Advantages of Taking Personal Accident Insurance

by Rosie Esplana

August 12, 2021

Thousands of commuters die or are crippled in some manner every year as a result of traffic accidents, according to statistics on road safety. As the world’s population and the number of two and four-wheelers expand, road accidents have become much too common.

In general, personal accident insurance covers the insured and his family in the event of an accident, allowing them to receive compensation for injuries, death, total or partial incapacity, or any other accident caused by violent, visible, or external ways.

Personal Accident Insurance is required for the following reasons:

Accidental death insurance is a type of insurance that covers you if you die in an accident. One of the most important advantages of having an accidental insurance policy is that it provides compensation up to the full sum insured in the case of the policyholder’s death or disability due to an accident. In the event of the policyholder’s death, the payout is given to the policyholder’s family.

Expenses for Burial Due to an Accident the funeral expenses if the insured person dies as a consequence of an accident, up to the limit specified in the schedule.

If you suffer a bodily injury that prevents you from working in any capacity, Personal Accident Insurance will cover you. Reimbursement of 100% of the money insured is provided in the event of total disability, such as limb loss. Accidental emergencies and income loss can put you in a financial bind, but this policy can help you get through it by providing financial security in the event of unanticipated catastrophes.

Temporary Whole Disability and accidental Insurance coverage will cover bodily damage that results in the total, irrevocable, absolute, and ongoing loss or impairment of a body part or sensory organ. For example, if a policyholder loses a limb, he or she can file an accident insurance claim, and the policy will compensate the loss up to a specific sum.

Benefits% of Partial Sum

Loss of Life	100%
Loss of both hands or all fingers and both thumbs	100%
Lost of both Feet	100%
Lost of Sight both eyes	100%
Loss of arm or above elbow	65%
Lost of arm between elbow and wrist	50%
Loss of one hand	50%
Loss of four fingers and thumb of one hand	50%
Loss of four fingers	35%
Loss of thumb	15%
Loss of index finger	10%
Loss of ring finger	5%
Loss of little finger	4%

Optional Coverages

Medical expenditures incurred as a result of an accident personal accident insurance coverage cover charges such as ambulance fees, repatriation fees, and, in the event of death, funeral costs are reimbursed within 48 hours.

When the policyholder is injured and needs assistance,

treatment by a legally qualified physician or surgeon
confinement in a hospital
the employment of licensed or graduate nurse

The company shall pay the real costs of such treatment incurred from the date of the accident up to the maximum amount payable.

MURDER OR ASSAULT WITHOUT PROVOCATION pays the full amount in the event of a death caused by an unjustified murder or assault.

Exceptions

Those holding any elective government position;
Those actually engaged in political activities;
Those performing investigative, security or police functions;
Those entrusted with collections, payments, keeping or handling of money, public or private, pursuant to duty.

CASH ASSISTANCE FOR HOSPITALIZATION
If the insured is hospitalized as a result of an accident, the company will pay for each day of confinement up to the schedule limit of 30 days.

Accidental insurance’s advantages

Consider what would happen to your family if you were to be rendered handicapped as a result of an accident. Although there would be no income, bank EMIs, medical expenditures, and other costs would continue to climb. In order to wear down such a circumstance, it is critical to shop for personal accident insurance.

Compiled a list of the most significant benefits of being insured to help you understand:

Safety for the family
There is no requirement for medical testing or documents.
Great coverage at a cheaper cost
Coverage in every country
Can be purchased for the entire family
Claim procedure is simple.
Service available 24 hours a day, 7 days a week
Expenses for legal and observance are covered.
In the event of death or incapacity while using public transportation, there is a double indemnity.

Is it worthwhile to purchase accident insurance?

Accident insurance is simple and easy to understand. If you died or became incapacitated as a result of an accident, it would pay you or your beneficiaries’ money.

Who might need accident insurance?

People and families who live an active lifestyle
Families and individuals with little children
Anyone with a valid health insurance
Anyone who has a tight budget for unanticipated medical costs
If you wish to augment your life insurance coverage or find a more inexpensive alternative to life insurance
If you can’t get life insurance because of a medical problem
If you are unable to obtain disability insurance due to a pre-existing ailment, you may be able to obtain compensation through an accident insurance coverage

Unpaid expenses and high health insurance deductibles can have a negative impact on your lifestyle, house, and family. If your health insurance has higher deductibles or copays, accident insurance coverage may be beneficial. This is due to the fact that accident insurance is a simple one-time payment that can assist offset your medical costs.

Furthermore, many accident insurance policies are portable, which means you can take your accident insurance policy with you if you quit your employment.

Protect yourself and your love ones from any unforeseen events with the best Personal Accident Insurance.

Get a free quotation now and #BeSecuredAndInsured with us!

Read also: Personal Accident vs. Life Insurance: What’s the Difference?