Accidents are unfortunate and can happen to anyone. They can affect a person emotionally, physically and drain them of their financial savings. Therefore, it is recommended that you invest in personal accident insurance.
It is a type of insurance cover that offers medical coverage for injuries, disabilities and even death caused by accidents. In this blog, we will learn in detail about the best accidental insurance plan.
Understanding of Personal Accident Insurance
Personal accident insurance is designed to provide coverage against any type of injury, partial or total disability, or even death that arises from an accident. It is a safety net that ensures you are protected in every possible scenario.
It can either be bought as a standalone cover or as an add-on cover under a health insurance plan. Under a personal accident and illness insurance,
- if a policyholder becomes disabled, dies or is severely injured in an accident, the insurance provider will pay out a predetermined amount to the policyholder or their family.
- If the disability is partial, then only a part of the sum insured is given to the policyholder based on the severity of the injuries.
This type of insurance plan also offers coverage against minor accidents, such as fractures, dislocations and more.
How Does a Personal Accident Cover Work?
A personal accident insurance plan is different from a regular health insurance policy. This policy offers financial coverage to policyholders in the event of an accident. The policyholder must notify the insurance provider about the accident.
Suppose the policyholder has died during the accident. In that case, a family member needs to provide the death certificate specifying the reason for death to the insurance provider before the cremation or within one month after the death.
When filing a claim, policyholders or their family members need to provide the insurance provider with documents such as the policy number, date of the accident, nature of the accident and more. The process is straightforward, ensuring you can focus on recovery without worrying about the paperwork.
After verifying all the details, the insurance provider will either approve or reject the personal accident claim request. If it is approved, the policyholder will get the amount within a few days.
Who Should Buy Personal Accident Cover?
- Individuals who are the sole breadwinner of the family should invest in personal accident insurance.
- Those who are employed in high-risk jobs, such as construction, mining, law enforcement, firefighting, etc.
- Individuals who are involved in highway driving.
- Workers or employees involved in cash-carrying activities are always at high risk.
Conclusion
Accidents are unfortunate events that can eat away at a person’s financial savings. Strong financial support is necessary to deal with medical emergencies, so many individuals purchase personal accident insurance plans.
This insurance policy keeps policyholders prepared for emergencies, and policyholders can get the best treatment in authorised facilities without worrying about expenses.
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