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Blog > Health Insurance > 9 Reasons Why You Must Get Personal Accident Insurance

Reasons Why You Must Get Personal Accident Insurance

No matter how many precautions you take (or don’t take), accidents are bound to happen. The word ‘accident’ essentially means an “unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury.”

Don’t worry, we are not here to scare you. Rather, we intend to help you make the smart and sound decision of choosing personal accident insurance.

The moment we say insurance, you might think that you already have health insurance which will cover you in all sorts of health emergencies. Well, think again.

A health insurance policy covers you when you are hospitalized due to a disease/ailment. Not all health insurance policies cover accident-related expenses. Even the ones that do, do not offer a complete cover for hospitalisation expenses.

Buying a specialised plan that provides personal accidental insurance thus proves to be a smart move.
This insurance policy covers you completely against hospitalisation, death and disability due to accidents. Which means, if anything happens to you in an accident, your family won’t have to go through a financial crisis on top of the emotional trauma.

The good thing about this policy is that it covers you regardless of the magnitude of your accident. So if you fall from a bicycle and fracture your elbow, or get injured in a car accident, it will offer your family the much needed financial support. While we wish you never go through either of the scenarios, it’s always wise to be prepared for the worst. Because, as we said earlier, accidents can happen anytime, anywhere.

Benefits that personal accidental insurance offers -

Let’s take a look at the benefits that personal accidental insurance offers:

1. Accidental Death Cover

Accidental Death Cover

This benefit basically provides the sum insured to your family in case of your unfortunate demise. To put this benefit in figures, here’s an example - if you buy HDFC ERGO Health Individual Personal Accident Insurance (IPA), with a cover of ₹50 Lakh at an annual premium at just ₹6278, your family will get ₹50 Lakh if you pass away in an accident. A standard health insurance doesn’t provide such crucial financial support

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2. Permanent Disability Cover

Permanent Disability Cover

There are two scenarios under this benefit:
  • Permanent Total Disablement - If you lose both your hands and/or legs and/or eyesight in an accident, a lump-sum amount is paid to your family. The amount is a pre-defined percentage of the sum insured, which depends on the severity of the disability.
  • Permanent Partial Disablement - If you lose one hand and/or leg and/or eye in an accident, a lump-sum amount is paid to your family. The amount is a pre-defined percentage of the sum insured, which depends on the severity of the disability.

3. Temporary Total Disability Cover / Loss of Income Support

Temporary Total Disability Cover Loss of Income Support

If you are unable to go to work due to an accident, you won’t get your salary after your paid leaves are exhausted. In such a scenario, this benefit offers you a fixed payment to compensate for the loss of income.

4. Cover against Hospital Treatments & Other Expenses

Cover against Hospital Treatments Other Expenses

There are chances that you might get hospitalized due to an accident. A dedicated accidental insurance comes in handy in such a situation, as it reimburses the expenses you might incur for hospitalisation. The amount varies according to the type of treatment. The insurance also has a lump sum cash benefit which provides a fixed amount for each day of accidental hospitalisation.
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5. Children’s Education Fund

Children’s Education Fund

If you get crippled or lose your life in an accident, and you have dependent child/ren, their education would be hampered. Understanding this critical aspect, this insurance policy ensures they can continue with their education when you aren’t able to provide for them. A lump-sum payment of the sum insured is paid to your family to support your child’s education.

6. Children’s Marriage Fund

Children’s Marriage Fund

Similar to the above benefit, a payment of the sum insured is made to your family as marriage expenses for your unmarried dependent children. This payment is limited to the amount of your sum insured, irrespective of the number of your dependent children.

7. Loan Secure Benefit

Loan Secure Benefit

Imagine you buy a new home to give a better life to your family, and you pay for it partly with a home loan. In case of your death or permanent total disability due to an accident, the burden of repaying the huge loan amount would fall on your family. This is where personal accident insurance would offer vital financial support. It would help your family repay the outstanding principal loan amount (exclusive of arrears or penalties) and prevent them from falling into a financial crisis.

8. Elderly Care Benefit

Elderly Care Benefit

If you have dependent parents, who are more than 65 years of age, they would be completely stranded if you are unable to support them due to an accident. A lump-sum payment will be made to them, in case of your death or permanent total disability, so that they don’t have to face financial struggles when they have no means of earning.
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9. Pet Care

Pet Care

Pet care is a genuine concern for pet owners. Considering this affection of humans towards their pets, and the significant costs of caring for a pet, this insurance policy provides a fixed daily amount to take care of the pet if their human is hospitalized in an accident.

These are not the only benefits that personal accident insurance provides. You will discover all the benefits in detail in the policy documents.

Also, you would like to know that this policy covers you for accidents that might happen when you are driving, riding your bike, using public transport (like a train or bus), engaged in an adventure sport* and even when you are on foot (example - falling off the stairs).

This personal accident insurance plan ensures that your family doesn’t go through a financial crisis, and all you have pay for it is a few thousand rupees a year. So choosing this policy is much better than taking chances, isn’t it?

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