Important factors of Personal Accident
Insurance
  • Common Inclusion and Exclusion
  • Types of Personal Accident Insurance
  • Coverage for outside India
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Factors to consider while choosing Personal Accident Insurance Policy

Health Insurance has become an essential part of our lives because a medical emergency can arise at any time. An accident is one such emergency that can happen anytime without any warning. And unfortunately, if the incident is severe then the treatment can be very expensive. Moreover, if one suffers an injury that can make them disabled, it can affect their earning potential and family’s well being. Therefore to protect you and your family from such a situation, you can buy a Personal Accident Insurance Policy.

Personal accident insurance offers financial assistance to you and your family in case of an accident that leads to death, bodily injuries, temporary total disability, permanent total disability, and permanent partial disability. In the event of death, the health insurance company will pay 100% compensation (equal to the sum assured) to the appointed nominee. Also, the insurance companies offer compensation for an accident disability such as loss of speech, limbs, and eyes.

What is a Personal Accident Insurance Policy?

Personal Accident Insurance is a policy that provides comprehensive financial protection to the policyholder against medical uncertainties arising due to accidents such as accidental death, accidental bodily injuries, partial/total disabilities, permanent as well as temporary disabilities.

Types of Personal Accident Insurance Policy

There are two types of personal accident insurance: group personal accident insurance and individual accident insurance.

  • Group Personal Accident Insurance

    Group Personal Accident Insurance is generally bought by employers or business owners to cover their employees. Insurance companies offer discounts on premiums based on the size of the company and the number of employees. Employees would appreciate group personal accident insurance because it ensures their financial security in the case of a workplace mishap.

  • Individual Accident Insurance

    Individual Personal Accident Insurance is a type of health insurance that safeguards the policyholder from accidental damage. It covers accidental death, loss of body parts or sight, or other disabilities due to an accident.

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Factors to consider while choosing Personal Accident Insurance Policy

Below mentioned are the factors that one should consider before buying a personal accident insurance policy:

  • Coverage

    Coverage in Insurance is one of the major factors that one should check before buying a personal accident insurance policy. Always check that your Personal Accident Insurance Policy covers all possible accidents that may arise from your daily activities. Also, if you are a frequent international traveler, make sure that your policy offers worldwide coverage for accidents.

  • Premium Amount

    You should always check the premium amount of the policy before buying it. Premium is the amount that has to be paid by you to the insurance company to avail the continuous insurance coverage. So, the premium amount should be affordable and within your budget.

  • Sum Insured

    Always consider the policy that offers you the adequate sum insured amount. Sum Insured should be selected based on your income, and healthcare needs.

  • Inclusion

    Inclusion are the events that all are covered under the policy. You should carefully check the inclusions of the policy so that you always know the accident scenarios that are covered under your policy.

  • Exclusion

    Exclusions are the scenarios that are not covered under the policy and for which the company will not provide any compensation. You should read the term and conditions of the policy before buying it.

  • Claim Settlement Process

    Always check the claim settlement process of the insurer and ensure that it is simple and quick. To register a claim, you must follow a specific process and submit the required documents. Make sure you are informed of the TPA's role and claim history. Check whether the TPA is involved and what its claim history is.

  • Coverage Abroad

    If you are a frequent traveler outside India, make sure there should be no region boundaries in your accident insurance. Your accident insurance policy must cover you in India as well as outside India.

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Common Inclusion and Exclusion of Personal Accident Insurance Policy

Below mentioned are some of the common Inclusion and Exclusion of Personal Accident Insurance Policy:

InclusionExclusion
Accidental deathNatural Death
Permanent disability.Pre-existing disability or injury
Partial disabilitySuicide or self-injuries
Hospitalization chargesChildbirth or pregnancy
BurnsAYUSH treatment
Broken bonesParticipating in the naval, military, air force, adventurous or sports activities
Ambulance charges-
Daily Allowance-
Accidental dismemberment-
Child Education Support-

Conclusion

Accidents are very unpredictable events that also drain you financially. So, you need to protect your loved ones from the financial repercussions. you should always think about how they would manage if you become permanently disabled. With the correct insurance coverage, you can be ready for these types of unexpected situations. A Personal Accident Insurance Policy provides exclusive coverage for medical expenditures incurred as a result of an accident. So, based on the criteria we described above, choose the best Personal Accident insurance to protect yourself and your loved ones.

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Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.