Accidents can occur to anybody without prior warning and can shatter the lives of people. Not only are accidents emotionally and physically exhausting, but they can also cause financial stress.
Dealing with expenses incurred during accidents can be challenging if you do not have a personal accident insurance plan.
This blog will help you understand the benefits of purchasing a personal accident policy online and what is covered under it.
Why is Personal Accident Cover Insurance Important?
Unfortunately, accidents are common in India, ranging from minor to severe, even leading to death. So, if you’re someone who works a high-risk job like construction, law enforcement, mining, etc., getting personal accident insurance along with your health insurance plan can offer additional coverage for any eventualities like major accidents or death.
It can help ensure you and your family receive financial support during challenging times.
What is Covered Under Personal Injury Insurance Coverage?
Death Coverage
The very first coverage offered under personal accident insurance is death coverage. This simply means that if a policyholder dies in an accident, his family will receive a sum assured amount payout from the insurance company as compensation.
Medical Expenses
Another thing that is covered in many personal injury covers is medical coverage, such as hospitalisation, medications, surgeries, etc., in the event of an accident. If the accident is severe and the person gets hospitalised, then the medical expenses incurred under the policy are covered.
Disability Coverage
Personal accident insurance offers disability coverage to policyholders. Many accidents can lead to partial or full disability, which results in loss of income.
The policy will provide compensation based on the severity of the disability to make up for the loss of income. It will cover both permanent and temporary disability.
What is Not Covered in Personal Accident Policy Online?
There are various exclusions that are not covered under personal accident insurance, such as:
- Natural death or death under the influence of intoxicating substances such as alcohol, drugs, etc.
- Death of policyholders due to any disease such as HIV, AIDs, etc.
- Death or disability caused due to suicide attempts.
- Death or disability caused due to pregnancy or childbirth.
- Any kind of disability or accidental death due to war or nuclear perils.
- Any claims made under the policy for more than one clause during the same period of disability.
- Any claim in the policy tenure that exceeds the sum insured of the policy.
- Any kind of disability or accidental death due to radiation or ionising activities.
Conclusion
When choosing a personal accident policy online, one of the most important factors to consider is the sum insured. The sum insured should be sufficient to cover potential medical expenses, loss of income and support for your family in the event of an accident.
Additionally, it is crucial to buy personal accident insurance from a reputable insurance provider with a high claim settlement ratio.