Amongst the variety of insurance policies, Personal Accident Insurance is a specific policy targeting just the risks you perceive most important for you. Technically it is defined as an insurance policy ‘covering the risk of physical injuries arising directly from an accident that was caused by external, violent and visible means and results in death or disablement’. A low cost insurance policy, this segment is different from health policies in the sense that not only does it cover a portion of medical bills arising from an accident or injury, but also provides security against any temporary, extended or permanent loss of income due to the aforementioned. At present the Indian insurance sector has 19 insurance firms offering 26 different PAI plans with varying premiums, coverage limits and combination packs.
· Most people would ask that question specially if they already have life insurance and mediclaim plans. But personal accident insurance plans are topical in precisely that grey area left uncovered by the above two. In case of an accident causing disability (temporary or permanent), life insurance will not cover an individual against handicaps and nor will the mediclaim provide for loss of income while disabled.
· This is where a personal accident insurance plan will step in, as depending on your plan you can opt for a weekly payout too (comprehensive coverage). An individual also has the option of being paid a pre determined percentage of the amount insured, depending on the type of disablement and income.
· Personal accident insurance also covers physical damage from unforeseen events such as terrorism, air or rail accidents, earthquakes and the likes, an area untouched by most insurance plans.
· Personal accident insurance gives instant cover without any medical examination.
· Individuals are offered worldwide coverage.
· Based on your individual risk assessment, you can avail customized packages ranging from Rs 3 Lakh to Rs 20 Lakh as amount insured.
· As opposed to other insurance plans which require a lot of paperwork, personal accident insurance policies have a relatively easy claim process with very little documentation. For instance, no medical bills are required when filing for claims.
· These plans are also extremely flexible, giving you the option of adding mediclaim like benefits such as hospitalization and reimbursement, for extra payment, all tailored to suit your needs.
· In the case of a death or permanent total disablement of the breadwinner, personal accident insurance also gives educational grants to dependent children. Additionally, family cover packages sometimes offer discounts up to 20%.
· In the case of an accident caused hospitalization, personal accident plans sometimes offer a fixed amount per day for an entire year, over and above the lump-sum. As you can see no other policy covers such a long period.
· Individuals or employers in the high risk jobs category benefit the most from personal accident insurance plans, followed by senior citizens and young adults.
Having a personal accident insurance helps to sustain in the absence of a livelihood and can be easily bought and renewed online at the insurer’s website.
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