Having a proper insurance plan is the need of the hour, considering the rising medical costs and uncertain times we live in. A personal protection policy is very popular in the Indian market and it offers enhanced personal accident insurance coverage. It offers coverage against all types of accidents, both natural and man-made. Getting it is very important to ensure your financial security. Next to purchasing the best health insurance plans, one must invest in a proficient personal protection policy to ensure adequate and comprehensive damage coverage.
If you are unaware of what and what not is covered in a personal protection policy, here is a comprehensive guide that has all the details regarding the same. Read to know more!
What makes personal accident insurance necessary for everyone
Every day, accidents occur, and given the state of the roads and the volume of traffic, there is always a significant chance of a collision. To protect yourself against the danger of a car accident, you must obtain personal accident insurance. Even the safest drivers sometimes get into accidents due to the negligence of others. It is possible to experience several work-related accidents in addition to traffic collisions, especially if you work in a hazardous environment like a factory.
There is always a possibility of serious injury or death from any accident. Therefore, having a personal accident policy is a good idea. In the case of an accident, it will enable you in obtaining financial aid. Apart from having the best health insurance plan, you must also purchase a proper and well-rewarding personal protection policy that fits your requirements ideally.
What benefits does personal accident insurance offer
Having proficient personal accident insurance can offer you a myriad of benefits. It offers you a whole comprehensive coverage against all kinds of accidents.
- It gives your loved ones and family financial stability by protecting you from accidental damages.
- In addition to what is already in place, no extra medical testing or paperwork is needed.
- With this insurance plan, you can get extensive coverage at very lower costs.
- There are two types of plans available: family plans and self-plans.
- It provides global coverage.
- This personal protection insurance plan has an effortless claim procedure.
- Personal accident insurance can be altered to meet your unique requirements.
What kind of coverage is provided by this policy
- Accidental Death Cover: In the event of the policyholder’s passing, the nominee will get the policy’s sum insured.
- Permanent Disability Cover: If an accident results in permanent disability, the policyholder will get a pre-determined sum of money.
- Permanent Partial Disability Cover: The insured will get a 100% benefit of the sum guaranteed if the accident causes permanent partial injury to him or her.
- Temporary Total Disability: If the insured suffers an injury that renders them permanently bedridden, the policyholder will be compensated with a pre-determined sum.
Things that a personal protect policy does not cover
- Self-harm, suicide, pregnancy, childbirth, natural causes of mortality, pre-existing conditions, accidents while drunk, and non-allopathic therapies.
- injuries sustained while participating in military operations in the army, navy, or air force.
- injuries or mishaps sustained when engaging in illegal activity.
- Personal accident insurance coverage does not cover adventure sports like skydiving, mountaineering, hiking, parasailing, or paragliding.
How to claim
When claiming coverage under a personal accident insurance policy, a medical certificate must be shown if the insured has sustained a permanent handicap or has passed away. A medical certificate and a leave of absence from work must be submitted by the insured if the disability is only temporary, as the insurance will then supplement the insured’s income in such a situation.
A person should constantly think about purchasing personal accident insurance to safeguard themselves and their family if their line of work entails significant dangers. Otherwise, anybody who is older than 18 can purchase the insurance. This age, meanwhile, varies depending on the supplier. If you are looking for a perfect addition along with your best health insurance then this one’s for you.
Types of Personal protect policy
Individual personal protection policies and group personal protection policies are the two main categories of personal accident insurance.
Personal protect policy: This is the first option, which provides higher coverage than group insurance. It includes not just accidental fatality but also temporary and permanent impairment.
Group Personal protect policy: Employers provide their workers with this type of insurance. Such plans provide just the most fundamental insurance protection; they are exempt from the standalone policy’s advantages.