What is Personal Accident Insurance – Overview- Types

Introduction

Health Insurance offers protection against the major financial strain, you may encounter during unforeseen events in your daily routines. One such common unfortunate event to name is an accident. Let’s read on to know more.

What is an accident?

The term “accident” can be defined as a sudden, unforeseen and involuntary event caused by external, visible and violent means, resulting in damage, injury or harm to the victim.

Accidents may happen at the workplace, at home and during your travel. Accidental injuries occur when you slip, trip and fall, get burnt, drowned, due to road traffic, sports activities, etc.

Personal Accident Insurance – An overview

As you know, some accidental injuries can even lead to the loss of life and thus require immediate treatment. You may face financial challenges when exposed to heavy medical bills during such hospitalisation. Personal Accident Insurance can come to your rescue in such tough times and can aid in reducing your financial burden.

Defining it,

A Personal Accident Insurance plan can pay for your medical expenses and offer compensation in the event of an accident-related (total/partial) disability or death.

As more people are exposed to the danger of accidents, investing in Personal Accident Insurance coverage is essential. 

What does a Personal Accident Insurance plan cover?

The coverage includes,

• Death due to accident 

If the policyholder happens to die in an accident, then his nominee receives accidental death compensation (the policy Sum Insured, along with the Cumulative Bonus).

• Permanent total disability

Despite the emergency medical help, at times, the victim becomes permanently disabled for life. Then insurance companies pay a certain amount, which is based on the nature of the disability. The plan covers permanent total disabilities like loss of vision in both eyes, loss of two entire hands, loss of entire two-foot etc.

• Permanent partial disability

In the case of permanent partial disablement, a specified percentage of the Sum Insured is provided. The plan offers coverage for permanent partial disabilities like loss of all toes, loss of hearing in one or both ears, and loss of four fingers and thumbs of one hand.

• Temporary total disability

Temporary Total Disablement means the Insured Person is totally disabled from engaging in any occupation or business for a temporary period following a grievous injury arising solely and directly from an accident.

• Transportation benefit 

AMBULANCE CHARGES / TRANSPORTATION EXPENSES OF MORTAL REMAINS: Following an admissible claim under the policy due to an Accident outside the place of the insured’s residence, the Company shall pay during the policy period. Either a) Towards ambulance charges for emergency treatment to go to the hospital in case of injury or in case of Death b) Towards transportation of the mortal remains of the insured person (including the cost of embalming and coffin charges) to the residence of the insured.

• Additional benefits 

The plan also covers other factors like

• Education Grant
• Travel expenses for one relative
• Vehicle or residence modification
• Purchase of blood
• Transporttion of imported medicines

Does your regular Health Insurance Plan offer accident cover?

Yes, many insurance companies offer regular plans with accident cover subject to specified limits. Always make sure to check for required coverage before opting for a Health Insurance plan. It is always advisable to go through the policy document to understand the limitations of the cover.

To get extensive coverage for accidental injuries, you can purchase a Personal Accident Insurance policy as a stand-alone policy or as an add-on cover to increase the coverage of a basic Health Insurance plan. 

Summing up

When you are badly injured in an accident and are permanently disabled, you will not be able to continue your regular job, and your family loses its monthly income. There may be bills to pay, medical expenses for treating the injury, loan EMIs, education fees for your kids and other expenses; with a Personal Accident policy, in such cases, you will get a specific lump sum amount, thereby securing you and your family, along with hospitalisation expenses and other benefits.

Star Health Insurance offers an Accident care policy for individuals and families with adequate coverage for accidental risks. The policy offers compensation in case of death, permanent total and partial disability, temporary total disability, transportation benefit and much more. For more details on the cover, you can read the policy clause and wording.