Personal accident insurance: advantages and features
It’s possible for an accident to happen at any time, and it can inflict catastrophic harm. When something like this happens, it can have a huge financial impact; not only is the treatment expensive, but if you have any kind of impairment, it might limit your earning capacity. To ensure that you and your loved ones are protected in the event of an accident, it is essential that you get personal accident insurance.
Personal accident insurance can help you and your family if you or someone you love is involved in an accident that results in death, serious physical injury, temporary entire disability, permanent total disability, or permanent partial disability. In the event of the insured’s death, the insurance company will pay the designated beneficiary 100% of the sum assured. Compensation for loss of limbs, sight, or speech is also provided by insurance companies.
A few disturbing statistics about accident insurance should be examined before looking at the many features of it.
Over than 1200 accidents occur every day in India, according to estimates
According to the Ministry of Road Transport and Highways, approximately 1.47 lakh persons died in road accidents in 2017 alone.
According to the data, the number of recorded incidents increased by 1.68 percent in 2018.
Personal Injury Protection (PIP)
Group insurance coverage and individual accident insurance are the two primary categories under which personal accident insurance falls.
Accidental Death and Dismemberment Benefits
In most cases, employers and business owners purchase group personal accident insurance to protect their employees. Insurance firms give discounts on the premium based on the size and number of employees of the company. In the case of an accident at work, a group personal accident coverage is a fantastic incentive for employees because it provides them with financial protection.
Accident Insurance for Individuals
As the name suggests, it is taken by an individual and it defends the policyholders against the unintentional damages. It usually includes accidental death, loss of bodily parts and other disabilities stemming from an accident.
Why Having Personal Injury Insurance Is So Important
It’s common for people to overlook the need of purchasing accident insurance because they don’t understand what it does. However, you must keep in mind the well-being of your family and how they would be able to support themselves financially if you were no longer around. You’ll lose money if you’re in an accident that results in death or disability. If you have any debts, such as a mortgage, it will be tough for your family to pay their financial obligations. In addition, you must consider the cost of treatment. Accident insurance is essential if you don’t want to put your family in a difficult financial position.
Advantages of purchasing personal accident insurance:
A sense of security for oneself and one’s family
Accidents that result in death or disability might have a substantial influence on your earning potential. Your family’s financial well-being will be safeguarded by an accident insurance policy, which will pay out in the event of an accident. In the event of death, insurance firms pay out 100% compensation. The money can be put to good use by the members of the family to settle any debts they may have and keep up with their customary way of living. You may rest easy knowing that even if you aren’t around, your loved ones will be taken care of financially.
Documentation is minimal
People avoid purchasing insurance because they assume the process is time-consuming and requires a lot of paperwork. It is true, though, that when you obtain a personal accident insurance coverage, you need not worry about the paperwork. Fill out the application form with basic information, and the insurance company will issue a policy to cover your medical expenses.
Medical examinations are not required.
Uninsured motorist coverage is yet another big advantage of purchasing an accident policy. In contrast to a health insurance policy, you are not required to submit to any medical testing before receiving your coverage.
The world’s attention
The majority of insurance policies feature a geographical exclusion, which indicates that they will not pay out in the event of a loss occurring outside of India. Personal accident insurance, on the other hand, does not impose this restriction. Due to the worldwide coverage, you may rest assured that you will receive the benefit regardless of where the accident occurs.
An Uncomplicated Claims Procedure
The process of filing a claim is one of the most important aspects of purchasing personal accident insurance. The claim procedure is straightforward regardless of the policy type you select. To get your claim payment, you must first make a claim with your insurance company. This can be done either online or offline.
Expenses for using an ambulance
Most insurance policies cover the cost of an ambulance to transport an injured person to the hospital.
When planning for your family’s future financial security, don’t forget to consider how they would cope financially if you were to pass away or suffer a disability. Accident insurance is essential in the event of a mishap. It is critical that you understand all of the insurance terms prior to signing the contract.
For more information, take a look at the many advantages of having health insurance.