The probability of an accident occurring at any point in time cannot be eliminated. Though you can always take extra caution, no one can guarantee what will happen next in our everyday life.
In order to create a safeguard yourself against such an incident, you can consider investing in a personal accident plan. But before that, there are various things you should know about personal accident policy. Whether you really need such a policy? Let’s find out.
Understanding the personal accident plan
A personal accident policy offers coverage in an event of an accident while on road, rail or air. Such a policy also covers injuries that arise as result of collision, drowning, fall, or burn injuries, among others.
The insurance provider provides a compensation amount to you or your family in case of injury, partial disability, total disability, or even death.
You can buy a personal accident cover either as a standalone plan or as a rider. If you want to add your spouse or children as well, you can easily for joint personal accident plan.
Benefits of a personal accident plan
A personal accident plan offers many benefits. It provides the much-needed financial protection during difficult times.
As no one can prevent the accident from occurring, but we can take necessary coverage by availing of the numerous benefits of such a plan. Recently I came across such a policy active secure plan where you can easily find out the features listed.
Following are six major advantages of a personal accident policy.
Acts as an income replacement
Such a policy is particularly important if you are the sole breadwinner of the family. If you are the sole earner of your family and such unfortunate incident happen, then a personal accident coverage can help your fight with the tough situation.
The amount received by the health insurance provider, therefore, acts an income replacement. You can use the amount to meet hospital expenses that arise due to f your accident or any other financial obligation.
Provides coverage against accidental death
In case of an unfortunate event of death due to an accident, the health insurance provider is liable to pay 100% of the sum assured amount. This amount may be used by your loved ones to meet their financial needs.
Investing in a personal accident cover, therefore, provides peace of mind as you are assured that your family’s need will be taken care of even in your absence.
Offers coverage against permanent partial disability
The outcome of an accident cannot be predicted. It may leave you with a permanent partial disability such as loss of limbs, speech or eyesight.
In case of permanent partial disability, you are entitled to receive a certain pre-determined percentage of the sum assured for a specific period. Some insurers may provide a lump sum payment.
Covers permanent total disability
In case you are unable to resume your normal duties for a continuous period of 12 months or more with no signs of improvement, you are termed to have a permanent total disability.
Under such a circumstance, you may claim the total sum assured amount.
Provides coverage against temporary total disability
In an event where you are unable to carry out your normal duties for just a while due to an accident, you can enjoy coverage under a personal accident policy.
You can then make a claim towards the same. Your health insurance provider will provide either a daily or a weekly benefit in case you suffer from a temporary total disability.
Offers hospitalization cash
The occurrence of an accident may result in hospitalization. In an event that you suffer from injuries due to the accident, you may seek daily cash allowance as hospitalization charges. This will help in reducing your financial liability largely.
So, do you think you need a personal accident insurance? In that case, you can easily contact your insurance broker or directly find various plans available online through various insurance aggregator websites and request online accident insurance quotes.