Personal Accident Insurance
Accidents are unpredictable. It may occur at a flash and turn your life upside down. Whether it’s a death or disability, it’s a hard pill to swallow for your loved ones. To minimize the financial wrecks related to the accident, you can opt for a Personal Accident Insurance.
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What is Personal Accident Insurance?
Personal Accident Insurance is a type of Health Insurance which provides financial compensation in the event of any unfortunate event in an accident like death, bodily injuries, or disabilities (Permanent as well as temporary). In the event of death of the policyholder, the nominee gets 100% of the sum insured in a Personal Accident Cover. It covers accidents caused at road, rail, and air.
An accident could destroy your family and adversely impact its financial position. Though nothing can compensate your physical presence, having Personal Accident cover could at least save your family from financial instability.
Individual Personal Accident Insurance
As the name suggests, this policy is for individuals and can cover them for accidental death or disability (both permanent and temporary)
Group Personal Accident Insurance
Group Personal Accident Insurance is taken by the employers for their employees. Depending upon the group size, the insurers give a discount to the premium. It can be taken by employers whose employees frequently travel for job purposes. Moreover, giving an insurance to the employee is seen as a perk and helps in building a strong goodwill between the employee and the organization
Coverage
Accidental Disability
If the policyholder suffers a disability (permanent or temporary) in an accident that renders him immobile, then the Insurance company compensates the policyholder.
Accidental Death
If a policyholder loses his/her life in an accident, then the insurer compensates the nominee with 100% sum insured.
Dismemberment
If the accident results in loss of limbs, fingers, toes to the policyholder, then he/she can obtain compensation for the same under Accidental dismemberment.
Terrorism
If the policyholder is injured in a terrorist attack, then the insurer provides coverage to such injuries.
Hospital Cash
This provision provides cash to the policyholder for a fixed number of days, if it requires hospitalization.
Other Benefits
In addition to these benefits, a Personal Accident cover also compensates for Ambulance Expenses, Broken Bones, Fire Burns, Transportation fee for mortal remains in an accident.
Coverage in a Personal Accident Insurance Policy
A Personal Accident Insurance Policy comes with following benefits,
- Accidental Disability – If the policyholder suffers a disability (permanent or temporary) in an accident that renders him immobile, then the Insurance company compensates the policyholder
- Accidental Death – If a policyholder loses his/her life in an accident, then the insurer compensates the nominee with 100% sum insured
- Dismemberment – If the accident results in loss of limbs, fingers, toes to the policyholder, then he/she can obtain compensation for the same under Accidental dismemberment
- Terrorism – If the policyholder is injured in a terrorist attack, then the insurer provides coverage to such injuries
- Hospital Cash – This provision provides cash to the policyholder for a fixed number of days, if it requires hospitalization
- Other Benefits – In addition to these benefits, a Personal Accident cover also compensates for Ambulance Expenses, Broken Bones, Fire Burns, Transportation fee for mortal remains in an accident.
Coverage in a Personal Accident Insurance Policy
Under Personal Accident Insurance, there are some exclusions that every policyholder must be aware of, so that he/she wouldn’t suffer during claim process. Mentioned below are list of exclusions in a personal accident insurance policy,
- Intentionally attempting suicide
- Pre-existing injuries and diseases
- Accidents caused due to substance abuse (alcohol and drugs)
- Childbirth or pregnancy
- Taking part in high-risk and adventurous sports
- Non-allopathic treatments
- Injuries sustained during criminal acts
- Injuries due to mental disorders
Eligibility for a Personal Accident Insurance
Any individual over 18 years of age are eligible to buy a Personal Accident cover. The maximum entry age is 65. If you are someone whose profession involves high risk of an accident, then you must definitely buy a Personal Accident cover.
Advantages
There are several reasons why you should apply
- IVA Insurance is an IRDA Approved Direct Broker (Life & General).
- We are here to assist you 24/7.
- Our unbiased approach ensures you get the best options.
- With over 55 insurance companies and hundreds of health policies, Fincover cuts through the clutter and helps you choose the one that is best for you.
Personal Accident Insurance Claim Process
It is always better to know what to do in the event of an eventuality and be prepared so that you don’t waste time during that crucial juncture. Mentioned below is the claim process for a Personal Accident Insurance,
- In the event of an accident, immediately inform the customer care of the insurance company
- Provide the policy documents
- Brief details about the accident (time and place of the accident)
- Submit the duly filled claim form
- Attach the supportive documents – death certificate, proof of disability
- Insurance company scrutinizes your claim
- If the claim is approved, you or your nominee will receive the settlement
- In the event of claim rejection, the insurer will let you know of the claim status
Documents required for Claim
In order to receive the claim for a personal accident cover, you must submit a set of documents. Let us look at some of the documents required for claim processing. Please note that the documents required may vary across different insurers,
- Duly filled claim form
- Death Certificate
- Disability Certificate from the doctor
- Post-mortem report in the event of death
- FIR Copy
- Medical Certificate
- Medical Bills
- Discharge Summary in the event of hospitalization