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  3. Personal Accident Insurance

Personal Accident Insurance

Completes your risk coverage package

Health Insurance

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Accidental Insurance is a cover that many have ignored because it seems a wasteful expense. The intermediaries and insurance companies scarcely highlight the benefit of the coverage. The cover has benefits that are not covered under the mediclaim and life insurance policy. Benefits like compensation for disability- permanent or temporally, loss of salary for a maximum of 52 weeks, and many more such advantages can come in handy in any eventuality. People who have a field or sales job and are required to travel extensively should opt for such coverage without any hitch as they are more vulnerable to accidents. However, it doesn't mean that a desk job does not require such a plan. The accidents happen without any notice and can occur in any situation. Therefore, consider adding it to your family's needs of insurance and making your family secure financially.

We are listing below some important information for your understanding an easy product;.

Benefits of PA Policy The types of cover vary from insurance company to insurance company but usually include:

  • Accidental death - Payment of sum insured in case of insured person's death due to an accident.

  • Permanent Total Disablement (PTD) - Lump sum payment of a pre-defined percentage of the sum insured basis the severity and disability caused by accident.

  • Temporary Partial Disablement (PPD) - Lump sum payment of a pre-defined percentage of the sum insured basis the severity and disability caused by accident.

  • Hospitalization benefits - Reimbursement of medical expenses up to a limit incurred on accidental hospitalization of the insured person.

  • Temporary Total Disablement (TTD) - Payment to compensate for the loss of income if the insured person cannot work due to an accident.

  • Cremation Ceremony - Lump sum payment for performing the cremation ceremony.

  • Broken Bones – Lum sum payment of a pre-defined percentage of the sum insured basis the severity of fracture caused due to an accident.

  • Loan Secure – Payment of outstanding principal loan amount in case of death or permanent total disability of the insured member. The outstanding principal loan amount would not include any arrears or penalties levied by the bank or financial institution.

  • Adventure Sports – Payment of sum insured in case of death or permanent total disability of insured member while he/she was engaged in adventure sports in a non-professional capacity and under the supervision of trained professional.

  • Emergency Road Ambulance Charges – Reimbursement of expenses incurred on an ambulance used to transfer the insured person to a hospital following an accident.

You may not be able to obtain a PA policy if you are a:

  • Policeman/military personnel or other law enforcement officer;

  • Diver;

  • Pilot or crew member;

  • Aircraft Tester;

  • Racing driver;

  • Seaman and sea fisherman; or

  • Professional sportsperson. 

PS: Insurance companies have started offering these plans with riders or extra charges.

Exclusions The policy will not compensate for any claim arising due to:

  • Self-inflicted injury, suicide or attempted suicide, or abuse of intoxicants or hallucinogens, including drugs and alcohol.

  • Participation in an actual or attempted felony, riots, or civil commotion.

  • If engaged in adventure sport unless Adventure Sports benefit is opted by insured.

  • Participation or involvement in naval, military, or air-force operations, any breach of law with criminal intent.

  • War or any act of war, foreign enemy, public defense, rebellion, revolution, insurrection, military or usurped acts, chemical, radioactive or nuclear contamination.

  • Pregnancy or childbirth or its complications, external congenital diseases.

  • HIV/AIDS, sexually transmitted diseases.

It is an essential cover for a family to add to their portfolio not because of death benefits but many others that are payable while you are alive. An accident like a snake bite, falling from stairs, a quarrel on-road and many more such incidents might require passive treatment without hospitalization but can keep you away from your office for months. The accidental cover is a solution for such a situation where no other cover will help you. Thus, completing your risk Cover is essential, and buying this plan certainly does so at very reasonable pricing. The cover is available for the entire family including spouses and children in one policy.