There is no doubt that knowing that you and your loved ones are financially protected from a variety of unanticipated circumstances would give you more peace of mind. Life’s uncertainties, like an awful death or a medical emergency, could occur at any time. Additionally, an accident or damage to your car, property, etc., falls under this category.

Having to deal with the financial effects of these circumstances might drain your finances. You could have to use some of your family’s or your own savings. As a result, you and your family urgently require insurance for effective protection and financial support against any hazards relating to your life, health, and property.

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Personal Accident Insurance

The insured members of a personal accident insurance policy are completely financially protected from unforeseen events like accidental death, bodily injuries, partial or total disability, and permanent as well as temporary disabilities brought on by accident. If the policyholder dies accidentally, the nominee will get a full payout from the insurance company. The loss of eyes, limbs, or speech is only a few examples of the additional compensations that are provided for unintentional impairment.

Types of Personal Accident Insurance Policy

Two policies that can be found under Accidental Insurance Policies are:  

• Individual Accident Insurance: This kind of policy protects a person against harm and provides personal accident cover. It covers unintentional death, amputations, blindness, and other long-term impairments brought on by accidents.
• Group Accident Insurance: Employers purchase or buy group accident insurance to provide coverage for their staff members. Some insurers also offered a premium discount based on the size of the group. For small businesses, it is a terrific incentive and value-added benefit because it is affordable. However, compared to an individual plan, this is a fairly simple plan and may provide few benefits.

Benefits of Accidental Insurance Policy

There are several benefits of an accidental insurance policy, such as: 

Accident Death Insurance

For family members who are financially and emotionally dependent, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of fatal injuries.

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Coverage for Permanent Disability

A predefined insured amount is paid to the policyholder if an accident results in permanent impairments or lifelong impairment.

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Coverage for Partial Permanent Disability

If physical harm results in a permanent partial disability, the insured receives a portion (up to 100%) of the benefit.

Total Temporary Disability

If the insured suffers from a temporary total disability and becomes bedridden, the insurer will pay a weekly allowance to make up for the income that was lost. If there is a loss of income, the insured may also use this claim amount to pay the EMIs.

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Why Should One Have Personal Accident Insurance?

A little accident can momentarily put a person at risk, but major ones can have a lasting negative effect on the victim’s life and general well-being. It is, therefore, essential to purchase a reliable insurance policy to safeguard oneself from any such undesirable occurrences. An accidental insurance policy is created with the intention of providing some relief to the victim or a dependent.

If an accident results in death, bodily harm, incapacity, or mutilation, personal accident cover provides compensation. In the event of a rail, air, or road accident, drowning, or owing to a collision, bodily injuries, burns, etc., compensation is offered.

The top personal accident insurance policies in India assist the dependant family members by providing them with financial support in the event of the tragic accidental death of the policyholder. In the event of an accident-related impairment, the policyholder will also receive reimbursement for lost wages. It protects against the most unlikely situations while ensuring mental tranquillity. Hospitalisation coverage, hospital bill payment, ambulance cost reimbursement, and other benefits are also available.

Personal accident insurance is essential to protect the insured’s family in the event of an accident. Most health insurance policies offer emergency hospitalisation coverage for accidents, but it is preferable to get accident insurance separately to receive the benefits of death and disability. Simply evaluate the plans offered by various insurance providers and buy the one that offers the best accident coverage. Niva Bupa is one of the finest insurance companies to offer you policies that fit your needs and requirements.