Top 5 reasons why you need an accident insurance plan

Encountering news of a major accident involving a loved one can be distressing. Such unfortunate events profoundly impact the lives of family members and the patient. While nothing can truly alleviate the pain experienced by families who have lost loved ones or witnessed their suffering, personal accident insurance offers a ray of hope. This insurance plan serves as a financial support system, providing multiple benefits to the policyholder and their family, easing their burden to some extent.

Personal accident insurance is an insurance policy that provides coverage to the insured if they suffer from accidental injuries, disability, or death. It is specially designed to cover sudden and unpredictable injuries or even death of the insured.

Top 5 Reasons Why You Need a Personal Accident Insurance

Few events in life are beyond your control and sometimes turn out to be unfortunate. The only way to sail through such uncertainties is to plan better. With personal accident insurance, you can at least protect your savings from getting drained out in case of an accident. Moreover, the plan also provides various other benefits to support you in tough times and gives you the following major reasons to opt for it as soon as possible: 

Accidental Death Benefits

It is a payment towards the beneficiary in case of accidental death of the policyholder. The plan offers compensation up to the sum insured to the beneficiary. The accidental death benefit is not only important for those who are exposed to hazardous environments but also for people who drive quite often.

Permanent Total Disability Cover

Permanent total disability refers to a condition where any kind of injury to the body completely prevents a person from carrying out daily activities or getting involved in any kind of employment. This includes loss of vision in both eyes, loss of hearing ability, loss of speech, etc, due to accidents. However, any person can not qualify for permanent total disability until the medical condition is fixed and stable.

Permanent Partial Disability Cover

Permanent partial disability is a condition where a person experiences disability due to injury or illness in which they can perform some but not all of their ordinary work functions. Such conditions include carpal tunnel syndrome, loss of vision in one eye, loss of a finger or hand, etc. Moreover, the amount the policyholder with a permanent partial disability gets paid depends on the severity of the disability.

Family Security and Child Education Benefits

Most of the Indian families have a sole breadwinner, and in any unfortunate case of an accident of the breadwinner, the family suffers from loss of regular income. Personal accident insurance provides coverage for hospitalisation. Along with this, in case of the death of the insured, some of the insurers provide cover for the kid’s education under the child’s education coverage.

Additional Coverage

Additional costs, like OPD for fractures and other unexpected medical expenses resulting from accidents, are covered in the policy. In addition to this, many insurers provide the option of lifetime renewability, coverage for ambulance charges, and unplanned hospitalisation. This assures you do not need to suffer financially and physically at the same time.

Factors to Consider while Choosing an Insurer and Policy

Buying an insurance plan is a tedious task because of the bulk of information available in the market and the fake promises of insurance agents. To avoid some basic hurdles while buying a plan, one should consider the following points:

• Claim Settlement Ratio of the Insurer (CSR): The claim settlement ratio represents the loyalty of the insurer towards its policyholders. The higher the CSR, the better image of the insurer.
• Ease of Buying: Nowadays, people prefer buying policies online. The policy should be easily available on the internet on the insurer’s website so that policyholders do not have trouble while buying.
   
• Coverage: One should buy a policy which provides maximum benefits at affordable prices. The premium should be according to the budget allocated for healthcare services.
   
• Network Hospitals: Network hospitals are the list of hospitals under an insurer. One should look for an insurer which has major hospitals under its network, along with a few good hospitals which are near the place of the policyholder.

To Sum Up

One should understand that the best health insurance plans in India are not an expense but an investment for one's future. It is important to choose an insurer that can support you in tough times. Niva Bupa, with its high-quality insurance services, has served lakhs of policyholders. It offers a variety of plans to choose from and provides a comprehensive platform for all kinds of insurance needs.

Do not wait for more! Go and get your family insurance coverage today! 

FAQ

Does personal accident insurance cover only death due to accidents?

Apart from accidental death, this insurance plan also covers permanent total disability, permanent partial disability, and hospital expenses resulting from accidents. It also offers financial protection during recovery and rehabilitation.

Who should consider buying personal accident insurance in India?

Anyone can purchase it, especially if you drive frequently, work in high-risk environments, or are the sole breadwinner for your family. It helps reduce the financial impact of sudden accidents and long-term injuries.

What is the difference between total and partial disability cover?

Total disability refers to complete loss of working ability due to an accident, while partial disability means loss of only part of a function. Both conditions are covered under a personal accident policy.

Does the policy cover medical expenses apart from hospitalisation?

Yes, many insurers include additional covers, such as OPD expenses for fractures, ambulance charges, and costs related to unplanned hospitalisation. It provides more inclusive protection for accident-related health emergencies.

How does child education benefit work in personal accident insurance?

If the policyholder passes away due to an accident, some plans offer financial assistance for the insured’s child’s education. It ensures the child's future remains stable despite the family loss.

What should I check in a policy before buying accident insurance?

Review the coverage features, premium, renewal options, network hospitals, exclusions, and add-ons. Also, ensure the insurer has a transparent claims process and flexible options to match your healthcare needs.

Is there a waiting period for personal accident insurance coverage?

Generally, personal accident plans have no waiting period and start covering accidental injuries from the day they are purchased. However, it is good to confirm this in the policy documents before purchasing.