us have a look at what such insurance plans are and how can they help-
What is a Personal Accident Insurance Plan?
Personal Accident Insurance is a comprehensive insurance plan for protecting policyholders against losses suffered in an accident. This is not only limited to financial liabilities for the treatment of physical injuries or damages but also loss of employment due to an accident, accidental deaths, and a host of other conditions.
Personal accident insurance can be purchased as a standalone policy or as an add-on with health or life insurance policies. With extensive coverage and low premiums, accident insurance is a smart way to offer added protection to senior citizens.
What is Covered in Personal Accident Insurance Plan?
Here are some of the common inclusions of insurance against accidents-
- Physical injuries arising from accidents.
- Temporary Total Disability.
- Permanent Total Disability.
- Permanent Partial Disability.
- Accidental Death.
- Loss of Income due to an Accident.
Some insurers also offer added benefits such as education benefits with accident insurance policy. With this benefit, if the policyholder suffers from loss of limbs or eyes, permanent disability, or death in an accident, the policy will cover the education expenses of the dependent children of the policyholder up to a specific limit.
What Does the Personal Accident Insurance Plan Not Cover?
While the exclusions can vary between insurers and plans, some of the most common ones are-
- Intentional injury.
- Injuries incurred when the policyholder was under the influence of alcohol or drugs.
- Injuries from war.
- Injuries suffered while participating in violent public disorders.
- Injuries incurred while participating in adventure sports.
Make sure to check the policy documents before purchasing personal accident insurance to thoroughly understand the inclusions and exclusions.
Who Can Purchase Personal Accident Insurance Policy?
Anyone between the age bracket of 5 to 70 years can purchase this insurance plan. While the plan is highly recommended for every individual as accidents can occur anywhere and anytime, senior citizens who regularly travel for personal or professional reasons or work in hazardous environments should consider the policy.
Purchasing Personal Accident Insurance Plan Online
Some of the top insurers now allow you to buy an accident insurance plan online. Just fill an online application form and pay the applicable premium to get comprehensive protection against accidents.
Always go with a reliable insurer and check the inclusions and exclusions of the policy before deciding.