Personal Accident Insurance: What Is It?
Personal accident aims to protect the insured from financial losses arising as a consequence of meeting with accidents.
Exploring the realm of health insurance is always advantageous, and in this article, we delve into the specifics of Personal Accident Insurance, shedding light on its unique benefits and considerations.
What does this insurance offer?
Compensation to nominee
Compensation on permanent or temporary disability
In case of permanent or temporary disability, personal accident insurance provides security to the insured and his or her family by offering a compensation for the loss of livelihood.
Reimbursement of hospitalization cost
Insurance cover hospitalization expenses and also earmark a sum for daily allowance during hospitalization.
Fills the gap in a finance portfolio
Secures family earnings
Cover the risk of partial or complete loss of earnings of the breadwinner of a family. insurance may be extended to offer coverage to all kinds of accidents – major and minor that may result in physical separation or loss of use of limbs, organs etc.
Universal coverage
Personal accident insurance offers a worldwide coverage to the insured.
Who should opt for personal accident insurance?
All individuals who wish to create a contingency plan to meet liabilities in case their earning capacity is impaired should opt for personal accident insurance. For example, salaried employees who need to pay monthly EMIs for a home loan.
What should be the ideal sum assured for personal accident insurance?
It is advisable to avail the personal accident cover for a sum that takes into consideration the insured’s monthly earnings including earning from salary as well as other avenues.
