Have you ever wondered what would happen if you suffer from an accident or injury that affects your ability to work? Here’s everything you need to know about personal accident insurance cover. Personal Accident Insurance offers financial compensation in the event of bodily injuries leading to total/partial disability or death caused due to accidents.
This policy ensures the financial stability of an individual and his family if he/she gets injured or unfortunately dies in an accident.
Personal Accident Insurance is essential for everyone, irrespective of their age, occupation, and health. You should ideally buy this plan as soon as you start working. Even after taking extensive precautions, accidents do occur. This may result in disablement or loss of limbs or sometimes even death. In that case, a personal accident insurance policy proves to be a savior.
The premium of a personal accident cover depends on the occupation you are in. Mentioned in the list below are three categories under which occupational risks can be segmented.
Nobody wants to get into an accident, but it’s an unfortunate reality for a lot of people every year; while you can’t plan for the when and where you can surely prepare yourself against the trauma of the event.
When a major car wreck happens, or a simple trip and fall incidence happens, then is the time when you will realize the advantage of having a personal accident cover. Since the number of vehicles is increasing exponentially in India, chances of meeting a road accident has increased to another level. As we have already mentioned earlier, it's always better to be safe than sorry; we advise you to buy a personal accident insurance policy to get a financial cushion against such mishaps.
To give you a better understanding of the same, we have listed down a few advantages of having a personal accident insurance policy.
You'll be glad for having personal accident insurance as it will have you completely covered for the times when you get into an unexpected accident and cause injury to yourself. Let's take a look at why it is important to get a personal accident cover.
This benefit comes with a compensation of 100% sum insured to the nominee in case of accidental death of the Insured Person. It is like the basic protection that comes with the policy and makes sure that your family is stable for a while after you. The nominee would be the legal heir of the person.
This benefit covers injuries and permanent disabilities that will restrict you from engaging in any occupation again. This total disability could be the loss of both the eyes or physical separation of limbs, which not only leads you into mental trauma, but the financial darkness can cause big trouble. Here the insurance makes sure that the person is covered.
In case of accidental death or permanent total disability of the Insured person insurance coverage does cover the education expenses of the dependent children.
The accidental cover provides complete financial protection to the families. Thus, it provides great support to the family and gives them some time to recover from the losses.
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