Life is uncertain which throws surprises and bitter experiences like an unbearable accident. Personal Accident Insurance is the most important policy one must-have. It is the type of policy that reimburses the medical expenses and provide compensation in case of death or disablement.
If a person has insured the accidental insurance policy and dies in an accident, the nominee will get the compensation amount, and the family is secured under this policy.
Way to choose personal accident Insurance:
- This insurance gives satisfaction for whatever the accident be, the dependents will be protected financially.
- This insurance also covers broken bones, cuts, burns, ambulance costs and medical services, loss of limbs/eyesight, etc.
- It depends on the insurer in choosing the coverage that may be small or large.
NOTE :
Things to be noted before making personal accident insurance :
IMPORTANT DATES:
This policy provides a free period of 15 days. This allows cancelling the policy or the grace time “30 days” for the renewal of the policy
EXCLUSIONS
- Injuries that occur due to alcohol or drugs.
- Intentional injury.
- Loss due to any civil war or terror.
- Accidents that occur while riding a two-wheeler that’s over 150cc.
- Injuries that occur due to active involvement.
- Injuries arising due to participating in unsafe sports.
- Claims raised due to pregnancy, childbirth, etc.
ACCIDENTAL DEATH
If the policyholder dies in an accident, the nominee gets the total compensation and the family is fully secured with the compensation amount around ? 5 lakhs to 1 crore.
PERMANENT TOTAL DISABILITY IN AN ACCIDENT
Despite giving medical treatments, the victim becomes disabled for life. Then the insurance policy provides a certain amount depending upon the nature of the disability. It also covers the loss of eyesight, speech, ear, etc.
PERMANENT PARTIAL DISABILITY
The policyholder can claim in case the insurer lost one ear, one eyesight, or even one finger, one hand.
TRANSPORTATION BENEFIT
Some insurance companies provide transportation allowances to the victim’s family to reach the hospital. The company will reimburse expenses up to ? 50,000.
FURTHER BENEFITS
The insurance covers other factors like education, employment benefits, and also the funeral benefits.
TYPES OF ACCIDENTAL POLICIES
The following are the type of accidental policies,
INDIVIDUAL PERSONAL ACCIDENT POLICY
In this type of policy, the policyholder chooses to protect himself and their dependents. Here an individual can also bring their parents and can maintain as an individual policy
GROUP PERSONAL ACCIDENT POLICY
These types of policies add a group of people, especially in the employment location. An entire group of people who have insured something which is common can make use of this policy if their exposure is a bit large and dangerous.