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What Is Personal Accident Insurance, Do You Need It?
[Posted by: InsuringIndia Blog on 08-Feb-2016]

Any accident can not only inflict physical trauma but also impact hospital bills and in some cases even earning ability. In the current scenario, with an escalation in the number of vehicles and accidents, netting a reliable insurance cover is not just mandatory, but also an undeniable need. Motor insurance of your car is the assurance of its full financial protection and is required under the Motor Vehicle Act 1988. But did you know there is an additional option at a lower premium which can be clubbed with this policy and provide instant relief? This type of policy, a personal accident insurance cover is an annual policy at a cheaper premium. It essentially safeguards you by providing compensation in the event of injuries, disability or death caused by violent, accidental, external and visible events. It covers the passengers of the car as well. It comes in two forms--individual cover and group cover. 


So what does a personal accident motor insurance really entail? It basically safeguards you against unforeseen accidents and even takes into account grievous injuries and death, during an accident. Available data suggests that this policy considered most affordable and limited form of life & health insurance policy.  A personal accident policy is a good option to not only to protect your family in the event of accidental death but also to cover disablement, leading to loss of earning capacity, at competitive premium rates.


 There are dual advantages which work in your favour while opting for a personal accident policy. If the policy holder is completely or partially disabled following an accident, this type of policy will provide financial support to the policyholder. The most significant factor here is that the type of injury—big or small- incurred during an accident does not matter here. You will be insured, anyway.


How does it work to your benefit?


Like any other insurance policy available today, the policyholder has to pay a monthly, quarterly or yearly premium that remains the same till the entire policy coverage period. You also have the option of adding your family members to this policy. If the policyholder has incurred major injury during an accident, he can thereby avail a cash benefit as reimbursement. Compensation is provided if the insured person dies due to accident. 


Areas covered by motor accident insurance:

  • Death due to an accident.
  • Permanent disability in an accident.
  • Loss of both limbs / one hand and one foot / loss of limbs and eyes / complete loss of eyesight, speech.
  • Any permanent but partial disability.
  • Temporary and total disablement - Fixed sum will be paid (based on the sum assured), weekly for a fixed tenure.   
  • Medical expenses.


Points to consider

While adding a personal accident cover, read the fine print for riders. Be very clear about terms and conditions and most importantly what factors does the term 'disability' take into account. It is advisable to opt for this policy on an online platform as it gives you variable options, benefits and disadvantages of existing policies. Buying a policy online saves time, is a transparent choice and can be done at your convenience. 

Find Personal Accident Insurance Quotes : Click Here

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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