PERSONAL ACCIDENT INSURANCE
We’ve all heard the phrase “prevention is better than cure,” but how many of you actually put it into practise? People have a propensity to wait for unpleasant events to occur before seeking treatment to get things back on track. Where, as a result of the greater medical costs, a significant amount of money is lost during treatment. If you look at this narrative from a different perspective, you can save money by focusing on preventative and precautionary steps. Are you ready for such unfavourable circumstances?
WHO CAN BUY PERSONAL ACCIDENT INSURANCE POLICY?
Work in a construction zone, crossing a road, accessing an organization’s premises, slipping on a wet floor, and any other action that involves physical injury can result in injury. An insurance provider makes life easy for you by allowing you to file a claim whenever you need it. Life isn’t always as we anticipate it to be, but it can be far worse if you don’t have personal accident insurance. What if you are involved in an accident and lose both limbs, one or both eyes, your thumb, hearing ability in one or both ears, and eye sight in one or both eyes? What if you’re permanently disabled? What if you pass away? These are terrifying questions, but they are also facts of life.
As a result, if you want to have some influence over how you handle such unforeseeable events or scenarios, you’ll need to develop some backup plans for your own and your family’s protection.
According to this policy, anyone in India between the ages of 18 and 70 can get personal accident insurance and receive a payout of up to 5 lakhs. The nicest thing about a personal accident insurance coverage is that it has no geographical limitations, as it can cover you anywhere in the world. In addition, any injury covered by the policy is subject to payment by the insurance company.
IS PERSONAL ACCIDENT INSURANCE COVER ONLY INSURED PERSON?
This policy provides coverage for the insured as well as his or her family members, including his or her legal spouse, two dependent children, and dependent parents. Also, the covered person’s dependent child/children, including adopted and stepchild/children, between the ages of 5 and 25, who are unmarried and live with the insured person continuously and get the bulk of maintenance and support. Various PA covers
TYPES OF PERSONAL ACCIDENT INSURANCE
Individual personal accident insurance (IPA) : IPA is a type of personal accident insurance that covers you in the event of an accident. This coverage is provided for you and your family members in the event of an accident, such as death, loss of limbs or sight, or permanent or partial disability. This coverage can be purchased by anyone who earns money for financial security.
Group personal accident insurance (GPA): If you are an employer and want to ensure the safety of your employees, you can get group personal accident insurance (GPA). The approach benefits both small and large businesses because the cost of purchasing is minimal.
Accidental death: Because accidental deaths are unpredictable, the nominee receives 100 percent of the sum insured, regardless of whether the insured chose the Basic Plan, Basic Plus Plan, Advance Plan, or Comprehensive Plan. If an insured person suffers an accidental bodily injury during the policy period that results in his or her death within 12 months of the date of the accident. Where the fatality was caused solely and directly by the accident.During the policy period, the insurer will pay the death benefit. This insurance helps protect your family’s financial situation if you are unable to work. This is the definition of personal accident insurance, and it is something you should consider.
BENIFITS OF PERSONAL ACCIDENT INSURANCE
Anything that saves your life and makes it better than it was before is a good thing. So far, we’ve talked about personal accident insurance and how to use it. Let’s have a look at some of the advantages below .
Financial aid in the event of an accident: The most important reason to buy personal accident insurance is to have financial support in the event of an accident. The PA cover relieves financial burden caused by high treatment expenses and uncertainty. It rewards you according to the personal accident insurance plan you selected. As a result, if you want to make your life easier, you should buy personal accident insurance.
Provide a variety of covers, such as : Accidental death, permanent partial disability, and permanent total disability are all covered under the insurance policy for your protection.
Cost-effective: Money has always been a source of concern for people, as no one wants to acquire something that isn’t worth anything. You won’t have to worry about money because purchasing personal accident insurance is inexpensive. You can purchase coverage based on your preferences and needs, and then make a final payment after you’re pleased. To make it more affordable, we provide a variety of discounts and special deals so you don’t have to pay anything extra.
The benefit of worldwide coverage is one of the features of personal accident insurance. This insurance policy has no geographical limitations, so you can file a claim from anywhere in the world and be reimbursed. As a result, there’s no need to be concerned about the region; you may ask for help at any time and from any location.
Option to choose plans/policy term: The advantage is that you are not restricted to a single cover or coverage plan. We provide three personal accident insurance policies, including a basic plan, a basic plus plan, and a comprehensive plan, to provide expanded services. You can choose what is best for you and your needs from this list. Shriram General Insurance also offers three-year policy terms. Go with whatever suits you the most. If you choose a three-year insurance, you will receive a significant benefit that will also extend according to the terms and circumstances. In addition, if you choose a three-year long-term personal accident insurance coverage, you won’t have to prepare yourself every year to renew the policy.
Family members are also covered: Not only will you and your spouse be covered by personal accident insurance, but so will your first two children. According to the insurance terms and conditions, dependent parents are also covered under the policy. Nothing is more essential than your family, and having personal accident insurance allows you the ability to show your love and care for them. God forbid, if you are not present with your family one day, this insurance will still be holding their hands.
Emergency expenses: The insurer is obliged for emergency expenses under the terms and conditions of the personal accident insurance policy. Ambulance services will be paid for by the insurer in the case of death or an accident. All of these are regarded as essential amenities.
Easy claim process: It is more convenient for people if they can get a claim quickly and easily. When you acquire personal accident insurance from us, you won’t have to worry about filing a claim because the process is simple. Don’t be afraid to be insured and continue with a proven financial safety net.