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Features
Ref. No. KLI/22-23/E-BB/492
Personal accident insurance is a policy that provides you with financial protection against uncertainties resulting from an accident. Curious to know more? Read ahead.
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.
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.
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.
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?
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.
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.
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.
If the policyholder meets temporary total disability and gets bedridden, the insurer provides a weekly allowance as compensation for the loss of income.
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 |
Some of the reasons why you should consider buying an accident insurance policy are as follows:
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.
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.
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.
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.
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.
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
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
