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Health Insurance for Personal Accidents

Health insurance for accidents protects you against personal accidents. Do you need a personal accident insurance? What does it include? Find out in this article.

  • 6,155 Views
Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Accidents are emotionally, physically, and financially draining. Not only do accidents cause highly stressful situations for you and your family, but they also drain away your lifelong savings. Your physical and mental health is affected, and you and your family are left recovering from a financial burden.
However, with secure health insurance for accident that protects you against personal accidents, you can get complete financial protection against uncertainties like accidental death, accidental body injuries, partial and total disability, and permanent and temporary disability because of an accident. Further, in the case of the insurer’s end, the nominee gets a defined compensation.

What is the need for health insurance for personal accidents?

Road safety is one of the major developmental issues, a public health concern, and a prime reason for death and injury worldwide. Specifically, in India, personal accident cover is needed because of the alarming rate at which accidents occur.

Here are some alarming facts about accidents in India that justify the need for a personal accident cover:

  • Road accidents are a chief cause of death, disability and hospitalisation in the country.
  • India is number one in road accident-related deaths across 199 countries.
  • On the world stats, India accounts for 11% of the total accident-related deaths worldwide.
  • Despite these alarming figures, India ranks number five globally in car registrations and will add more than three million new cars in 2021.
  • With severe accident risk, an increasing car population, and a road network spanning more than six million kilometres, India is undoubtedly one of the busiest and riskiest countries in terms of road traffic and safety.

Why choose health insurance for personal accidents?

Given the alarming figures, the need for personal accident insurance is unparalleled. Even a minor accident can cause injuries that can take several months to recover. This can lead to a pause in life and also significantly impact a person’s financial health. Further, in case of a significant accident, the person’s overall well-being and the long-term financial security of the loved ones are compromised.

However, if the person secures their life with a sound health insurance plan, they can financially protect themselves against unfortunate perils. Health insurance plans that provide personal accident cover compensate the insured in case of any bodily injury, impairment or mutilation caused by accident. These plans offer financial assistance to the insured’s beneficiary if the insured dies due to an accident.

Further, in case of impairment due to an accident, the policyholder gets compensation to suffice the loss of income. This helps the insured cover treatment cost and supports the policyholder’s family to stay financially afloat. More comprehensive plans also offer daily cash support, emergency repatriation, ambulance, etc.

Overall, health insurance coverage with personal accident coverage can help the policyholder attain peace of mind that they are secure against the most unexpected events.

Personal accident policy premium calculator

At an additional premium of 20% of the base premium, medical expenditures related to an accident are up to 10% of the Capital Sum Insured or 40% of the admissible claim, whichever is lower.

What does a personal accident insurance plan include?

The scope of a personal accident insurance plan depends on the insurance provider. However, in general, the following situations arising out of an accident are covered:

Accidental death: If the insured meets an unfortunate death due to an accident, the dependents or the nominees of the insurance policy get the due benefit. This helps them stay financially secure.

Permanent total disability: If the insured suffers a permanent disability, the insurance provider will be entitled to pay monetary benefits per the contract. Even if the disability did not occur immediately but resulted as a cause of the accident within a specific time, the policyholder will get the due benefit.

Permanent total disability: If an accident renders the insured partially disabled but permanently, the insurance company will be liable to pay the defined payouts per the contract terms.

Temporary total disability:According to the personal accident cover, the insured can also avail of temporary disability coverage, provided it occurred because of an accident. Temporary total disability refers to an impairment, which can quickly be restored via treatment or medicine, and the policyholder will be able to resume their original working capacity or productivity.

What is not included in a personal accident cover?

A personal accident cover does not offer financial support in case of:

  • Natural death
  • Pre-existing disability
  • Pre-existing injury
  • Childbirth or pregnancy
  • Suicide
  • Self-inflicted injuries
  • Non-allopathic treatment
  • Injury or accident occurred under the influence of alcohol, drugs, or any other intoxicant.
  • An injury or accident occurred while conducting a criminal act
  • An injury or death in a war or related activities
  • Mental disorder
  • An injury or death due to participation in adventurous or sports activities
  • Injury, accident or death while participating in naval, military or air force

What are the benefits of buying health insurance for personal accidents?

A health insurance plan that provides personal accident coverage is highly beneficial. Think of a scenario where a person has an accident and is permanently disabled. This would cause loss of employment, further, no monthly or annual income to support living expenses. Moreover, the family would struggle, and costs like EMIs, medical charges, household expenditures, etc., would become more burdened.

In such a scenario, a personal accident cover can be the most reliable source of financial security. Some of the most coveted benefits of buying health insurance for a personal accident include the following:

  • Financial security for the loved ones
  • No medical test or detailed documentation needed
  • The substantial Sum Assured at economic premiums
  • Extensive coverage via add-on riders
  • Option to cover the spouse in the same plan
  • Easy and certified claim processes
  • Tax benefits as per the Income Tax Act, 1961.

Types of Personal Accident Insurance Policy:

Two sub-headings can be found under Accidental Insurance Policies. Here is a brief description of the two variations:

Personal Accident Coverage:

An individual is protected by this kind of policy in the event of any accidental harm. It covers unintentional death, amputations, blindness, and other long-term impairments brought on by accidents.

Insurance for group accidents:

Employers purchase group accident insurance to protect their staff. Some insurers also offered a premium discount based on the size of the group. For small businesses, it is a terrific incentive and value-added benefit because it is affordable. However, compared to an individual plan, this is a fairly simple plan and may provide few benefits.

Injury Insurance Protection

The following coverage advantages are available with a personal accident insurance policy:

Accident death insurance

For family members who are financially and emotionally dependent, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of fatal injuries.

Coverage for Total/Permanent Disability

A defined sum insured amount is paid to the policyholder if an accident results in permanent impairments or lifelong total impairment, such as loss of both limbs.

Coverage for Partial Permanent Disability

If physical harm results in a permanent partial disability, the insured receives a portion (up to 100%) of the benefit.

Total or Temporary Disability

If the insured suffers from a temporary total disability and becomes bedridden, the insurer will pay a weekly allowance to make up for the income that was lost. If there is a loss of income, the insured may also use this claim amount to pay the EMIs.

Trust Kotak Health Shield to be your reliable health insurance for personal accidents.

Life is unpredictable, and Kotak Life values your life. So with its Kotak Health Shield plan, Kotak aims to offer you all-inclusive monetary protection against health uncertainties and, more specifically, accidents.

Kotak Health Shield is a fixed-benefit health insurance plan that offers you the flexibility to avail of financial protection against Personal accidents. This helps you to secure the financial future of your loved ones against accidental death or disability. Kotak Health Shield pays a lumpsum amount in the event of the policyholder’s unexpected death or disability. The lumpsum can be used to pay for medical or surgical expenses.

Accidental Death: In case of the policyholder’s unfortunate death within the policy tenure, Kotak Health Shield will pay 100% of the Sum Assured under the Personal Accident Shield. The lumpsum amount will be lessened by the number of premiums already paid. The benefit will be delivered to the nominee, and the cover will cease to exist.

Permanent Total and Partial Disability (PTD) due to Accident: In case the policyholder suffers a permanent loss of specified body parts because of an accident, the Kotak Health Shield plan will pay a specific sum Assured as opted under the Personal Accident Shield. The cover will extend to events such as loss of sight of both eyes, hands or feet, one hand and one foot, either hand or foot and sight of one vision, speech and hearing in both ears, etc. The Sum is paid to the policyholder within 120 days of such an accident.

In addition, the Kotak Health Shield plan covers four early or major-stage illnesses and conditions related to Cancer, Cardiac, Liver and Neuro.

  • Second medical opinion
  • Emergency evacuation
  • Medical monitoring
  • Medical repatriation Compassionate visit
  • Further, you can extend your Kotak Health Shield plan to cover your spouse in the same policy.

Kotak Health Shield also provides the insurance policyholder to enhance Personal Accident coverage by opting for add-on riders such as:

Daily Hospitalization Cash Benefit: In this feature, Kotak will pay a fixed amount per day to Life Assured for the total number of days hospitalised. Waiver of Premium on the diagnosis of a minor condition: In this feature, Kotak will waive off all future premiums for the next three years post-diagnosis of a minor illness or disease. There is no cap on the number of times the policyholder can avail of this benefit. Income benefit on diagnosis of an essential condition: Kotak Health Shield also offers income benefits for the next 12 months if the policyholder is diagnosed with a significant stage illness or disease. This helps the insured get sufficient time to recover without worrying about finances.

Investing in the Personal Accident Shield under the Kotak Health Shield means buying assured financial security for your family and loved ones. Smart decisions of today can create solid foundations for life.

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Ref. No. KLI/22-23/E-BB/2435

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- A Consumer Education Initiative series by Kotak Life