There’s a possibility that you can still predict your ailments. The reason for your sickness could be your lifestyle. But accidents can hardly be predicted. From a case of drunk driving to road rage or heavy equipment malfunctioning, an accident can lead to loss of life/limb or cause disablement. Having Personal Accident Insurance is a must to help the insured in case of disability and his/her family in case of death.
Personal Accident Insurance becomes an absolute necessity for several reasons —
Accidents are unpredictable and can cause severe injuries or disabilities that may require immediate hospitalisation. In such unforeseen situations, an accident cover will ensure you are financially protected.
The accident cover will help take care of accident-related medical expenses, including hospitalisation, emergency ambulance, treatments, pre- and post-hospitalisation, etc.
If the insured passes away due to an accident, the insurer will provide 100% of the sum insured to the kith and kin of the deceased policyholder. It also covers repatriation of the policyholder’s mortal remains, ambulance and funeral expenses.
Permanent total disability is a condition in which an accident injury disables a person to such an extent that he/she cannot engage in any occupation or carry out everyday activities. Loss of vision in both eyes, loss of both limbs, loss of hearing, etc., are some of the conditions considered as permanent total disabilities. The policyholder will receive 100% of the sum insured or a pre-defined amount as compensation based on the policy terms and conditions.
In permanent partial disability due to an accident, the insured can perform only some activities or functions but not all. Loss of vision in one eye, loss of one hand or finger, and carpel tunnel syndrome are some conditions considered as permanent partial disability. The amount of compensation will depend on the severity of the case.
If an accident leaves the policyholder disabled or bedridden for a temporary period, the insurer will pay a pre-defined amount as compensation.
In case an accident leads to loss of regular income, the accident cover can help take care of the education of the insured’s child.
In addition to hospitalisation expenses, the policy covers other unexpected expenditures, like accidental hospital daily allowance. Some insurance providers may also offer lifetime renewability.
Now that you know why it is essential to buy this coverage, let’s understand the factors which must be considered while buying accident insurance —
The policy must cover a wide range of accidents and not be limited to road accidents alone. It must cover accidents at home and workplace, rail accidents, natural disasters, terrorist attacks, etc. It’s also important to read the terms and conditions relating to accidental hospitalisation.
As premiums are calculated based on the sum insured, add-ons, policy duration, etc., look for a policy that is affordable and provides maximum coverage. But don’t buy the cheapest plans as they may not provide adequate coverage.
Familiarise yourself with the exclusions of the policy. Some instances include suicide or suicidal attempts, participation in adventure sports, self-inflicted injuries, wounds sustained under the influence of alcohol or drugs, etc.
This is an important factor for quick and smooth settlement of claims. Choose an insurer with a high CSR (i.e., claim settlement ratio). Remember to check the customer reviews and online ratings to make sure you are in safe hands.
The accident cover must offer good compensation benefits to the family/dependents in case of death or disability of the policyholder.
Look for an insurer with a wide network of hospitals to avail of cashless treatments.
You may think investing in accident insurance is a waste of money, but remember, accidents are unpredictable and unfortunate. If it’s a major accident that requires emergency hospitalisation, it can make a big dent in your savings if you are not armed with accident cover. Before your budget goes out of control in settling medical bills, it’s advisable to opt for accident cover in your health insurance plan and keep yourself and your loved ones safe and secure.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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