Personal Accident Insurance Policy: A Smart Investment to Shield Your Tomorrow

Grief never arrives by itself and frequently strikes without warning. No matter how horrible it seems, regrettable events cause all enjoyment to vanish in an instant. You might be living a happy, fulfilling life one minute, and then all of a sudden there's an accident that leaves you with financial strain, mental distress, and physical discomfort. In the worst circumstances, it may result in death, a serious injury, or lifelong disability.

It takes a lot of strength to endure mental and physical suffering, but the monetary difficulties may be resolved well in advance. A personal accident insurance policy guarantees the financial security of you and your family in the event of a mishap. These plans are specifically designed to offer financial support to families who are suffering after a terrible accident. 

You may incur unforeseen expenses even with top-notch health insurance coverage. Unexpected medical bills, travel fees, and other costs may arise from accidents, which can occur at any time. That’s where accident insurance can help. It assists with lessening the financial strain that an unintentional injury may cause, allowing you to concentrate on your healing. 

Here’s all you need to know about such insurance plans. 

  1. Types of Accident Insurance Policy

There are two types of personal accident insurance policies. These include: 

  • Individual Accident Insurance 

In this popular kind of personal accident insurance coverage, the policyholder chooses to insure against unintentional collisions. Accidental death, limb loss, or other permanent disability arising from the accident are covered under the accidental damage policy.

  • Group Accident Insurance 

A group of persons with a common interest, such as a job type or area, are covered by this sort of personal accident insurance coverage. Usually, employers take these to give their workers coverage. The insurance provider could lower the rate based on the size of the group.

  1. What Is Covered Under Personal Accidental Insurance Policy? 

Personal accident insurance provides additional coverage for a broader variety of potential incidents. It can cover aspects like disability or limb loss brought on by an accident at the workplace or while travelling. By protecting you against all potential outcomes, this insurance coverage can assist you in establishing a solid financial environment. 

Listed below are some of the main areas that the personal accident insurance plan covers: 

  1. Accidental Death Insurance

Family members of the policyholder may experience financial hardship in addition to emotional suffering in the event of an emergency, such as an accident. The nominee designated in the policy's contract receives payment of the whole insured amount in the event that the policyholder passes away or sustains fatal injuries as a result of the accident.

  1. Permanent Total Disability Coverage

Depending on the severity, the policyholder receives a pre-determined sum insured if the accident causes permanent disability or a lifetime impairment like the loss of limbs.

  1. Lifelong Partial Disability Insurance 

In the event of physical injuries leading to a permanent partial disability, the insured is entitled to a portion of the sum covered, up to 100%, under the terms of the personal accident insurance policy.

  1. Partial Full Disability Insurance 

The insurer compensates the policyholder for lost income by paying a weekly allowance if the policyholder becomes bedridden and satisfies the criteria for temporary complete disability. 

  1. What Does The Policy Not Cover? 

Exclusions can differ across plans and insurers. However, some of the most typical ones are as follows:

  • Intentional injuries 

  • Injuries sustained when the policyholder was impaired by alcohol or drugs 

  • Injuries sustained from taking part in violent public disturbances 

  • Accidents that happen when playing adventure sports 

When buying personal injury insurance, make sure to carefully read the policy documentation to ensure that you are aware of all the coverage and limitations.  

  1. Bottom-line:

A personal accidental plan serves as a safety net, ensuring financial security and peace of mind in the face of life’s uncertainties. Find the best personal accident insurance policy for you and your family with Baid Inbest LLP, a reputable insurance broker in Kolkata. It’s time to make informed decisions for a bright and secure future! 

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