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Accident health insurance policy is devised to keep an individual away from fiscal problems that a family has to bear, when someone in the family encounters an accident. An accident is an unexpected incident that brings several health issues in a victim’s life. When a person comes across a sudden mishap that result in health issues or a serious road accident, he or she has to bear several bodily injuries, which might last for a long time or in some cases, a person has to live with them lifelong. Many a time, it becomes difficult to pay for the long hospitalization bills. When a person is disabled because of an accident, family members have to face numerous problems because of reduced income. Thus, an accident may affect the overall financial status of a family and the lifestyle of other family members too, as they are left with no alternative other than to face monetary crunches.
In order to stay secured or protected against these issues of life that can knock the door at any time, a person should buy accident insurance such that he or she gets financial protection against medical adversities arising due to a accident. An accident insurance policy offers coverage to an insured in settling medical bills or compensating for the loss of income, as the case may be.  An accident insurance policy ensures that a family need not to suffer on financial grounds, if an earning member of the family meets an accident. 
These products are deemed to be very useful and thus, should be purchased carefully. A wrong choice can deprive a person from the required coverage in the longer run. There are numerous such plans available in the Indian health insurance market. However, one should go through the terms and conditions of several plans and should understand them properly in order to ensure due protection. The chosen plan should offer comprehensive cover such that all medical needs of a person arising due to an accident are fulfilled. 
Apollo Munich, a joint venture between Apollo Hospitals, Asia’s leading chain of hospitals and Munich Health, the new business wing of Munich Re, leading insurer of Germany, has brought a comprehensive accident insurance policy for the Indian citizens. The policy is well thought out and designed, looking into health needs of the people that arise after an accident. 
Individual Personal Accident Insurance Policy offers several benefits to its customers. The plan offers cover in case of death of an insured due to an accident. A beneficiary or a nominee is entitled to the coverage of the insured amount, if an insured dies due to an accident. This amount of compensation is helpful in carrying out the life’s responsibilities, such as child’s education, child’s marriage, payment of debt, if any, of the loved ones, etc. the plan further offer cover to both permanent or temporary disablement, may it be partial or total. The coverage for disablement is as follows:
 
  • PTD, Permanent total disablement: in an event of permanent total disability, an insured is entitled to a certain sum of money, as per the scale provided in policy wordings of the plan
  • PPD, Permanent Partial Disablement: In an event of permanent partial disablement, a policy holder gets a certain compensatory amount, which depends upon the scale provided in policy wording of the plan. This amount varies with the injuries incurred.
  • Temporary total disablement: The insurance company takes care of its customers who have encountered such an accident. An insured suffers from loss of income in case of temporary total disablement. Keeping this in mind, the insurer pays a weekly allowance to compensate for the loss of income, because of disablement.
IPA, Individual Personal Accident Insurance Policy is a well thought out plan that offers cover for emergency ambulance coverage, for an ambulance used to transfer an insured to the nearest hospital, because of emergency caused due to an accident, transportation of mortal remains from the place of accident or from the hospital to his residency or cremation ground, as the case may be, education funds of dependent kids, in case of death or disablement if an insured. 
The list of benefits does not stop here. It further includes cover for family transportation, i.e., the expenses incurred in transporting one immediate family member to the hospital, subject to the condition that the hospital is located minimum 200kms away from insured’s residency and medical expenses incurred due to the treatment of health issues caused due to an accident. There is coverage for transportation of imported medicines, which includes the expenses incurred as freight charges for importing the medicines to India, provided that these medicines are medically necessary and are not available within the country. 
Purchase of blood, modification of residence or vehicle, accident inpatient expenses and coverage for broken bones are further benefits offered with an individual accident insurance policy. IPA is available in two variants; Standard and Premium. The ‘Premium’ plan offers wider coverage as compared to ‘Standard’ variant. ‘Premium’ variant can be purchased on payment of a little more premium. 
Thus, one should carefully read the policy wordings and should buy a plan that offers complete coverage. A person while looking for a plan should read about copayment, deductible, waiting period and exclusions of the plan that can deprive him or her of the coverage later. It is a must to have knowledge of these parameters that can act as a hindrance in seeking coverage. 
Accident insurance policies are designed to keep person secured against health issues or financial issues arising due to an accident.

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