A Personal Accidental Insurance Plan is a helping hand for the insured and his family in case of any serious accidents happens and has so much benefits.
Accidents are the most unpredictable and uncertain thing in everyone’s life and don’t look at time or age, also this uncertain things make our lives shaky and full of tension as it arrives. So to avoid this uneasy situation the entire thing needed is a kind of safeguard that can work as an umbrella for the family in case of any personal accident occurs and save from suffering any kind of accidental misfortune.
This umbrella or security is the Personal Accident Insurance Plan which can guide the insured person against death or infirmity that can happen from any type of accident.
Besides security, this policy also provide economic compensation for any kind of accidental death and temporary or permanent partial or full disability stable and provides the accidental medical charges like hospitalization etc.
Importance of buying a Personal Accident Insurance plan
It can assumed clearly that this plan provides a beneficial coverage for the insured and his family against accidental misfortunes, but there are many more benefits that can be gotten from this such as:
Rising Road Accidents
A huge number of deaths occur every year due to road accidents and the number is increasing day by day, from a report of the National Crime Records Bureau it is proved that there has a sudden increment in the road accidents in the year 2015 and reported over 5 lacks cases. And in the year 2016 the estimated number was on an average 400 people per day and a little of them have survived from accidents; as per the above data it has become necessary to get minimum coverage against accidents and having a personal accidental insurance also give compensation against accidental sufferings.
The higher rate of road accidents increases the rate of disability such as physical and mental disabilities and that affect the families a lot as most of these accidents happen with the bread earner of the family. As a result of this accidents and disability that person become unable to earn more for his or her family and managing the expenses of the family becomes really harder. In these cases, a personal accident insurance plan will become a helping hand as it can provide recompense for the person facing temporary or permanent partial or full disability.
Loss of Life
An accident equals to a loss of life that stunned the family and left in a very bad situation from both emotionally and financially, this plan will provide a financial support during that time and compensates the family in case of accidental death.
Apart from disabilities and death, these accidents cause serious injuries which need immediate medical concern that gives a financial burden directly on the financial balance sheet. While this personal accident plan gives coverage against expenses incurred on hospitalization due to accidental bodily injuries.
The Personal Accident Insurance plans give worldwide coverage for the insured one against accidental unfortunates and outside India; this plan will cover the claims for any unforeseen accidental happenings, also if the person is traveling in abroad.
Coverage under a Personal Accident Insurance plan
There is a set of benefits that an insured person gets from the personal accident insurance plan, such as
If the insured person unfortunately passes away due to an accident, then the insurer will pay a certain amount that is similar to 100% of the sum assured to the nominee and insured can get accidental death coverage upon choosing Personal Accident Plans that provides accidental death coverage.
Permanent Total Disability
If the insured’s body goes in a condition where his body faces the complete disablement for an accident and the person lose the earning capability, then the insurer has to pay the total sum assured, but the insured will get when the disablement will happen within 12 months from the accident date.
Permanent Partial Disability
This disability happens to the injured person when he or she get a serious injury during accident and become unable to work with fully physical fitness, here the insured person will get coverage as per the cover towards the terms of Permanent Partial Disability and will get a payment of percentage of the assured sum as a lump sum or periodical payment under the certain plan.
Temporary Total Disability
This kind of disability happen when an accident make the insured disabled and make him unable to work for a period of specific time and as per the plan he will be paid a part of the assured sum for that specific time.
Any kind of Personal Accident Insurance Plan give coverage to the insured against expenses incurred for hospitalization for an accident under which the insured will get medical expenses, room rent, doctor’s fee etc. as per the chosen policy.
Return of Mortal Remains
This give expenses for the transportation of mortal remains from the place of accident or hospital to the residence/hospital/cremation ground.
There are more additional benefits under Personal Accident Insurance Plan for the riders that ensure flexibility in the time of buying and depend as per the chosen plan.