Personal Accident
  • Safety form unforeseen events
  • Benefits of personal accident insurance
  • Inclusions & Exclusions
personal accident insurance
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Personal Accident Insurance

Personal accident insurance is a policy that provides financial coverage to the policyholder against uncertainties like death, temporary disability and permanent disability resulting from an accident. The policy gives the compensation amount to the family member of the policyholder in case of the death of the policyholder. The policyholder will also get this compensation amount in case of partial or permanent disability.

For instance, Mr. Rehman is driving home from his office. Suddenly, a bus rammed into his car. Onlookers rushed Mr. Rehman to hospital. There, the doctors informed him that his foot has been fractured and it needs complete bed rest till it heals completely. Mr. Rehman is completely tension-free as he has a good personal accident plan and he does not have to pay any treatment cost to the hospital as the insurance company will reimburse the medical cost.

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Types of Personal Accident Insurance Policy:

Policyholders should be financially prepared to deal with unpredictable accidents. In case of an unpredictable accident, the Personal Accident Insurance Policy becomes very useful. There are several types of personal accident policies available in the market. Such as:

  • A health insurance policy with coverage for accidents: A Personal Accident Policy can be purchased with a comprehensive health insurance policy. It provides a separate sum insured and death benefit for the policyholder. If this add-on is purchased for a Family-Floater insurance plan , the policyholder and insured family members will get Personal Accident cover.
  • Group Accident Insurance Policy: A group accident insurance policy is a type of policy in which an employer of an organization provides financial security to the dependents of the employee in the event of an accident. An employee can also avail Personal Accident coverage in case of bodily injury, permanent or temporary disability.

Why Choose Personal Accident Cover?

As we know, an accident can happen at any time. It can happen at your workplace, while traveling, etc. So, the personal accident insurance plan becomes essential for every individual. Having a Personal Accident Insurance policy ensures financial security to you and your dependents in the event of unforeseen accidents. It covers ambulance and medical service costs, hospitalization due to any type of accident, burns, cuts, fractured bones, loss of limbs, or loss of vision, etc.

Personal Accident Cover is the best solution to safeguard yourself from any unfortunate incidents and medical emergencies which in turn may break your bank and drain you from all your life savings. Personal Accident Cover is an individual’s solution against unfortunate events such as accidental death, Accidental injuries that may leave you partially or completely paralyzed, and treatments for disabilities due to any accidents. Personal Accident Cover provides a lump sum amount as per the selected policy to the nominee of the insurance holder in case of accidental death and other benefits and covers in case of scenarios such as loss of limbs, loss of eyesight, permanent or partial disability, etc.

Benefits Most Insurers Provide Under a Personal Accident Health Insurance Policy

You can get the following benefits under the Personal Accident Insurance policy:

  • Accidental Benefits: If the insured person died due to an accident then the nominee will get the predetermined benefit amount.
  • Permanent partial disability in an accident: If the insured person becomes partially disabled i.e. He/she loses an eye, an ear, a finger, etc. due to an accident then the insured person will get the promised amount from the insurance company.
  • Permanent total disability in an accident: In case of an insured person losing both ear, eyes, etc. in an accident then he/she will get the benefit amount from the insurance company.
  • Coverage in times of Adversity: Personal Accident Cover is an insurance tool that will be beneficial in the face of adversity. In case of an accident, insurance holders do not have to stress about their medical bills and how it will take a toll on their savings instead just focus on their recovery.
  • Stable Income Generator: Personal Accident Cover is a must-have for families where there is a sole earning member, as they are providing and taking care of their family and their financial needs. It is essential to invest in a good personal accident cover in order to safeguard their family’s future in case of any unfortunate incident. Personal accident covers are responsible to cover the family and provide them with weekly income/compensation benefits in case the sole breadwinner is unable to work due to an accident.

Additional Benefits of Personal Accident Health Insurance

While most health insurance companies give the above-mentioned benefits as part of a personal accident plan, insurers may also provide the following additional benefits:

  • Funeral Expense: If the insured person dies in an accident then the insurance company will reimburse the funeral expense to the insured family.
  • Temporary Total Disability: A certain benefit amount is to be paid to the insured person if he/she suffers a total disability for a temporary time.
  • Child Education Benefit: If the insured person passes away or is disabled permanently, then the fixed amount will be paid regularly to the insured family for his/her child’s education.
  • Accident Hospitalization: If the insured is hospitalized due to an accident then the insurance company will cover all the hospitalization expenses of the insured person.

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How much does a Personal Accident Insurance cost?

Personal Accident premiums are calculated based on a variety of criteria, including:

  • Age
  • Nature of your occupation
  • Income
  • The number of additional members (like parents, spouses, or children)
  • Geographical location
  • Sum insured amount

Documents Required to Buy Personal Accident Insurance

Insurance providers may require a specified set of documentation when purchasing a health insurance plan. To purchase a Personal Accident Health Insurance policy, you need the following documents:

  • ID proof
  • Address proof
  • Details of known pre-existing diseases
  • Photographs
  • Medical records
  • Application form

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General Categorization of Risk Levels for Different Types of Occupations

We have categorized some occupations into three types based on the risk level in general:

Category Risk Level Coverage
SET 1 Low Risk Managers
Office workers
SET 2 Medium Risk Manual laborers
Machine operators
Drivers of heavy vehicles
Cash carrying employees
Builders and contractors
Veterinary doctors
SET 3 High Risk Mineworkers
Circus performers
Dangerous sport persons like river rafting, etc.
Mountaineers, etc.

What is Covered in Personal Accident Insurance?

Personal Accident Cover is an all-around insurance plan for individuals and families who want to safeguard their future in case of any unfortunate happenings. The personal accident cover provides a safety net through its various benefits and features that are responsible to keep the insurance holder’s life financially stable. The various coverage offered by a personal accident cover is mentioned below:

  • Education Support: It is one of the top features provided by a personal accident insurance plan. A common benefit amongst most personal accident covers is allowing your dependent children to continue their education without any hindrance like lack of financial support. If the policyholder is the sole earning member of your family and meets with an accident leaving them unable to work, a personal accident cover provides a certain amount to support the dependent children’s education.
  • Coverage for daily expenses : Some personal Accident cover provides a daily allowance to the insurance holder to meet expenses of hospitalization till a certain period of time from the date of admission.
  • Life Support Coverage : In case of an accident where the policyholder needs to be put on the life support system, many personal accident cover offers cover expenses for the same.
  • Transportation Expenses : In case of the unfortunate accidental death of a policyholder, personal accident cover offers reimbursement of the cost of transportation of the mortal remains of the insured person.

What is Not Covered in Personal Accident Insurance?

A personal accident plan comes with some exclusions. Exclusion can vary from insurer to insurer. A general list of exclusions is given below:

  • Suicide
  • Natural Death
  • Self Injury
  • Injuries from War
  • Injuries occured due to consumption of alcohol or drugs

Always read the policy terms and conditions attentively if you decide to buy personal accident insurance for your protection. This will help you understand the inclusions and exclusions properly.

How to Claim Personal Accident Insurance?

To intimate the claim, the following details are to be provided to the Company:

  • Policy Number
  • Name and contact detail of the policyholder
  • Location of the accident
  • Brief description about the incident
  • Name and address of the attending Medical Practitioner and Hospital
  • Date of accident

In case of a death or disability claim, following are the documents required to be submitted:

  • Death claim (in case of death)
  • Disability certificate (in case of disability)
  • Post-mortem report (in case of death)
  • FIR report
  • Medical certificate
  • Original bills
  • Original duly completed and signed caim form

Personal Accident Insurance: FAQs

1. How much does accident insurance cost?

Personal Accident Cover premium payment depends on the sum insured amount chosen by the individual. The premium amount depends on a lot of factors such as age, occupation and even medical history. It is wise to select a personal accident cover that is enough to cover the lifestyle expenses of your family so as to provide them with a comfortable life even after your unfortunate accidental death or permanent disability.

2. How much Accidental Insurance Coverage is enough?

There are multiple personal accident cover policies with a range of sum insured available starting from one lakh to one crore. The ideal way to decipher the amount of sum insured required by you and your family must be based on factors such as lifestyle expenses, child education needs, loans and liabilities if any, and other important factors. It is advisable to select a sum insured that is 100-120 times your annual income in order to safeguard the future of your family through a personal accident cover.

3. What are the eligibility criteria for investing in a Personal Accident Cover?

The eligibility criteria vary from one plan to another. However, usually, the personal accident cover eligibility criteria are between 18 years to 65 years.

4. What are the types of Personal Accident Cover Insurance?

The types of personal accident cover comprise of personal accident cover policy wherein a Personal Accident Policy can be purchased with a comprehensive health insurance policy. It provides a separate sum insured and death benefit for the policyholder. If this add-on is purchased for a Family-Floater insurance plan, the policyholder and insured family members will get Personal Accident coverage. The second type is the group accidental cover wherein an organization provides their employees with a personal accident cover.

5. What is the major difference between personal accident cover and life insurance?

A personal accident cover offers you a certain amount of financial support in case of any unfortunate event such as total or partial paralysis, accidental loss of limbs, child education support etc. whereas life insurance is a pure protection plan which offers a lump sum amount only if the policyholder dies.

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Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of 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 Insurance Web Aggregator.