Accidents are a traumatising experience for both the victims and their families. It is emotionally and financially exhausting for the family as sudden accidents can be hard due to skyrocketing hospitalisation costs, the cost of medication, and other expenses during recovery.
So an accident insurance policy is critical to secure yourself and your family. This insurance policy covers loss of life, disabilities and also income loss due to accidents. You can buy an accident insurance policy with a medical insurance policy or buy it as a standalone policy.
Who can purchase this policy?
You can purchase this health insurance policy between 18 and 65 years of age. You can buy it for yourself, your children, your parents or your spouse.
Variants of Accident Insurance Policy
- Individual Accident Insurance Policy
These policies guard a single individual against accidents and damages.
- Group Accident Insurance Policy
Employers take group insurance plans for employees of their company.
What is covered under an accident insurance policy?
So any kind of accidental injury is covered, and accidental damage is a physical bodily injury resulting from an external force, blow or fall, or ingestion of a harmful substance requiring immediate treatment. Animal or insect bites or sunstroke are also considered accidents.
- Coverage against accidental death
- Coverage for partial or lifetime disability resulting from an accident
- Coverage against hospitalisation due to burns or fractures and other medical expenses
- Daily cash allowance for hospital expenses
What is not included in the coverage?
Not all kinds of accidents are covered under the buy personal accident insurance policy. Here are some exclusions.
- Any kind of self-inflicted injury is not covered under the policy
- If an insured individual has been injured during a suicide attempt or has committed suicide, the insured will not be eligible for the claim
- If the insured is drunk or under the influence of any medications not prescribed by the doctor or banned for individual use
- If the insured met an accident due to participation in crime or riot causing civil unrest
- Accidents result from participation in hazardous activities such as parachuting, scuba diving, bungee jumping, sky diving, etc.
- Breaching law and order with criminal intentions and any such activity that results in accidents.
Benefits of buying an accident insurance policy
So there are various benefits of buying an accident insurance policy.
- The insured person gets covered against financial liabilities or injury, which can help you save on expenses due to an accident.
- Medical expense coverage and hospitalisation from accident treatment
- A daily cash allowance of up to ₹1000 (depending on the policy chosen) is given as compensation to the patient if the regular work of the patient ceases due to the accident.
- Accidents being critical events, the claim settlement process under such policies is comparatively faster.
- Permanent total disability benefits—also comprehensive coverage like death, income loss, or disability due to an accident
- Cumulative bonus benefits
- Cashless claim settlement, where the financial liabilities are settled directly between the medical health insurance company and the network hospital
- No requirement for medical tests and documentation
- Multiple benefits at low premium rates.
An accident insurance policy is essential to buy as it will help you save money in case of unforeseen accidents and protects you against financial strain from any such event.
You can take various add-ons along with the accident insurance policy, like hospital confinement allowance and ambulance expenses.
Accidents are sudden and unfortunate events, and a surge in vehicle crowds on roads causes several accidents. It is essential to have a reliable accident insurance policy that takes the brunt of your financial burden whenever you need it.