Personal Accident Insurance: 10 Reasons to Get It
Getting into an accident is something no one wants to happen. However, life is unpredictable, and we don’t know what will happen in the next minute. You can’t control when or where an accident occurs, but you can prepare for it if and when it does.
Personal accident insurance works as a financial safety net in the event of an accident. The following are the ten most compelling arguments for purchasing personal accident insurance.
1. First-Death Compensation
Most people buy their own personal accident insurance for this same reason. In the event of the policyholder’s death as a result of an accident, the insurer will pay the designated beneficiary the whole amount of the policy. Insurance policies for personal accident enable the policyholder’s family get back on their feet after a loss.
You must designate a Class I legal heir when selecting the policy’s beneficiary. Class I heirs include the spouse, children, parents, and other family members.
2. A benefit for total and permanent incapacity
The policyholder could lose his or her job if he or she is permanently disabled in an accident. Permanent disability in this context refers to things like the inability to see, the loss of limbs, etc. For permanent, irreversible incapacity the insurance pays the policyholder 100% of their benefit.
3. Benefits for Permanent Partial Disability
Accidents do not always result in death or severe and permanent impairment. but its devastation is still the same. As an example, nerve damage, knee injury, loss of vision in one eye and other debilitating conditions could result from an accident.
This substantial setback can be alleviated if the policyholder receives compensation from their insurance for total, irreversible partial impairment.
4. Premiums that are Within Reach
Personal accident insurance plans are among the most cost-effective insurance policies. For example, the annual premium for a 30-year-old healthy male would be less than Rs. 1000 if he purchased a personal accident insurance policy for Rs. 10 lakhs.
5. Consider it as an extra cover option.
Add-on coverage for automobile, health, or term policies can be acquired as an option for personal injury protection (PIP). Because it is available as an add-on cover, you will not have to go through the inconvenience of purchasing it separately.
6. Additional Advantages
Accidental emergency hospitalisation, ambulance coverage, and more can be included in a personal accident insurance policy for an additional fee.
7. Reusability during one’s lifetime
As long as you need to, you can keep renewing your personal accident insurance policy. The policyholder’s age is not taken into consideration.
8. Provides your family with financial security
In the event of an emergency, your family’s finances are protected by the sum insured provided by the insurance company. Disability from an accident disrupts the family’s income flow since the policyholder’s employability is impacted, resulting in a financial crisis for the family. As a financial cornerstone, the policy’s guaranteed sum protects your family from financial ruin.
9. Benefits for Schooling for Children
If the policyholder dies or is permanently disabled as a result of an accident, certain insurers will cover the educational costs of the policyholder’s children. In accordance with the terms and conditions of the insurance, the insurer provides educational grants to the policyholder’s children. This is one of the perks of a personal accident insurance coverage that many people find appealing.
10. Resolving Claims in a Timely Manner
Claims for personal accident insurance are handled swiftly and without any complications, making the procedure simple and easy to follow. Claimants need to supply basic information such as the policy number and date and time of their accident as well as any injuries they may have sustained. Accident information are verified by contacting law enforcement. The insurer then begins processing right away.