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.
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:
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.
You can get the following benefits under the Personal Accident Insurance policy:
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:
Personal Accident premiums are calculated based on a variety of criteria, including:
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:
We have categorized some occupations into three types based on the risk level in general:
|SET 1||Low Risk||Managers|
|SET 2||Medium Risk||Manual laborers|
Drivers of heavy vehicles
Cash carrying employees
Builders and contractors
|SET 3||High Risk||Mineworkers|
Dangerous sport persons like river rafting, etc.
Situations that are covered by the health insurance policy are referred to as inclusions. If a policyholder files a claim for any of these events, the insurance company is responsible for paying the claim according to the terms and conditions of the policy.
A personal accident plan comes with some exclusions. Exclusion can vary from insurer to insurer. A general list of exclusions is given below:
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.
To intimate the claim, the following details are to be provided to the Company:
In case of a death or disability claim, following are the documents required to be submitted: