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Personal Accident Insurance

Personal accident insurance is a policy that provides you with financial protection against uncertainties resulting from an accident. Curious to know more? Read ahead.

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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

Life is filled with twists and turns. Sometimes, unexpected accidents can disrupt your path, leaving you in need of a helping hand. That is where personal accident insurance steps in, like a guardian angel in the shadows, ready to protect you when life takes an unexpected detour.

Key takeaways

  • Personal accident insurance is a type of insurance policy designed to provide financial support to individuals and their families in the event of an accident.
  • Personal accident insurance comes in various forms, catering to the diverse needs of individuals.
  • If the accident results in permanent disability or lifelong impairment such as loss of limbs, then a pre-determined sum insured is paid to the policyholder, depending on the severity.
  • One of the primary reasons to buy a personal accident insurance policy is to ensure financial security in the face of accidents.

Let us now explore the safety net that is personal accident insurance, a shield against the unexpected, and a companion for life’s unpredictable adventures.

What is Personal Accident Insurance?

Personal accident insurance is a type of insurance policy designed to provide financial support to individuals and their families in the event of an accident resulting in injury, disability, or death. It offers financial security when the unexpected occurs, helping you focus on recovery instead of worrying about the financial consequences.

What is Covered Under Personal Accident Insurance?

Personal accident insurance is an insurance coverage that can help ease the financial burden on individuals and their families during difficult times. But what all is covered?

Accidental Death Cover

An emergency such as an accident can be both financially and emotionally distressing for the policyholder’s family members. In case the policyholder suffers fatal injuries or dies due to the accident, the entire sum insured is paid to the nominee as mentioned in the policy document.

Permanent Total Disability Cover

If the accident results in permanent disability or lifelong impairment such as loss of limbs, then a pre-determined sum insured is paid to the policyholder, depending on the severity.

Permanent Partial Disability Cover

Under the personal accident insurance policy, a certain percentage (up to 100%) of the sum insured is paid to the insured in case of bodily injuries resulting in permanent partial disability.

Temporary Total Disability Cover

If the policyholder meets temporary total disability and gets bedridden, the insurer provides a weekly allowance as compensation for the loss of income.

Major Inclusions and Exclusions of Personal Accident Insurance Plan

It is important to get familiar with the terms and conditions of the policy before buying it. Following is a brief overview of what is covered in an accident insurance plan and what is not to help you make an informed decision:

Exclusions

Inclusions

Natural death

Accidental death

Pre-existing disability or injury

Permanent total/ partial disability

Childbirth or pregnancy

Accidental dismemberment

Suicide or self-injuries

Medical expenses/ hospitalization charges

Non-allopathic treatments

Child education support

Influence of intoxicants

Life support benefit

Committing a criminal act or being involved in war activities, suffering from a mental disorder

Burns, broken bones and Ambulance

Participating in the naval, military, air force, adventurous, or sports activities

Daily allowance

Why Should You Buy a Personal Accident Insurance Policy?

Some of the reasons why you should consider buying an accident insurance policy are as follows:

Financial Security

One of the primary reasons to buy a personal accident insurance policy is to ensure financial security in the face of accidents. Accidents can lead to unexpected medical bills, rehabilitation costs, and even loss of income if you are unable to work during recovery. Personal accident insurance provides a lump sum payment or regular payouts to help cover these expenses, ensuring you and your family’s financial stability during a challenging time.

Worldwide Coverage

Accidents can happen anywhere, whether you are at home, at work, or traveling abroad. Personal accident insurance typically offers worldwide coverage, ensuring that you are protected no matter where you are. This global coverage is precious for individuals who frequently travel for work or leisure.

Affordable Premiums

Personal accident insurance policies are generally quite affordable, making them accessible to a wide range of individuals. Premiums are often based on factors such as age, occupation, and coverage amount, allowing you to choose a policy that fits your budget. The peace of mind that comes with this protection is well worth the modest premium payments.

Wrapping Up

Personal accident insurance is a valuable addition to your overall financial plan. It provides essential protection in case of accidents, offering peace of mind and financial security for you and your loved ones. While it may not replace other types of insurance, it complements them, ensuring that you have comprehensive coverage for various scenarios.

Accidents can be avoided if you are extra careful, but not everything can be controlled, so it is advisable to get personal accident insurance to save yourself from burning a hole in your pocket during recovery and handle unexpected challenges with confidence.

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- A Consumer Education Initiative series by Kotak Life