Accidents can happen without warning, and you may not be able to protect yourself from the unexpected. That’s why it’s important to consider safeguarding your future with a personal accident insurance cover. It helps relieve the financial burden that can arise due to medical bills or time away from work. This article will provide an overview of personal accident insurance cover and its benefits.
What Is Personal Accident Insurance?
Personal accident insurance is a type of insurance that provides financial protection in case of a casualty resulting in severe injury or death. If you experience a covered accident, the policy can provide a lump sum benefit to help cover medical bills, living expenses, and any other costs related to your recovery—no matter how costly they may be. Unlike health insurance, accident insurance is designed to supplement existing forms of coverage, so you can be sure those unexpected medical bills won’t bankrupt.
What are the Advantages of Personal Accident Insurance Coverage?
The medical costs met by personal accident insurance coverage are usually related to injuries or death due to an accident. They can include hospitalisation and transportation costs, ambulance charges, and other treatment-related expenditures. In addition, if you need assistance with daily activities due to an injury or sickness caused by accident, the policy may cover part or all of the cost of hiring a caretaker.
In case of death, the insurer will pay out benefit monies to your designated beneficiary for use towards related expenses or to replace lost income for the family over a specified period of time. Furthermore, it can also provide financial compensation for permanent disability.
What Situations are Handled by a Personal Accident Insurance Cover?
Depending on the policy, you could be covered for some or all of the following situations:
Accidents at Home
If you are injured in an accident inside your house, such as slipping and falling on a wet floor, you may be able to receive a claim from the insurer.
Accidents at Work
You can also file a claim if you are injured while performing work duties. This includes both manual workers who get injured while working with machinery, as well as people in office jobs who hurt themselves at their desks.
Motor Accidents
Accidents while driving, riding a motorbike or cycling can also be covered by a personal accident insurance policy. Some policies also provide coverage if you suffer an injury while being a passenger in any motorised vehicle.
Natural Events
Some accident policies provide coverage for events like earthquakes and floods.
These are just some of the accidents that an insurance policy could cover. Talk to your insurance provider for more information about what your specific policy covers.
What Factors Affect the Personal Accident Insurance Premium?
You must ensure that the personal accident insurance premium you’ll be paying is reasonable. You can do so with the help of a personal accident insurance premium calculator. It takes into account the following factors to come up with an estimate. With a personal accident insurance policy premium calculator, you get free access to a convenient comparison tool to ensure you get the best plan possible for maximum protection.
Age
The age of the policyholder can have an effect on the personal accident insurance premium, so it’s essential to know and understand your age-related options when it comes to insurance.
Geographical Zone
The geographical zone of the policyholder is also considered when it comes to determining the premium. For example, your premium will be higher if you live in an area typically prone to natural disasters such as earthquakes or floods.
Sum Insured
The type of coverage and sum insured offered by various providers also affects premiums. For example, a basic plan may have lower premiums, whereas a comprehensive plan may have higher premiums but provide extended coverage. Decide what range fits your lifestyle and budget best before selecting a plan from an insurance provider.
Personal accident insurance is an affordable and potentially life-saving insurance policy that everyone should consider getting. Niva Bupa helps you to obtain the best health insurance plan coverage, which can provide you with peace of mind knowing that you and your family are protected in the case of any casualty.
