This is Why Buying Personal Accident Insurance is Beneficial
Nobody wants to get involved in accidents or any other unknown mishaps. It is unfortunate if you face such a situation and the worst thing is, you don’t have insurance cover for bodily injury or accidental death. The majority of people don’t understand the importance of buying personal accident insurance. One of the reasons is people are unaware of such insurance cover. They only know about two wheeler or car insurance due to the mandatory factor. Most of the people don’t give serious thought about personal accident insurance as they think life insurance is same as personal accident insurance for body safety. Life insurance demands heavy premium whereas personal accident insurance is less expensive and depend on the types of coverage. Different types of insurance covers have different key benefits and features accordingly.
What is personal accident insurance?
Personal accident insurance is a type of insurance cover that financially assists a person in case of bodily injury. It’s like an agreement between an insurance company and an insured. In case of any mishappenings, the insurer will provide financial compensation for death or bodily injury, whether partial or permanent. In case there is an injury due to an accident that requires immediate treatment, the policy ensures coverage for the costs of this case. Accidental Death, Permanent Total Disability, Permanent Partial Disability, Temporary Total Disability, Transportation of Mortal Remains, Children‘s Education Benefit are the coverage types you can avail for your personal safety and security. Personal accident insurance as the name suggests it saves you from injury caused due to fall or collision, road or plane accident, gas cylinder burst and others.
Following are the key benefits of personal accident insurance for you –
Provide Financial Assistance: There are several key benefits of buying personal accident insurance you can have. Insurance covers are there to provide financial assistance in case of an accident or other incidents. Life is unpredictable you can’t even say what can happen in the very next second. Imagine you are walking on street and suddenly a car hits you. And, you are not financially so strong. There may be two situations in case if you are having personal accident insurance cover or don’t have. In the first situation, you will be worry-less because of the insurance company going to reimburse the cost of treatment. But, in second case you will feel unlucky because you are going to pay from your pocket which is not even sufficient.
Covers for accidental death: Don’t get confused with term death it can be natural as well as accidental and personal accident insurance cover the accidental death. In this situation, the insured nominee gets 100% of the sum insured as per the plan offered. Keep a note that compensation is only available if accidental death occurs during the policy tenure. That’s the reason personal accident insurance is a good option for you to bring up a prosperous life for insured and family members.
Covers permanent total disability: In case of permanent total disability, the insurer provides 100% sum insured to the injured insured. If insured person meets with an accident that causes a permanent total disability within 12 months from the date of the accident he or she will be reimbursed as per the company norms. Permanent total disability includes injury of an arm at the shoulder joint, an arm above the elbow joint, a hand at the wrist, a thumb, index finger, leg above mid-thigh, leg up to beneath the knee and other injuries. There are several plans available that can facilitate you with appropriate compensation.
Covers Temporary Total Disability: When a loss occurs due to an injury during the policy period in which he or she is unable to perform their normal work and duties for some time. In such a case, the insurance company provides weekly benefits as per the norms of policy.
Conclusively, personal accident insurance act as your personal safety shield to help in case of accidental death and bodily injury. Therefore, buying personal accident insurance is a wise decision ever you should have.