According to statistics, lakhs of motorists and pedestrians are killed or are disabled every year. In a country like India, the increasing population is leading to growth in number of vehicles too, ultimately spiking the occurrence of accidents. This makes personal accident insurance more relevant now than ever.
This type of policy offers protection to the policyholder and the insured person’s family. An insured person who dies, or is incapacitated in a motor accident, is liable to be compensated by the insurance company.
Different Coverages of Personal Accident Policy
With the help of personal accident insurance policy comparison, you can make the right buying decision of online policy purchase. In case of an accidental death or injury, the entire SI amount disbursed varies as per the three broad sections mentioned below:
Permanent Total Disability(PTD)
In case of an accident that results in the insured person’s permanent disability, then the entire amount is disbursed to the insured or the nominee.
Temporary Total Disability(TTD)
It may happen that the insured has met with an accident which renders him incapable to some extent or causes some sort of disability. In this case, a specific sum is paid to the insured over a limited time, until the policyholder can regain his strength and go back to work.
Permanent Partial Disability(PTD)
For physical injuries resulting in permanent disability, a part of sum insured amount is disbursed (this can be as much as 100% of the sum insured). The percentage will depend on the extent of the disability caused.
What to Look for while opting for a Personal Accident Insurance Policy?
Accidents are hard on a person as well as his family, both mentally and financially. A fatal accident can drain all of your life savings and put the entire household in a troublesome position. That is why it is essential to do meticulous online personal accident insurance policy comparison, and have a good insurance policy in place. These are some essential features you should look out for, before buying a personal accident policy:
This indicates coverage for a portion of the insured’s body that has been dismembered. In this case, the policyholder is eligible for claiming his insurance money.
This indicates that in case the insured person is disabled partly or fully, he is eligible to claim the insurance money.
The bodily injury inflicted on a policyholder because of a terrorist attack makes him eligible to claim insurance.
In case the policyholder is in the hospital for treatment, he can get coverage for hospitalization expenses in the form of daily allowance.
If in case the policyholder dies, the whole insured amount is paid in full to the nominee.
Benefits of Accidental Insurance
Imagine if you are the only earning member of the family and some accident makes you disabled, or kills you, then your family will have no income whatsoever. However, the bills and bank rates will keep on rising, along with recession to add to the troubles. So, it is a smart move in today’s time to be insured, rather than be sorry. There are many benefits of being insured, some of which we have listed below:
2.Quick claim method
4.Round the clock support service
5.Double security and protection for death/ disability that happens while commuting in a public transport vehicle
6.Can include family as well as individual
7.Extensive medical tests and documentation not needed
Instead of being dumbstruck in case a life-threatening accident takes place, get yourself a good personal accidental insurance policy. This way, you can be rest assured that your family will not go down if any mishap occurs.