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What is accident insurance? Why shall I buy it? When shall I buy it? There are many such questions in minds of people looking for accident health insurance products. It can be because of lack of awareness of these products. Whatever would be the cause, the need of an hour is to awake these people who are yet unaware of such useful products and encourage them to buy them to make medical treatment easier and accessible. 
Accident insurance is a specific type of insurance plans that are designed to protect finances in case of an accident. it is important to buy these insurance products in order to remain financially stable, especially when there are mishaps caused by an accident. One of the important points to keep in mind is that bodily injuries arising out of an accident should not be self inflicted. It is only then that the coverage would be offered for the treatment of the same, as self inflicted injuries or injuries incurred in an attempt to do so are one of the exclusions of the plan. 
The primary reason for buying an accident insurance is to protect an insured and his or her family from a possible financial hardship that may arise due to medical treatment for injuries incurred after an accident. There is no doubt that when a person faces a sudden mishap like an accident, there are several problems that arises in life. One of these problems is financial hardships that a family has to face due to rising medical treatment expenses or the stop of income in an event of a death of an earning member. Accident insurance plans offer coverage to all these needs of an insured and the family.
These products are designed to keep loved ones away from financial devastation that they might have to face in an event of an insured’s death. Thus, these products should be purchased at the earliest to offer the required health cover, as one never knows when such circumstances of life would bring problems for an individual and his or her family. It is better to be protected all times than to bear these problems.
There are many such plans available in Indian health insurance market that offer the required coverage to people facing an accident. But, the coverage limit of one plan varies from another. Thus, it is advised that one should carefully read all terms and conditions of the plan before buying the same. One of the important sections that need to be considered is ‘Exclusions’. 
A few of the plan’s exclusions are as follows: 
  • Any pre-existing disease or the related complication arising from an accident.
  • An attempt of suicide or self inflicted injuries while sane or insane.
  • Injuries cause out of mental disorder or any psychiatric problem.
  • Death due to AIDS or sexually transmitted diseases.
  • Death due to participation in naval, military or air force operation, scuba diving, parachuting, racing or any such gaming activity.
  • Death or injuries because of breach of law with criminal intent
  • Abuse of intoxicants or consequences related to the same, such as the effects of hallucinogenic substances, like alcohol or drugs.
  • War or an act of war or invasion, etc. 
  • Congenital diseases or defects.
  • Pregnancy or childbirth.
  • Non-allopathic treatment.
The above stated are few of the exclusions, which may vary from a plan to plan. One should carefully go through this section to know about them in detail.
Looking into the problems faced by meeting after an accident, Apollo Munich has turned up with their IPA, Individual Personal Accident Health Insurance Plan to offer the required coverage to the Indian masses and make medical treatment easy for insured individuals. This plan offers complete coverage such that an insured or his or her family members need not have to go through financial hardships in an event of medical emergencies arising due to an accident.
Individual Personal Accident insurance Plan brought by Apollo Munich is one of the wide-ranging coverage offering products. This policy is well thought and designed, looking into coverage needs of a victim such that medical care expense is no more a burden. At the same time, this policy ensures that an insured need not have to compromise with the quality medical care, due to high rising medical costs. On buying these products, one need not have to run for the arrangement of funds at the last hour, as an insurer pays compensatory amount, subject to the terms and conditions of the plan.
IPA, Individual Personal Accident Insurance Plan is available in two variants: Standard and Premium, each with different coverage limits. The Premium plan offers better protection, as the number of benefits offered by this variant is more than the Standard one. One might have to pay a bit more amount for the ‘premium’ variant but it is better to be more protected. 
This pan works on principle of benefit, which promises insured or beneficiary lump sum money on happening of certain incident, as mentioned in policy wording of the same. The amount of money received may depend upon the extent of injuries incurred and the terms and conditions of the plan. One of the good aspects of this plan is that it can be purchased at cost-effective price and can easily be afforded by the common man. 
Thus, it is advised than one should buy this plan to stay at peace of mind and be ready to face medical contingencies arising due to an accident.
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