We all are exposed to the risks of accidents in our day to day lives. Despite all possible precautions accidents do occur which may result into disablement or loss of body parts or sometimes even death.
This policy provides compensation in the event of insured sustaining injuries, solely and directly from an accident caused by violent, visible and external means, resulting into death or disablement be it temporary or permanent.
Coverages Available under personal accidental Insurance
- Accidental death – Death because of car crash or any other unfortunate accident is covered by personal accident insurance. If the insured dies in an accident, the beneficiary receives the compensation of 100% sum assured.
- Permanent Total Disablement – Any accident injury which makes it impossible for a particular person to work for the rest of his life. Permanent disabled refer to the permanent loss of the functionality. The insured receives 100% pay out in case of permanent total disablement.
- Permanent Partial Disability – Any accidental injury which reduces the efficiency because of the partial loss of functionality in one or more limbs and there is no chance of recovery, it covers the treatment for permanent partial disability such as loss of one Ieg or one hand or any nerve damage. The coverage will be given from 50% to 100% depending upon the severeness.
- Temporary Total Disablement. Any accidental injury which exists only on a temporary basis, such as fracture, is also covered with the specified sub limit pay out of a certain amount of the sum assured. In such cases, the insured will return to work eventually after few days or few months. The insured will receive weekly compensation of 1% of sum assured for up to 100 weeks, depending on the type of injury.
- Child Education Grant. If the insured suffers from the permanent total disability and accidental death. An education grant benefit is provided to the insured children, this is subject to two children’s if their ages is below 25 years. It’s an add on benefit in Personal accidental cover.
- Terrorism. Injuries affiliate because of terrorist tags are also covered by personal accident insurance. There are few insurance companies that provide this cover. So before buying the accident cover, please check which insurance company will give you this cover.
- Additional benefits. There are additional benefits such as an ambulance charges, general expenses, fracture cover, etc. You should check with the insurance company whether these additional benefits are provided or not. This can be taken as an add on benefit along with your personal accidental cover.
Why is it Important to buy personal accidental cover?
For example: Mr. Bhavesh has taken and standard personal accident cover. He met with an accident and has fractured his hand. The cost comes up to Rs.25,000/-. His accidental policy did not cover the fracture cost, it only covered the basic personal accident cost. Hence, he had to pay the entire amount.
It is recommended to take an add on of Temporary total disablement and permanent partial disablement whenever you take a personal accident cover. You need to check the risk coverage and sub limits associated with the policy as well. So please read the terms and conditions before taking any personal accident policy.