Personal Accident Insurance

Personal Accident Insurance

Personal Accident Insurance refers to an insurance which offers compensation in case of death, bodily injuries, total/ partial disability or mutilation resulting from an accident caused by violent, visible and external means. The types of events that are covered under personal accident insurance are rail, road, air accident, injury due to collision or fall, burn injury, drowning etc. Accident insurance can protect your family and yourself from financial concerns such as loss of income and medical expenses that unforeseen accidents lead to.

Personal Accident Insurance Coverage

Personal accident policy is an insurance that covers for one or more of four contingencies in the event of an accident: death, permanent total disability, permanent partial disability and temporary total disability.

  • Accidental Death - It indicates death of the policy holder in an accident. The sum assured under this plan is payable if death occurs from an accident.
  • Permanent total disability - Defined as permanent loss of use of any two limbs, permanent and complete loss of sight in both eyes, or injuries that render the insured incapable of earning an income from the date of the accident onwards from any work, occupation or profession (commensurate with his educational qualifications, training and experience).
  • Permanent partial disability - Defined as permanent loss of any body part, one eye, one limb or one finger or a toe or injuries that render the insured incapable of earning an income. While the loss may be permanent, its effects on the insured and on his life are partial.
  • Temporary total disability - Defined as temporary loss of in any form that may render a person immobile or affect his earning capacity from the time of the accident. In other words, a fracture in the arm or leg that keeps you from work qualifies: you may be mobile but the injury may not support your ability to work.

Why go for Personal Accident?

You are probably leaving yourself extremely vulnerable to a fate that is, in some ways, worse than death if you are ignoring the risks that accidents bring in even if you have life and health insurance covers.

  • Accident might tender you with temporary or permanent disablement
  • Impair the ability to earn a livelihood
  • Provides for income replacement in case of temporary partial disablement that can go up to 2 years.

How to buy Personal Accident?

The premium on personal insurance plans is priced based on the individual's profession and age.

  • Buying term plans online is a cheaper option
  • Add this plan to the householder's insurance or motor insurance to avail further discounts

This policy is suitable for everyone. However, what stands out is the simplicity of this policy and ease of understanding:

  • When starting out in life
  • When professional risks can lead to accidents
  • If work involves a lot of travel

Group Personal Accident Insurance Policy:

This policy covers a group of people in the event of any accident and covers the entire group. A policy can be bought to insure a group of individuals. This policy has same features as of individual personal accident insurance. Generally, group insurance accident policy can be taken to insure whole family by an individual or employers can buy this policy to provide insurance to their employers.

Personal accident insurance policies should be analyzed thoroughly and should also be compared for better understanding. Comparison of personal accident insurance policies can be done with us to get best personal accident insurance in India.