Benefits & Features of Personal Accident Insurance

One fine day Kunal went to meet his friends, where they were discussing various insurance policies. As one of his friends was an insurance agent, he wanted to make sure that everyone around him knew the advantages of different insurance policies. Kunal was interested in learning about all these things, and he curiously asked his agent friend what are the benefits of personal accident insurance? His friend was happy as the question was up to the mark. He believes that life surprises us in ways we cannot imagine. Sometimes it gives us unpleasant surprises or, instead, shocks like accidents. An accident can occur anytime, causing severe harm to the injured without any warning, and it may have a significant impact on your finances. Personal accident insurance comes to your rescue here, which does not affect your earning potential. It protects you and your family from situations where the treatment costs are high or when you have any disability. The insurance agent further added, ‘Basically; this policy helps in reimbursing all your medical costs and provides compensation in cases where a person has a disability or a death caused by accidents.’ There are several benefits of personal accident insurance. It also gives financial assistance to you or your family members in the events such as bodily injuries, death caused by accidents, permanent total disability, temporary total disability, or permanent partial disabilities. In some cases, the insurance company also provides compensation for an accident disability like loss of speech, limbs, and eyes. Kunal and his friends were surprised by all this information about an accident insurance policy. They were advised by the agent friend not to ignore buying this type of insurance. He made them understand the importance of this specific cover and how it works. He further explains the health insurance policy, which is also an important aspect that needs to be considered when it comes to our health.

What is Personal Accident Insurance

Kunal now inquires about the health insurance policy from his friend. To which he was elucidated that it plays a vital role in our life.  There are certain essential benefits provided to the patient by the company. The policyholder gets the expenses related to hospitalization costs, consultation fees of the doctor, and medicines cost in case of critical illnesses. “Personal accident insurance is equally important just like the health insurance cover,” added Kunal.

Benefits of Personal Accident Insurance

No medical tests

This is one of the significant benefits of this policy where you are not supposed to undergo any medical tests.

Family security

Family is dear to all of us, and we all are worried about our family’s financial protection. Therefore, this policy cover offers security to our family members in the form of compensation or bears all the expenses incurred in treating the injured or disabled due to an accident.

Peace of mind

It provides you with peace of mind as the family members can use the company’s compensation to pay off their liabilities and maintain a usual lifestyle in case of a family member’s death.

Minimal documentation

There is a misconception that the insurance cover has a complicated process. Hence, people avoid buying it. But the truth is that it does not contain more paperwork when you purchase this policy. Only the necessary details in the application form are required, so you don’t need to stress the documentation process.

Expenses of the ambulance

Several insurance companies also cover the ambulance expenses while taking the injured person from an accidental spot to the hospital. They also manage to inform the family members about the occurrence of your accident.

Worldwide coverage

Some of the insurances do not provide compensation in cases when the casualty has occurred outside of India. But personal accident insurance policy cover offers assured benefits irrespective of the location of the accident. It does not have any geographical limitations and is helpful in emergency cases.

Easier claim process

It has an easy claim process, which is a critical thing that a policy buyer looks for as in the cases of emergencies, a person would not be able to claim the insurance, which has a long process. Here, you can submit an online or offline application of the insured insurance, the company verifies it, and the claim is paid-out. Personal accident policy also provides more benefits such as copay to reduce your premium, cumulative bonus resulting in higher sum insured after claim-free tenures & more.

 FAQs

What are the types of personal accident insurance?

There are broadly two types known as - Individual personal accident insurance and group personal accident insurance.

What are the benefits of personal accident insurance?

There are multiple benefits of personal accident insurance. It offers safety and security to your family if something happens to you or your family. It also helps you sustain financially in cases of accidents. If an accident leads to disability or death, it can have an untoward impact on your income. But personal accident cover offers to meet the expenses incurred during these unfortunate times.