A Personal Accident Insurance Plan provides adequate compensation in event of death, total disability, partial disability, or injuries arising from an accident.
Having a personal accident insurance plan is as important as having health insurance and life insurance. For an example let’s assume that an individual meets with an accident that leads to disability and the injured person is unable to work for a very long duration due to this accident and injury. In such a scenario, a term life insurance policy would not be of any help as a life insurance plan would not help the policyholder or his family because the insured is alive. On the other hand, a health insurance policy, in such a scenario, will provide coverage only for hospitalization bills. However, a personal accident insurance plan ensures compensation against accidental death, total permanent disability, burns, and fractures. In addition to this, policy holder can also claim assistance for hospitalization up to a specific period due to illness and accident. It also provides coverage against ambulance expenses. Some insurers, such as Bharti AXA General Insurance Company, offer Personal Accident Insurance Policies to ensure coverage even against minute injuries happening in daily life. For example, inflicting a minor burn during cooking or small wounds to kids while playing, or slipping down from the staircase, etc. Policy offers double Indemnity against death arising or disability from accident while traveling in public transport. Things to Keep in Mind While Buying Personal Accident Insurance
The following are some additional common exclusions from a personal accident insurance policy:
The chief objective behind incorporating a personal accident insurance policy in your insurance portfolio is to compensate and protect yourself and your family members against the financial turmoil like medical expenditures, loss of revenue arising from unforeseen accidents. Thus, it is not a wise idea to neglect a personal accident insurance policy in the lieu of a basic health insurance or a life insurance policy.
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