/content/nivabupa/in/en/bank,/content/nivabupa/en/in/digital/home/app-form2,/content/nivabupa/en/in/digital/home/thank-you1,partner.nivabupa.com
/content/nivabupa/in/en/agent

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN

Disadvantages of Not Buying a Personal Accident Insurance

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Disadvantages Personal Accident Insurance

Life is unpredictable and occasionally out of our control. Similarly, accidents are beyond our control. They can change your life and drain your finances, especially if you're the family's primary provider. Despite your best efforts to prevent catastrophes, it is always preferable to protect yourself financially and your family in case one does occur.

 

What is an accident insurance policy?

Accident insurance is a yearly coverage that pays benefits in the event of accidents-only-caused harm, disability, or death. A tax-free lump sum amount is given to policyholders in the tragic occurrences covered by the policy if they are seriously hurt or pass away in an accident. Knowing how unpredictable life can be, you must purchase a personal accident policy that can offer you appropriate coverage in the event of a permanent disability and financially shield your loved ones in the event of a fatality. Casualty insurance is categorised into personal accident insurance and group insurance.

 

Group personal accident insurance is a kind of insurance provided to employees (by their company) to protect them from medical expenditures incurred due to an accident at work. Employers worldwide have realised that their workers are their most valuable asset and are thus taking every precaution to keep them safe from risks.

 

Need for personal accident insurance

Accidental insurance coverage frequently falls into a grey area that is not covered by either health insurance or life insurance. Accidents can leave one totally or partially disabled, preventing one from working and hurting the family's interests. Additionally, life insurance doesn't offer the necessary protection under such circumstances. Health insurance only covers hospitalisation costs, so one cannot rely on it. One should buy a personal accidental insurance policy to keep protected in case of unanticipated occurrences like these.

 

What does a personal accident insurance policy cover?

Every insurer has a different definition of what personal accident insurance covers. Both minor and severe accidents are covered by personal accident insurance coverage.

 

The most crucial aspects of accidental insurance are coverage for accidental death and total permanent disability. Still, you also need to consider the potential of temporary disability, which could prevent you from working regularly. Casualty insurance policy coverage includes:

 

  • Medical expenses and hospitalisation costs
  • Loss of income due to disability or death
  • Funeral expenses
  • Loss of limbs, sight, speech, hearing, etc.
  • 24/7 worldwide coverage
  • Legal liability cover
  • Repatriation of remains
  • Accidental death and permanent total disability cover

 

Choose a policy that offers coverage for both temporary total disability and permanent partial disability. Personal accident insurance coverage will also cover minor mishaps like those sustained while playing video games, workplace stair falls, bike accidents resulting in injuries, etc.

 

Benefits of a personal accident insurance policy

A life insurer only provides financial security in the event of the policyholder's death, so personal insurance is required. Accidents may leave a person temporarily or permanently incapacitated, resulting in a loss of income and an added financial load from medical expenses. A personal accident policy shields you and your family economically in the case of an accident and pays out at the time of death. It reduces any financial difficulties that can develop as a result of lost income. The policy covers minor mishaps like falling off a bike or breaking an arm.

 

Disadvantages of not buying personal accident insurance

Having a safety net to deal with unforeseen and destructive events is always to the advantage of your family and yourself. Suppose you are caught in an accident and don’t have personal accident insurance. In that case, you can lose many benefits of individual insurance:

 

  • The policy's sum covered is paid to the nominee of the policyholder's death. You cannot claim accidental death coverage if you do not have personal casualty insurance.
  • If an accident results in permanent disability, the policyholder can get a pre-agreed-upon sum. But if you are not insured under personal accidental insurance, you cannot claim that sum.
  • You are also not eligible for permanent partial disability coverage; if the accident causes the insured permanent partial disability.
  • If the insured is involved if it renders them bedridden for an extended period, a pre-agreed-upon sum is given to the policyholder. Still, you cannot get that sum if you do not have accidental insurance.

 

The security of your family is the most significant benefit of purchasing a personal accidental insurance policy, particularly if you have dependents like young children or elderly parents to support. Generally, group personal accident insurance policies do not offer the same benefits as individual coverage, so review your terms and conditions and get the policy that offers sufficient protection.

 

Thus, personal insurance protects the owner-driver against medical expenses incurred from injuries experienced while driving the insured vehicle. It also provides a sum assured to the nominees if the owner-driver is killed in the accident. Because of the large number of personal accident claims, the IRDAI has made personal accident insurance essential for car owners. You can buy a perfect accidental insurance plan which double-checks the integrity of the possibilities leading up to the accident and pays for medical expenses incurred due to the owner-injuries drivers experience in a car accident.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN