Mishaps can have life altering effects that can be difficult to cope with. Hence, it is important that we stay prepared to handle such situations. Apart from the emotional trauma, mishaps can really drain you financially at a time when you are incapable of getting in regular income. As such situations cannot be controlled or avoided; you can stay prepared for them with a personal accident insurance policy.
This policy offers to cover an individual or a family against accidental incidents. In case the policy holder dies in an accident, the personal accident insurance policy offers the sum assured to the nominee. The policy also offers the sum assured in case the insured suffers permanent disability due to an accident.Some policies even offer cover in case of death or disability due to terrorist attack. But the policy excludes cover for death or disability due to suicide, dangerous sports, war, AIDS, military service and diseases.
Some of the benefits of a personal accident insurance policy are as follows –
Financial assistance –
While you are capable of taking care of your family, you ensure that they get all what they need. In case of a mishap it is natural to experience a lull on the income front. A personalaccident insurance policy ensures this does not affect your life. In case of the death of the insured due to an accident, the policy offers the sum assured to the nominee. In case the policy holder need immediate medical attention due to the injuries suffered in the accident, the insurance money proves to be of great help. In case the insured suffers disability due to the accident, then the insurance serves as a major life support to meet the treatment expenses and daily life expenses as well.
Cover for multiple incidents –
Many feel a life cover is sufficient to meet emergencies, but what they fail to understand is that there are several conditions that even a life cover does not insure. On the other hand a personal accident insurance policy extends to covers such situations including loss due to air and rail accidents, terrorist attacks and earthquakes. The policy also offers cover all over the world. The policy does have some exclusion like cases where the individual is involved in manual labor,works in underground mines, electrical installation with high tension supply, mountaineering and similar hazardous occupations/ activities.
Ease of availability –
Availing a personal accident insurance policy is an absolutely hassle-free process. It entails no complication of submitting various documents or going through a medical examination. The policy is also customised as per your needs like the coverage you want, the tenure, risk assessment etc.
Personal Accident Insurance Policy