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5 Reasons You Should Need Personal Accident Insurance

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Personal accident insurance

An accident does not knock on your door. It can happen at any time and in any place, resulting in minor to severe injuries. Any such uncertainty can lead to a financial crisis, so it is advised to purchase an Accidental Insurance policy. It will provide you and your family with financial assistance for accidental death, bodily injury, or disability (partial/permanent/temporary). Other rider benefits include accidental hospitalisation coverage, hospital confinement allowance, and medical expense coverage. Personal accident insurance protects you against accidental death and disability.

 

What is Personal Accident Insurance?

Personal Accident insurance, also known as PA insurance, is an annual policy that compensates for injuries, disability, or demise caused by violent, accidental, external, and visible events. It is important to consider that this type of insurance is not the same as life insurance or medical and health insurance.

 

This policy compensates the insured person who suffers bodily injury solely due to an external, violent, and visible accident. As a result, the policy does not cover death or injury caused by any illness or disease.

 

Benefits of Personal Accident Insurance

Consider the following scenario: you are hit by a car and, unfortunately, suffer from a permanent disability. There would be no earnings, only bank EMIs, medical bills, and other outlays. Under such circumstances, you will not only find it challenging to meet your family's daily expenses but meeting your medical expenses will be an added stress. It is advisable to obtain personal accident insurance to deal with such emergencies. 

 

Here's a quick rundown of some of the significant benefits of purchasing personal accident insurance:

 

  • Family safety.
  • No need for medical tests or documentation
  • Significant coverage at a lower cost
  • Global coverage
  • Individual and family plans are both available
  • The simple and certified claim procedure
  • 24-hour support is provided
  • Legal, and funeral costs are paid for
  • Child education is advantageous
  • Double indemnity for death or impairment while using public transportation.
  • Plan customisation is possible

 

5 Reasons for Buying Personal Accident Insurance

Here are five reasons for buying the accident insurance policy:

 

Accidental Death Benefits

Personal Accident Coverage compensates you in the event of death, bodily injury, impairment, or mutilation resulting from an accident. Compensation is provided in the event of an accident while travelling by rail, air, or road, drowning, or as a result of a collision, bodily injuries, burns, and so on.

 

Financial Support

A personal accident insurance policy provides financial assistance to the policyholder in the event of an accidental disability, regardless of the severity of the incident. The insured is compensated for accidental death, impairment, and dismemberment caused by accident.

 

Affordability

Personal accident insurance is less expensive than other health and life insurance types. These plans should be chosen by people who face high occupational risks, such as industrial workers. If you choose this insurance policy, your savings are less likely to be jeopardised in an emergency. The occupation of the policyholder usually determines the premium amount.

 

Medical Expense Coverage

A person with health or personal accident insurance has several options. The former policy covers some medical expenses. You may use the latter's coverage if you can still not pay off the remaining payments. It will cover rehab costs in addition to the remaining medical expenses.

 

Easy Claim Settlement

The claim settlement procedure is straightforward and stress-free. Injured persons only need to notify the insurance company about the claim and event details, such as the time and date of the accident, policy number, contact information, and the insured person's details who is injured. Once all the information is provided, the claim settlement process will begin immediately.

 

Personal Accident Insurance policy provide complete financial protection to insured members against unforeseen events such as accidental death, bodily injuries, and partial/total disabilities, both permanent and temporary, resulting from an accident. In the event of the policyholder's accidental death, the nominee receives total compensation from the insurer. Other types of compensation are available for accidental disability, such as loss of eyesight, limbs, and speech. You can purchase suitable personal accident insurance from platforms such as Niva Bupa, which will enable you to offer a variety of personal accident insurance plans from various companies that can be tailored to the customer's needs.

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