Life is unpredictable from the very beginning. What you study or what career you pursue are all questions that get answered as you progress. But what else is unpredictable is death, especially a death by accident. Not only death but a permanent or temporary disability is as unpredictable.
Now, even when thinking about your accident or accidental death in India is considered taboo, you need to make some important decisions. One such important decision is making yourself financially prepared for an accident. How can you do so? You can take a personal accident insurance policy.
But what does a personal accident cover mean? It is an insurance policy that comprehensively covers accidents and accidental deaths.
What is a Personal Accident Insurance Policy?
Personal accident insurance policy offers complete financial security to policyholders in unfortunate events. If someone suffers from injury or a disability, this accidental insurance policy will cover their medical and hospitalisation expenses.
However, if the policyholder dies, the nominee gets 100% compensation from the insurer. It is important to note that the claim can only be made in case of accidental death and not natural death by the nominee.
Apart from accidental death, a person can use a personal accident insurance policy in the following situations-
- Permanent or partial disability due to accident or injury.
- Medical/hospitalisation charges except in case of suicide or self-harm.
- Child education support.
- Life support benefits.
- Daily allowance.
- Accidental dismemberment.
What does personal accident insurance coverage include?
You can get the following coverage benefits under the personal accident cover-
1. Accidental death cover
Accidents not only cause physical harm or death but also cause an emotional toll on the entire family. Hence, personal accident insurance coverage ensures the entire amount paid to the nominee in case of a life-threatening accident.
2. Permanent/total disability cover
Under personal accident coverage, an amount is already specified in case of permanent disability due to an accident. So, a policyholder can claim this amount in case of lifelong total impairment. This disability usually includes injuries like a total loss of both limbs.
3. Permanent partial disability cover
A policyholder can suffer from permanent partial disability due to bodily injuries. In such cases, the person can get a certain percentage of the benefit that can go up to 100% from the insurer.
4. Temporary total disability
Temporary total disabilities happen when a person gets severely injured and gets bedridden for a short time, like fractures in limbs. If such a situation occurs, the insurer provides the injured a weekly allowance. It helps compensate for the loss of income, and the injured person can also pay off any debts if they suffer a loss of earnings.
Why do you need personal accident insurance in India?
Apart from the benefits, the importance of personal accident cover is the rising rate of accidents in India. Road accidents alone are responsible for lakhs of deaths, which is why it's important that you have a personal accident cover. As per a report, there were more than 1,68,000 deaths recorded in India by road accidents in 2022.
Moreover, these are the deaths that were recorded, so the toll may have crossed a higher mark. With a personal accident insurance policy, one can ensure that the family will not go through financial hardship.
However no one wishes for death, but even the partial loss in an accident can have a similar financial stress on the family. Yes, we haven't counted the total road accidents in India. And not to wonder, the toll went beyond 4 lakh accidents in 2022.
Moreover, as soon as we start considering the other accidental deaths, the number keeps increasing. So, these are why considering personal accident insurance coverage is crucial today.
Who Should Buy an accidental insurance policy?
While it's important for almost every person, the risk of an accident is a parameter you can consider to know if you need this policy. The higher the risk of an accident is in your life, the more important this policy becomes for you.
Let's say you are a regular office goer and use your bike or car for daily ups and downs. So, in this case, you are prone to accidents, as per the stats you have read above. Hence, you should have this policy for your treatment and financial support for your family.
However, as you move to a riskier profession, policy becomes more important. For example, if you work in a mine or must carry money in your profession. So that's how you can get an idea of how accident-prone your life is and buy personal accident coverage.
A personal accident cover can be a lifesaver policy and financial support to the family in case of an accidental death. It is important for an instant treatment of the injured person in an accident where every second is important. However, what's more important is to consider this policy from a renowned insurance company.
Yes, the benefits you can reap from a personal accident insurance policy depend on how good the company is providing you with this policy. Future Generali is one of India's best companies for personal accident insurance and other insurance, including health insurance and motor insurance.
