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Need for personal accident insurance policy

Need for personal accident insurance policy Square Insurance - 24 Feb 2022

Life’s uncertainties are known to us all. While we cannot prevent any unforeseen events from occurring, we surely can keep ourselves, and our family protected against them financially. Dependents will be thrown into financial upheaval if the family's only breadwinner dies or becomes disabled due to an accident. If you are your family's main breadwinner, you would not want your loved ones to suffer in any way. Personal accident insurance may be useful in this situation.

We are sharing two major insurance plans for you! Make sure to read them till the end

Accident insurance

Accident insurance is the expense that helps you to pay for any of the medical expenses as well as all the costs that can be incurred after an accidental injury. It covers all the injuries which can be a loss of a limb, burns, or paralysis. It can even be the death of any individual which will be the out-of-pocket costs for a middle-class family. It pays a benefit to you directly for injuries resulting from an accident. The various advantages of the accident insurance policy are

  • It helps for immediate protection within days after receiving an application from the policyholder.
  • It does not require any coinsurance.

Personal accident insurance

Let’s start this section with a popular saying which is well known by all of us is "It's better to be safe than sorry". Personal accident insurance works on this principle only. We should be very thankful to all the companies which are now offering this policy for the betterment of yourself as well as your family. Personal accident insurance helps you to provide a large amount of financial compensation in case of an accident which can lead to disability of any of the body parts or a loss of life.

Once an individual dies, all his family has to do is regret it. Accidents shatter people emotionally, physically as well as financially. So it’s much better to buy the policy of the financial stability of your family also and to secure your family’s daily routine in your absence also. This is now essential for each and every person irrespective of their age and occupation. No one knows what will happen to you in the next second only. Although it’s believed that once you take proper precautions, nothing can happen to you. However, an accident might occur at any time.

What is a Personal accident insurance policy?

A personal accident insurance policy is meant to cover all the loss which an individual can suffer by the loss of life, any limb, Or due to some personal ailments while traveling. An accident can lead to a permanent disability of a person or may even cause death. Although this sounds much more deadly, this is a true fact.

Once an accident happens, all you need is a personal accident insurance policy, in order to make your family safe and financially independent. Even while you are in a hospital, you can avail that money and can get that financial protection instead of spending lakhs of money on the treatment in the hospital. No one in this entire world is aware of what is going to happen in the next second. All of us are exposed to the risks of accidents in our daily life. This personal accident insurance policy provides all compensation in the event of insured injuries which can either be external or internal which can even result in death or displacement of any of the organs.

For all types of accidents, you can have an insurance policy for the benefit of yourself and your family. All you need to do is to select the perfect policy, which suits you, where you can invest. Some of the insurance policy people also grant you a transportation benefit, that is, they help your family to reach the hospital at the earliest. The insurers will bear all the expenses of the family member to reach there. But this is limited only to a maximum expense of Rs. 50,000.

Documents required for Personal Accident Insurance

The documents required for the policy are the proposal form, declaration form, the details of the policyholder, medical reports of the person. For filing a claim, the documents which are required are the complete information of the person along with the number of FIR reports, insurance Id number, medical bills as well as certificates.

Here are the various types of personal accident insurance policies?

Individual personal accident insurance and group personal accident insurance are the two forms of personal accident insurance policies available.

Individual personal accident insurance policy: this Policy serves a single person in any event of an accident. These include loss of a limb, eyesight loss or limbs, or even death

Group personal accident insurance policy safeguards a group of people who have taken the policy.

Accidental insurance

In this policy, if the policyholder dies in any of the conditions due to an accident, the nominee of the policy gets all the accidental death compensation. One can make his/her family financially stable even after the death and with the help of this policy only. This compensation mainly varies from Rs. 5 lakh to Rs. 1 crore, as per the policy you choose.

Permanent total disability in an accident

This case arrives when the medical health of the person worsens each and every day and finally he becomes disabled for a lifetime. The policy helps you by paying a certain amount of money which depends upon the type of disability you have gone through and the nature of that disability. It may also cover hearing loss, eyesight loss that is the vision is lost from both the eyes and the loss of speech.

Permanent partial disability

This type of policy is much similar to the previous one. The only difference is that, in case of total disability, the person will lose the hearing skill from both the ears or vision loss in both eyes. But in case of partial disability, the hearing sense will be lost only in one ear or the vision lost only in one eye. This can also be a case when a person loses any of their fingers or even a hand or a limb is disabled. In all these cases, the policyholder can approach the insurance policy for the claim of money.

Medical expenses

once you have an accident, by the terms and conditions of the policy, it will provide all the medical expenses which have been incurred on treatment but only if the claim is filed within a year of the accident.

Funeral expenses

This expense includes all the money and the transportation costs that the family needs to reach a place if the insured person dies in an accident.

An accident insurance policy provides you a period of 15 days In order to cancel the policy within that period. Some of the insurance policy also covers other factors like education and employment benefits and all the future expenses. The company will bear all the hospital as well as the ambulance charges. The educational allowance will be given to children of the person and there will also be a vehicle benefit.

The last thing to keep in mind while buying a policy is that the insurer will surely not be responsible for any of the losses of life or a limb or anything else that arises due to war or terror. Any of the physical disabilities of a person which are already existing in a person, can’t be cured and the policyholder can’t claim for all this. Any mental disorder, HIV, AIDS won’t be considered as a part of the policyholder. Any loss of body part or disability during bungee jumping, mountaineering, or in any of the sports events won’t be considered for any accident insurance policy.

The policy compensates for any permanent or partial disability caused by an accident. If the policyholder dies in any case of an accident, then the policy returns the 100% sum to the nominee. The personal accident insurance policy offers you lifelong coverage as it can be renewed by the policyholder. If a person dies due to illness, the insurance company is not bound to pay for that. Under the personal accident insurance policy, it does not matter whether the accident happened in what case. In any case of hospitalization, a daily cash allowance is given to the policyholder.

The personal accident insurance policy offers safety and security to your family. One of the significant benefits of this policy is that you are not supposed to undergo any medical test. This policy acts as a protective cover for your family members in difficult times. The insurance provider will bear all the expenses in Treating an injured or disabled person. When you have a backup plan of money even after the accident, your family will obviously be in a better state of mind. They will have peace in their mind. The family members can easily pay off their liability and maintain a usual lifestyle in case of any member’s death.

A big misconception about insurance is that it is a very complicated and long process. Thus, people avoid buying it. But the truth is that it does not contain much paperwork. only the necessary details have to be filled in by the policyholder which is very much necessary. So you don’t need to worry about the documentation process. The ambulance cost will be borne by the insurance providers. They will take you to the hospital. Also, they will inform the family members about the occurrence of an accident. Some of the insurance is valid worldwide irrespective of the location of the accident the personal accident insurance policy is a very easy claiming one. At the time of the accident, the person will not be in the condition to think much, so you can easily claim the insurance at any time online also. Once the company verifies it, they will give you the required amount of money.

A personal accident insurance policy also benefits you by reducing the premium amount

  • The policy can be purchased for a reasonable premium. Also, the premiums paid towards the personal accident insurance plan can be claimed for tax deductions under section 800D of the Income Tax Act.
  • When purchasing a policy, most insurers do not require the applicant to undergo a medical examination. However, you should verify with your selected insurer ahead of time to see whether there are any such requirements.
  • The amount of the money assured is determined by the applicant's income.
  • Personal accident insurance coverage is available only

Personal accident insurance policy premium calculator

There are a number of premium calculators offered by many of the companies. These include

  • Motor private car insurance
  • Motor two-wheel insurance
  • Critical illness
  • Health insurance
  • Individual personal accident
  • Travel insurance

Accident insurance premiums can be very well calculated on many websites, where the companies offer you to easily calculate your premium. The questions asked on the website are – for whom do you want the insurance for, your age, the pin code of the area where you live, the coverage for yourself, and the premium can be calculated easily.

Accident insurance premiums can be very well calculated on many websites, where the companies offer you to easily calculate your premium. The questions asked on the website are – for whom do you want the insurance for, your age, the pin code of the area where you live, the coverage for yourself, and the premium can be calculated easily.

Personal accident insurance policy comparison

There are many personal accident insurance policies in India which include

  • Apollo Munich Individual personal accident standard
  • Bharti AXA Smart individual personal accident
  • Care secure personal accident insurance
  • ICICI Lombard personal protect
  • Bajaj Allianz premium personal Guard plan
  • HDFC ERGO Personal accident insurance
  • Oriental Janata Personal accident policy
  • Reliance on a personal accident policy
  • United India personal accident insurance
  • National insurance individual personal accident policy
  • New India personal accident policy
  • Two active plans have also been availed recently by the government of India for any citizen of India. These plans are much lower in cost and are quite useful for the common people of the nation. These are: Pradhan Mantri Suraksha Bima Yojana and Aam aadmi Bima Yojana

What Are The Benefits Of Having A Personal Accident Insurance Policy?

During an accident, the risks of suffering from loss and multiple injuries are higher. Such an unfortunate mishap can lead to disability, loss of limbs or sight, and even death of the person. The last thing you want to worry about in this situation is medical bills, which is why personal accident insurance may easily cover such charges.

When compared to the add-on covers offered with other insurance plans, the premium charged for personal accident protection is comparably lower. If you are considering purchasing personal accident coverage in India, keep the following points in mind.

  • The policy compensates in case the insured passes away or suffers total disability in an accident.
  • One of the key goals of a personal accident plan is to financially protect the insured's family. As a result, the policy compensates for the loss of income caused by the accident.
  • The policy covers you for the rest of your life and maybe simply renewed.
  • The premiums paid towards the plan stay the same throughout the tenure. The insured's age or lifestyle habits have no bearing on the premium amount.
  • The coverage does not cover death caused by disease.
  • The policy offers daily cash benefits to the insured if the accident requires hospitalization for recovery.

Health insurance

Health insurance helps you to meet all the medical expenses by offering financial assistance. In the ongoing pandemic situation, the high cost of hospitalization is beyond the financial condition of a middle-class person. Thus, it is very important to have a health insurance plan in place. In this, a company agrees to compensate the insured for the medical or surgical expenses.

To be eligible to avail of coverage benefits, the policyholder is required to pay a specific amount of money periodically, which is known as a premium. With the rising health cases in India, it is very important for an individual to protect your family and yourself from such high expenses. During the period of the policy, if the policyholder meets with an accident or is diagnosed with some severe ailments, the expenses incurred for treatment purposes will all be provided by the insurance provider. There are several add-on benefits, which can be extended with the health insurance policy.

While availing of a health insurance policy, all you have to look for is the below parameters.

1. The insurance plan should be selected as per your decision and the age and medical history of the individual. One should properly look into the benefits which are provided by the insurance provider as well as the total sum which you have to invest. Just look properly, understand the policy, then invest wisely.

2. One should always be smart enough to invest in a popular as well as a reputed health insurance policy company. You should know about the number of individuals who have already invested in the policy. One can ask for the claims successfully received to meet all the medical expenses of an individual.

A high proportion of investors investing in a particular health insurance policy company shows that it has a high reputation in the market. The management of the company should also be very good. You can easily check online also whether the experience of the company is much more than enough or not because this speaks whether the company is settled or not.

3. One can check the number of hospitals that are connected with that policy.

4. Many insurance policy companies provide regular health checkups of the policyholder In order to keep a very good track of the health conditions of an individual.

5. Most people opt for health insurance once in their lifetime and they renew it continuously keeping in mind that it is a very important part of their life.

Having a health insurance policy is one of the essential steps while planning the personal finances of a family. We all know that it’s very necessary for every person to take a health plan but most people make the wrong choice in choosing a policy. In this world of advanced technology, medicine is one of the most cost-consuming things. It is not possible for a common man to go for a routine check-up every month.

Life’s uncertainties are known to us all. While we cannot prevent unforeseen events from occurring, we surely can keep ourselves, and our family protected against them financially. Dependents will be thrown into financial upheaval if the family's only breadwinner dies or becomes disabled due to an accident.

If you are your family's main breadwinner, you would not want your loved ones to suffer in any way. Well, personal accident insurance may be useful in this situation. An insurance policy that covers the medical and surgical expenses of the insured is called a health insurance policy.

Health insurers in India typically provide the following types of coverage: To put the rising need for health insurance coverage in India into context, a WHO research estimates that 68 percent of Indian health expenses are paid out of pocket, which is concerning. Also, only 18% of the urban and 14% of the rural population in India is covered under health insurance

What are the types of health insurance?

1. Indemnity plan: In this plan, the hospital expenses will be paid by you and the rest of the money will be paid by the insurance provider. You can easily choose which doctor you will visit and the insurance company has no right to choose the hospital. In this plan, you have to pay the whole bill first by yourself, and then after you can claim for reimbursement.

2. Exclusive Provider Organization: Members of EPO can use a defined network of physicians and a primary care physician who will be a provider of a network of specialists for emergencies.Exclusive Provider Organization: Members of EPO can use a defined network of physicians and a primary care physician who will be a provider of a network of specialists for emergencies.

For your better understanding, we have also covered some important factors to help you with the things your health insurance policy won’t cover

  • If in case of excessive use of alcohol or smoke, if you are ill then your claim will be rejected.
  • In case of any treatment at home, the claim becomes void.
  • Pre-existing illnesses cannot be covered at all.

Final Words

We hope you have now understood the reason why you must opt with the personal incident insurance to ensure the safety of your overall being. Square Insurance is the leading name in the insurance sector and helps millions of people across the country.