Everything you need to know about Personal Accident Cover

How does having a personal accident insurance policy benefit you?

1. With a personal accident insurance policy, your nominee gets 100% of the chosen sum assured against an accidental death or you get 100% of sum insured payable for any partial or temporary or permanent total disablement.
2. As a financial relief to the patient, it offers a fixed daily allowance during hospitalization.
3. Offers multiple benefits at low premiums and there are no medical tests needed for purchasing one.
4. You get worldwide accident coverage.
5. You can also cover your entire family under one plan.

What are the different kinds of covers available under the personal accident insurance?

1. Accidental Death Cover: For the family members who are financially and emotionally dependent on the insured, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of death of the insured.
2. Permanent / Total Disability Cover: A defined sum insured amount is paid to the policyholder if an accident results in permanent impairments or lifelong total impairment, such as loss of both limbs.
3. Permanent Partial Disability Cover: If physical harm results in a permanent partial disability, the insured receives a portion (up to 100%) of the benefit.
4. Temporary Total Disability Cover: The insurer will offer a weekly payment to make up for the loss of income in the event that the insured suffers from temporary total impairments and is bedridden. In the event of an income loss, the insured may also use this claim amount to cover loan EMI payments.

What are the major personal accident insurance plans inclusions and exclusions?

What are the key additional benefits that you can avail with a personal accident insurance cover?

There are numerous additional benefits that come with a personal accident insurance cover in addition to the four main ones. These advantages may be included in the standard plan by some insurers or you may purchase them as an add-on cover by paying an additional premium:

1. Ambulance Fees: The insured is reimbursed for the cost of the ambulance ride to the hospital following the accident.
2. Hospital Daily Expenses: In the event of a hospitalization arising out of an accident, the insured is given a daily cash allowance. This cover is only available for a specific number of days.
3. Broken Bones: The cover provides for a fixed compensation in the event that a bone is shattered or otherwise damaged.
4. Burns: Accidental burn injuries are also covered by insurance.
5. Family Travel Allowance: This benefit is available when the hospital is far from the covered person's home. In such cases, the actual transportation costs incurred by the insured person's close family members are also reimbursed. The sum mentioned in the policy will be deducted from the total refund due.
6. Education Advantage: A certain amount is covered in the event of the policyholder's untimely death due to an accident for the dependent child's educational expenses.
7. Loan Protector: A lump sum payment (as defined in the insurance schedule) is made in the case of an untimely death or permanent disability arising due to an accident.
8. Transportation or Repatriation of Mortal Remains: In the event of the policyholder's death due to an accident, the nominee would be reimbursed for any costs associated with the repatriation and transportation of the policyholder's mortal remains from the scene of the accident to a hospital, residence or crematory. Additionally, reimbursement is given for the costs related to the religious rites associated with cremation.
9. Adaptation Allowance: This benefit may be provided by some insurers. If a tragic occurrence results in total or permanent disability or dismemberment, the cost of modifying one's home or vehicle is also covered.

What is compulsory personal accident insurance in motor insurance?

Compulsory personal accident insurance is an add-on cover alongside a motor Insurance policy, which covers the owner-driver of an insured vehicle against any accidental injuries. It offers financial aid in case the owner-driver of the vehicle suffers from bodily injuries, disability or death due to the accident. Just as you worry about what would happen to your loved ones in the event of your untimely death, you should also consider how they would manage in the event of a permanent impairment. With the appropriate cover, be ready for any such unforeseen situations. At Jio Insurance Broking Limited we help you choose the right insurance plan from across multiple insurers to safeguard you and your family and also help you understand its benefits.

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