Livewell: Health Insurance & Wellness Blogs | Max Bupa
LIFE’S UNPREDICTABLE. GET A PERSONAL ACCIDENT INSURANCE POLICY TODAY.
02 October 2019
PERSONAL ACCIDENT INSURANCE, WHAT’S THAT?
Yes, you must have heard about life insurance, motor insurance, and health insurance. Very few of us are aware of personal accident insurance. Let’s simplify it for you by asking a few questions:
Will your life insurance company cover you for partial disability in case you meet with an accident?
Does your health insurance policy provide coverage for your child’s education benefit in case you are not around?
Highly unlikely. That’s where a personal accident insurance policy comes in handy. Minor or major accidents, this kind of insurance policy covers for fatality and a whole lot more. Just be sure to choose a comprehensive personal accident insurance policy. Let’s tell you what all it covers:
- Accidental death – 100% sum insured in case of accidental death
- Permanent total disability – Sum insured in an unfortunate case of permanent total disability
- Child education benefit – Your child’s education is taken care of even if you are not around. There is a fixed sum insured depending on the plans
- Funeral expense – Funeral expenses are covered in case of accidental death
- Temporary disability – In case of temporary disability, a fixed percentage of total disability sum insured is paid on a weekly basis for a fixed time.
- Accident hospitalization – In case of hospitalization due to an accident, medical expenses are paid
- Worldwide coverage – Some policies also cover optional benefit of accident hospitalization in a foreign country. Check your plan for more details.
THINKING OF THE AGE FACTOR?
Thought so. That’s quite understandable as the age factor decides the premium for many types of insurance policies. That’s not the case for personal accident insurance policy cover. The premium does not depend on age but rather on a person’s income and profession. A few high-risk occupations, like the army, adventure sports, or off-shore workers, can be excluded. Make sure you thoroughly go through the terms and conditions before signing on an accident insurance policy.
IMPRESSED OR STILL THINKING OF AN ACCIDENT INSURANCE?
Either way, we’d recommend you to sign-up your accident insurance policy at the earliest. After all, life’s unpredictable. Plus, it doesn’t leave your family financially dependent, and also helps them face the challenges of tomorrow. And what’s even better? It’s a lot more affordable than a life insurance policy premium. For the best personal accident insurance policy in India, check out plans by Max Bupa.