Why Personal Accident Insurance is a Must?

Travel insurance financially covers you in the event of partial/total disability or bodily injury caused by an accident. If the policyholder dies, the nominee gets compensation. It helps financially stabilise the policyholder and their family if they become disabled due to an accident. While there are similarities between health and life insurance, personal accident insurance differs.

Personal accident insurance or travel insurance premiums depend on the occupation rather than the age of the individual. While personal accident insurance is essential for everyone, it is most helpful for salaried individuals who live in urban areas. Salaried individuals typically travel between home and office for weeks, months, and years. In these cases, their lifestyle equates to higher chances of meeting an accident due to the travel requirements. Accidents happen even if you take all precautionary measures. It might lead to loss of limbs or even death. 

A travel insurance plan is not too costly; you can afford it without burning a hole in your pocket. The best part is that the premium is the same for a 25-year-old or a 50-year-old, as the premium does not depend on the individual's age. You can also add your family members to the policy. 

Travel Insurance Benefits

Accidents can make a person temporarily or permanently disabled. It could result in a loss of income and a financial burden from medical expenditure. Personal accident insurance gives you financial security in case of an accident or even death. Even minor accidents like fracturing an arm or falling off a bike are included in the policy cover. Here are a few benefits: 

• Dental treatment coverage
• Expenses covered for hospitalisation
• Trip delay reimbursement
• Personal accident reimbursement
• Reimbursement for lost baggage
• Medical evacuation
• Missed flight reimbursement

Importance of Travel Insurance

To aid with financial support and compensation for times when life is unsure, and you get into an accident, it would be beneficial if you had personal accident insurance. The policyholder receives financial support in case the accident makes him disabled. These are the top reasons why you need travel insurance: 

• It covers medical emergencies
• It also covers travel risks and disruptions in trips

Apart from this, a travel insurance plan also provides the following:

• The nominee receives the entire sum in case the policyholder dies. It provides accidental death benefits. 
• The policyholder will receive a percentage of the insured sum if there is permanent total disablement.
• The policyholder receives a percentage of the insured sum weekly or monthly if there is permanent partial disablement. It includes loss of one hand, a finger, hearing loss in one ear, etc.
• The policyholder receives weekly benefits if he has been in an accident that results in confinement for up to 104 weeks. It is a part of temporary total disablement—for instance, a fracture in the legs or hands. 
• The policy covers the education of up to two dependent children up to 23 years of age. It comes under the education grant. 
• In case of accidental death, the insurer pays for transporting mortal remains. 

However, the personal accident policy does not cover the following. Disability or death due to:

• Terrorism
• AIDS/HIV
• Disablement or death resulting from childbirth and pregnancy
• Pre-existing accidental/disability injury
• Breach of law with criminal intent
• Influence of intoxicating liquor or drugs 
• Intentional suicide, self-injury

Eligibility

If your profession involves risks, you should consider getting personal accident insurance. It will help cover you and your family financially. Any individual above the age of 18 can buy personal accident insurance. Generally, the maximum age of eligibility is 65 years. However, different insurance providers have different age brackets. Some even offer policies to individuals between 6 and 65 years. 

How To Claim Process?

To file a claim, you should know the process to save time and hassle. Here is the claim process for personal accident insurance:

• Immediately inform the insurance company after the accident by visiting the official website or calling their customer care number.
• Provide the policy documents to the insurer.
• Provide the claim form after filling it.
• Submit the required documents depending upon the nature of the accident/death.
• The insurance provider will undertake scrutiny to understand and authenticate the claim.
• The insurance provider will transfer the money to your account once everything checks out. 
• The company might ask for more documents if they are unsatisfied, and might even reject the claim. 

Required Documents

You need to know the documents required to file a claim. It would save you a lot of time and hassle. You require different documents for different types of claims. Each insurance provider has its differing requirements. 

• Investigation report
• Medicine bills
• Post-mortem report
• Death certificate
• Duly filled-in claim form
• Disability certificate from the doctor
• FIR copy
• Medical certificate

Exclusions

Different insurance providers have different inclusions and exclusions. Before purchasing personal accident insurance, you should go through the terms and conditions. However, here are a few common exclusions: 

• Non-allopathic treatments
• Pregnancy or childbirth
• Mental disorder
• Committing a criminal act 
• Playing dangerous sports
• Accidents under the influence of drugs and alcohol
• Pre-existing injuries or disability
• Suicide

Conclusion

It is always better to be safe than sorry. While accidents might occur, we can take steps to protect ourselves and our families from financial burdens. Purchasing travel insurance or health insurance is one such step. So, visit the Niva Bupa website and get your travel insurance today.

FAQ’s

1. Why is personal accident insurance important?

Personal accident insurance provides financial protection in case of accidental death or disability, ensuring that you or your family are not burdened with medical costs or income loss after an unforeseen event.

2. Why is personal accident cover mandatory?

It’s mandatory, especially with motor insurance, to ensure that accident victims or their families receive compensation for injuries, disability, or death, regardless of who was at fault.

3. What does personal accident insurance cover?

It covers accidental death, permanent total disability (like loss of limbs or eyesight), partial disability. It may also include medical expenses, ambulance costs, and temporary income loss depending on the policy.

4. Is personal accident insurance different from health insurance?

Yes, personal accident insurance specifically covers injuries or death caused by accidents, while health insurance covers a broader range of illnesses, hospitalisations, and medical conditions not necessarily caused by accidents.