Personal Accident Insurance – Things You Must Know

Accidents are neither subjective nor predictable. They can take place anywhere, anytime and can affect anyone. Accidents ranging from minor to major and can massively affect a person’s life. Some accidents result in unfortunate events like death, whereas some leave the person partially or entirely disabled. In such cases, an extended period of grief over the event is counterproductive to your family. Hence, it is important that you stay prepared beforehand by opting for a Personal Accident Insurance.

The aftermath of accidents can be destructive and can shatter a person both emotionally and financially. Insurance covers like term life insurance and general insurance can be helpful but they too can sometimes fall short to meet the needs of the insured. Personal Accident Insurance is the perfect solution to tackle the post-accident period. As the name suggests, the policy specifically covers accident related injuries and mishaps.The policy provides financial aid for medical expenses and also during the recovery period. It also covers other scenarios like loss of livelihood.

Personal Accident insurance is among the important insurances one should have. However, there are some things you should know before purchasing the policies.

  1. The plan can be extended to provide cover to the entire family under one policy.
  2. Personal Accident Insurance covers the insured all over the world.
  3. In case of a major accident which results in the loss of a body part, the policy covers the medical expenses and provides weekly compensation for upto 104 weeks.
  4. The premium and amount of cover are decided after assessing the risks at the workplace.
  5. There are some exceptions (such as life threating profession, accidents due to adventure sports, death or injuries caused due to terrorism and accidents and deaths due to illnesses) in the policy which needs to be considered while purchasing the policy.

Personal Accident Insurance is a must have for more information about the policy you can consult an insurance planning professional. When purchasing a personal accident cover,it is recommended that you take a look at other insurance policies like child health plus, motorcycle insurance and car insurance as well.


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