medical insurance

What is Personal Accident Insurance?

Personal accident insurance provides coverage for the medical expenses that occur because of an accident. It also compensates the policyholder in case of partial or permanent disability. 

In the unfortunate event of death of the policyholders, the family receives a lump sum compensation under this insurance.


Key Features and Benefits of Personal Accident Insurance

The key features of this kind of medical insurance are:

  • It covers all financial liabilities in the event of accident or injury allowing the policyholder to keep their savings intact.
  • This medical insurance also provides for all medical expenses for treatment and reimbursement of medical bills.
  • In case the income of the policyholder is disrupted due to the accident, then a cash allowance of Rs.1000 for up to 30 days post hospitalisation is also provided.
  • It provides for the education fee of children as well and in case of death, offers a sum for children who are below 19 years of age.
  • It provides coverage in case of permanent total disability.
  • It offers a cumulative bonus of maximum of 50% every year that is claim free.
  • In case of accident, the claims are disbursed within 7 days. 


Why is this medical insurance important?

This medical insurance in the event of significant injuries, an accident can become a life-changing experience. People who are involved in a traumatic accident may experience significant changes in their capacity to move around, resulting in a disability.

A disability might be classified as either partial or permanent. In the event of partial impairment, the injured individual can carry on with their life by adding certain changes to their routine. For instance, losing one eye, one limb, or one leg , will bring a change in the way an individual used to function.

Permanent disability is more significant in nature, and the person may be unable to continue living life as previously. For example, total blindness, loss of arms, or loss of legs. Financial stability is essential in this situation. Personal Accident insurance might help you achieve financial security following a serious accident. Thus, purchasing this plan to protect your future against an unfavourable situation is critical.

What are the eligibility criteria for personal accident insurance?

Accidents may have terrible consequences for a person and their loved ones, it is always a good idea to purchase Personal Accident insurance. The age limit for purchasing a health insurance plan is 18 years old, and the PA add-on can be purchased in conjunction with a basic plan. Thus, it is possible to get a Personal Accident cover at the age of 18 and maintain the insurance cover through renewals.

Most insurance firms have a maximum age for purchasing health insurance of 65 years. After this age, the policyholder must choose a senior citizen insurance policy with the PA add-on. After a certain age, paying the premium for new health insurance may cost a few extra rupees.

What are the inclusions under personal accident insurance?

The inclusions under the insurance are:

  • Coverage in case of death caused by accident of the policyholder
  • Provides for coverage in case of permanent or partial disability caused because of accident
  • Provides for hospitalisation and medications coverage
  • Providers for expenses for children’s education if included in the policy
  • Provides for expenses in case of legal proceedings and funeral if included in the plan
  • Provides for a daily cash allowance

What are the inclusions under personal accident insurance?

The following are the exclusion under the policy:

  • Intentional injuries, such as suicide, are not covered.
  • Injuries caused by war or social upheaval
  • Accidents that occur as a result of intoxication.
  • Adventure sports-related injuries
  • Any other exclusions specified in the policy.

What are the documents required to avail personal accident insurance?

Typically, the following papers are sufficient to purchase a Personal Accident Health Insurance Policy:

  • Identification documentation
  • Address verification
  • Specifics about known pre-existing disorders
  • Photographs
  • Medical documentation
  • Form of application

Summing Up 

The necessity for a personal accident policy stems from the reality that a life insurer only provides financial security in the event of the policyholder’s death. Accidents, on the other hand, might make one temporarily or permanently crippled, resulting in lost income as well as an added load of medical expenses. A personal accident insurance not only pays out in the case of death, but it also protects you and your family monetarily in the instance of an accident. It reduces financial limitations that may emerge as a result of income loss. Minor injuries, like falling off a bicycle or breaking an arm, are covered by the plan.

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