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Personal Accident Insurance

Over 1,37,000 people were killed in road accidents in 2013 alone, that is more than the number of people killed in all our wars put together. There is one death every four minutes due to a road accident in India. 1214 road crashesoccur every day in India. Two wheelers account for 25% of total road crash deaths.

Having an insurance plan to cover you against any personal disability, injury or accidental death has become the need of the hour. In your absence, it is your family who has to bear the loss and resulting distress. A personal accident insurance offers financial compensation in case of death, bodily injuries, total/partial disability or mutilation resulting from an accident caused by violent, visible and external means. One should focus on buying a policy that will help guard the family's future in case of temporary/partial disability or accidental death.

The personal accident insurance comes useful in types of events such as - Air, rail, road accident; Injury due to collision or fall; Burn injury; Drowning etc.

Types of Personal Accident Insurance

There are broadly two types of personal accident insurance cover:
  • Individual: Under this policy, an individual is covered under any event of accident if the incident causes partial or total disability, is of temporary or permanent nature or even accidental death.
  • Group: This type of insurance is taken by employers for their employees. Discounts on premium can be ascertained depending on the size of the group. For organizations that are small in number, this insurance cover adds as an incentive. But being a basic cover, it may not have all the benefits of an individual accident cover. The cover provided under the insurance policy is upto a certified limit for the entire group with sub-limits for individuals.

For taking a particular personal accident insurance, one needs to understand the benefits as well as features of accidental death insurance policies in detail. Select and compare with all the major insurance providers about the amount of coverage, nature of disabilities etc before finally zeroing down on any one. Speak to their customer service executives in case you have any doubt regarding any of the covers.

What is covered under Personal Accident Insurance Policy?

The following things are covered under a personal accident insurance policy:
  • Accidental Death: If the policy holder dies due to the accident, the family receives the sum assured under this plan.
  • Accidental Disability: If the policy holder is disabled either partially or wholly due to an accident.
  • Accidental Dismemberment: If a part of the body of the policy holder has been severed due to the accident, he would be eligible to get a claim under this policy.
  • Acts of Terrorism: If the policy holder is injured due to acts of terrorism, the person is eligible for claim under this policy.
  • Daily allowance on hospitalization: Monetary relief to the policy holder when he undergoes treatment at the hospital.

What does the Personal Accident Insurance NOT cover?

The following occurrence due to natural death is not covered under the personal accident insurance policy:
  • Pre-existing injury or disability
  • Pregnancy or child birth
  • Suicide or self-injuries
  • Non-allopathic treatments
  • Influence of intoxicants
  • Being involved in war activities
  • Suffering from mental disorder
  • Participating in naval, military, air force, adventurous or sports activities

Who can be covered?

  • Persons between the age group of 5 - 65 years can be covered under this policy.
  • Coverage of Self is mandatory.
  • Coverage is available for self, spouse and dependent children.
  • Renewals accepted life long for self and spouse & Up-to 21 years for dependant children.

What are the additional benefits of Personal Accident Insurance?

The following additional benefits are also covered under the personal accident insurance:

Ambulance Expenses:Your ambulance charges incurred on taking you to the hospital post the accident are covered in this.

Transportation or Repatriation of Mortal Remains: This takes care of the amount incurred on transporting the mortal remains of the dead (in case of accidental death) from the accident site to the hospital, residence or cremation ground. Further, it also reimburses the religious ceremonies.

Broken Bones: The insured person gets a fixed compensation in case there is only a fracture in the bone or bone damage due to the accident and not any permanent disability or death due to the accident.

Burns: The insured person gets a certain percentage of the policy in case he is being admitted to the hospital for treatment of burn injuries.

Family Transportation Allowance: A substantial sum is given to the immediate member of the family in case the person in question has to be transported to the hospital from a far off area on recommendation of the medical practitioner.

Education Benefit: This takes care of the child's educational expenses in case the insured dies due to an accident.

Loan Protector: A lump sum amount specified in the policy is paid in case the insured dies due to accident or is permanently dismembered.

Adaptation Allowance: In case a person is permanently disabled due to the accident, a sum is given to modification of the house and vehicle to make it disable friendly.

Why shouldyou have an accident Insurance Policy?

To deal with a situation wherein, your family doesn't have to bear the brunt of your accidental damage, a personal accident insurance coverage gives the following benefits:
  • Security to the family
  • No documentation or medical tests
  • Your premium is low but you get comprehensive coverage
  • Worldwide coverage
  • You can buy an individual or family
  • Easy and certified claim process
  • 24x7 support service
  • Expenses for Legal and funeral are covered
  • Benefit for child's education
  • Coverage against death/disability caused while traveling in public transport
  • Customize your plan as per your need

Section 80D of the Income Tax Act 1961 does not provide any tax benefit for premium paid for personal accident plans. This insurance should be taken purely for safety purpose and toa void financial repercussions on the family.

How to claim a personal accident insurance?

Like every other insurance claim, while claiming a personal accident insurance too one needs to inform the insurance provider about the event within the time specified by them. The following things are to be submitted to the insurer when intimate a claim-
  • Your contact numbers
  • Policy number
  • Date and time of accident
  • Name and contact details of insured person who is injured
  • Location of loss
  • Brief description on how the accident/ loss took place with its location details
  • Extent of loss

It is advisable that your family members know of all the above information to make it a smooth cliam process. In case of Accidental death/ disability claim, following documents are required to submit-
  • Death certificate
  • Post mortem report
  • FIR report
  • Medical certificate
  • Medicine bills

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