Personal Accident Insurance
A personal accident insurance policy provides protection against death, permanent total or partial disability, and temporary disability in case of an accident. In case of death or permanent disability, the insurer pays a sum insured, and the policy terminates thereafter. While in the case of partial disability, only a percentage of the sum insured is paid depending on the severity of disablement, whereas a weekly compensation is provided in case of temporary total disability. The personal accident insurance policy is renewable if the accident results in permanent partial disability or temporary total disability.
The personal accident insurance policy can be seen as an income protection plan where your profession and income determine your maximum cover and premium rates. Generally, you can get a maximum cover that is 10 times your annual income, and the premium rates usually depend on your profession.
Why Choose Personal Accident Insurance?
Types of Personal Accident Insurance
Benefits of Buying a Personal Accident Insurance
Personal accident insurance is a useful
policy to get financial assistance for yourself and your family
in the event of an accident. This policy provides comprehensive
coverage for
accidental death or disabilities. Here are some of the
benefits[1] provided under this policy
Dismemberment Cover Most personal accident insurance policies offer the benefit pay-outs for the dismemberment of any kind occurring due to an accident. The insurers have pre-determined percentages and ratios in which the benefit is paid to the policyholder.
Coverage for BurnsThis is an optional extra coverage under the personal accident insurance policy. and this additional insurance covers the possible dismemberment or death due to burns. The cost of treatment is reimbursed to the insured after hospitalization.