Personal Accident Insurance policy is now more popular than ever. As people are more aware of the existing circumstance, and now, more than ever people are buying personal accident insurance online.
A Personal Accident Insurance provides holistic financial protection to the policyholder members. It extends timely support in critical circumstances like accidents that may cause loss of life, accidental bodily injuries, partial/total disabilities, permanent and temporary disabilities and associated expenditures.
What Is Personal Accident Insurance?
- It is like an umbrella that protects us and our families in times of need. The various altercations of an accident, such as loss of life, permanent or temporary disability, partial or total disability and the medical expenses that follow are all covered under personal accident insurance.The Insurer pays the sum insured as per the policy to the policyholder and the policy ends thereafter.
- In partial disability, only a percentage of the sum insured is paid depending on the severity of the disability, whereas weekly compensation is provided in the case of temporary total disability. The personal accident insurance policy is renewable if the accident results in permanent partial disability or temporary total disability.
- The personal accident policy can also be seen as a maximum coverage and premium rate. Usually, what you get is 10 times your annual income, and the premium rates generally rely on your profession.
What are the benefits of Personal Accident Insurance?
Total/Partial Disability Cover
Personal accident Insurance rolls out an advantageous pay-out for the disability partial or total; permanent or temporary that occurs due to an accident. The insurance companies decide on the amount of the claim based on the nature of the disability and as per the company’s policy.
Coverage for Burns
It is not a mandate to purchase Insurance cover for burns sustained due to an accident or fire breakout. However, this added cover allows reimbursement against loss of life/disability/injuries due to burns. The medical expense of the sustained injuries and hospitalization is insured as per the policy.
Also Read: The Benefits Of Purchasing Personal Accident Insurance Individually
Compensation for Hospitalization Expenses
The insurance company compensates the maximum or percentage of the expense incurred due to hospitalisation as per the policy. The medical expense includes room charges, doctor’s consultation fees, medical tests and other similar expenses. Please check with your insurance company for a detailed list of expenses that are covered.
Some insurance companies also extend a daily cash allowance that is bound to incur with prolonged hospitalisation. As per this cover, the insurer gets an allowance that covers their everyday expense up to 30 to 45 days of hospitalisation.
In case the insurer has a dependent child, some insurance companies also roll out compensation for their education. Though gaining popularity these days, this particular grant is not very common. This additional amount is used for the tuition fee payment of the dependent child.
Compensation for Transportation Expenses
Under this cover, some insurance companies extend coverage for the cost of transporting the mortal remains of the insured person.
At Hello Zindagi, you can purchase personalised and holistic personal accident insurance online. With our hassle-free and bespoke personal accident policy, you can avail of advanced coverage at the best price.