Insurance policies often offer compensation only for a pre-determined set of circumstances. Accidents causing total or partial disability may not be covered under health or life insurance schemes. That’s why you need to cover yourself with a personal accident insurance policy.
What are insurance schemes for personal accidents?
It is an agreement between the insured and insurer where the latter will provide financial support in case the former face permanent disability or death because of an accident. It covers both small and significant accidents as well as a temporary disability which may restrict you from your daily routine. Insurance to protect against personal accidents also offer instant reimbursement if you face an accident that requires immediate treatment.
What are the benefits of such insurance policies?
There are several benefits of protecting yourself with a personal accident policy. It offers financial stability to protect you from unforeseen incidents such as accidents and injuries. Any medical expenses incurred during that period will be reimbursed by the insurer.
- Certain insurance policies like the Personal Accident Insurance from Bajaj Finserv. Health Insurance Plans can reimburse up to 40% of the valid claim amount, or actual medical bills. It frees you from the worries of increasing medical bills during an accident.
- You can also get compensation against disrupted personal income during the period of hospitalization. Certain insurers may offer allowances of up to Rs. 1,000 per day for up to 30 days of hospitalization period.
- Some personal accident insurance plan covers various other aspects like the cost of education of the insured’s children in case of death or permanent disability. Insurers can provide up to 10% of the sum insured or pay a stipend to every child below the age of 19 years.
- You can get instant disbursals, usually within seven working days of fulfilling all the requirements once you claim for reimbursement.
Along with these features and benefits, certain financial institutions also offer a cumulative bonus of 10% to 50% every claim free year. You might also enjoy a 10% discount on premium if you cover 2 or more family members in the same personal accident insurance. You can also add other insurance policies such as a Critical Illness Plan from Bajaj Finserv to extend the coverage of the specific insurance scheme.
Such comprehensive incident coverage, substantial compensation (of up to 125% of the sum insured) in case of a permanent total disability, along with simple and easy to meet eligibility criteria makes these insurance policies ideal for everyone.
Eligibility criteria
Most insurers’ require only the basic eligibility criteria to avail such an insurance policy. Some of the most common eligibility criteria include –
- The primary beneficiary’s age should be between 18 to 65 years.
- Dependents should be between 5 to 21 years of age.
Adding with other types of insurance
Personal accident insurance policy is an excellent add-on even if you have other types of insurance policies. For example, accident insurance cover can be availed alongside an Individual Health Insurance policy from Bajaj Finserv as it covers any risks associated with accidents. It is also hassle-free as you don’t have to undergo any medical evaluations before applying for the policy. You can also get instant reimbursement as personal accident policies come with no waiting period.
Such specialized insurance schemes protect you against an extensive gamut of risks. You can also enjoy such wide coverage at a much lower cost. The premiums to such accident insurance policy are generally much more feasible than those of term insurance schemes.
Personal accident cover is superior to many insurance policies because of its customization, value-for-money, and benefits. It is a must-have for everyone in today’s era.