Personal Accident Insurance: A Must-Have in Your Insurance Portfolio

Personal Accident Insurance: A Must-Have in Your Insurance Portfolio

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Many people argue that the chances of an accident happening are low. These chances might seem even lower when you think about accidents that can cause disability. Hence, they might feel it is not necessary to buy a personal accident insurance policy.But an accident only needs to happen once to put you in a bad position both physically and financially. Hence, it is not the chances of having an accident you should focus on, but the impact it could have on you.

Accidental disability can cause serious disruption in life. The high medical costs while paying for the treatment of a temporary disability alone can take a toll on families. Personal accident cover will help you to be prepared for such emergencies, providing financial relief so that you can easily adjust to a newer way of life if needed.

What is a personal accident cover?

The most obvious question that one would ask is, “wouldn’t coverage for accidents be included in health insurance?” However, the coverage that health insurance offers for accidents is different from the one offered by personal accident insurance. Personal accident cover is a type of insurance policy that helps you recover from financial loss due to accidental disability or death. If you lose physical function in an accident, the policy provides a lump sum for your family if you can no longer provide for your family due to disability.

The image you picture when you hear the word accident is a road accident. But personal accident insurance covers a wide variety of risks. These can range between slipping in the bathroom, workout injuries in the gym, gas cylinder explosions, electric shocks, drowning, and fire among many more. * Standard T&C Apply

What kinds of disabilities does a Personal Accident Insurance policy cover?

When it comes to cover-meeting defects, they can be classified into three types as follows:

Permanent total disability

This type of disability occurs when a person suffers serious injuries and loses vital function of the body completely and permanently. It includes conditions like:

  1. Total blindness
  2. Loss of both arms
  3. Loss of both legs
  4. Loss of speech
  5. Loss of mental stability

Generally, in case of permanent total disability, the personal accident insurance policy pays 100% of the guaranteed amount. * Standard T&C Apply

Permanent partial disability

This category occurs when a person permanently loses the function of an organ or body. The following conditions are considered as a permanent partial disability:

  1. Loss of an arm / leg
  2. Hearing loss
  3. Loss of eyesight
  4. Loss of finger or toe

In these cases, a certain percentage of the sum insured is paid. The list of percentages for different types of disabilities will be notified to you when you purchase the policy. For example, if you lose hearing in both ears, 75% of the cover amount will be paid and if you lose sight in one eye, 50% of the cover amount will be paid. * Standard T&C Apply

Temporary total disability

This category applies when the person is temporarily bedridden or unable to move after an accident. In these cases, weekly payments are made for the entire period of disability. These payments are made to ease your financial conditions during recovery while cashless health insurance covers your treatment. * Standard T&C Apply

In addition to these three categories, disability insurance often covers the risk of dying in an accident. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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