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Accident Plans under Health Insurance

Personal Accident insurance

Accident, is an unexpected event, typically sudden in nature and associated with injury, loss, or bodily harm. Accidents are a common feature of the human experience and result in injury or permanent disability to large numbers of people worldwide every year. Many accidents also involve damage to or loss of property. Accidents can occur anywhere, including in the home, during transportation, in the hospital, on the sports field, or in the workplace. Accidents are unexpected and unplanned incidents which may cause physical injury, disability/dismemberment, and even death, excluding ones caused by an self-inflicted act.

Personal Accident policies specifically cater to and fill a critical space in one’s insurance coverage, which is not adequately covered by a life and health insurance policy (as is the case with Disability).
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What are some of the Key Features (Coverages) of the Personal Accident policy?

The Personal Accident(PA) policy normally covers:
  • Accidental Death
    The policy will pay the Principal Sum shown in the Policy Schedule if an accident to the insured results in the loss of life.
  • Accidental Dismemberment
    The policy will pay compensation if an injury to you results in dismemberment as mentioned in the policy schedule (a sample table is displayed below).
  • Temporary Total Disability
    This is also known as Weekly Indemnity. The insurer will pay a weekly benefit amount during a period of continuous Temporary Total Disability of an insured person
  • Tuition Benefit
    In case of your accidental death to the insured, the policy will pay benefit amount towards your children’s education.
  • Repatriation Benefit
    The policy coverage also includes the expenses for repatriation of the insured person’s remains to the place of residence if it’s more than 150 kms.
  • Family Transportation Benefit
    In the event of an accident that occurred outside 150 km from the insured’s residence, the policy will reimburse the transportation cost of a family member if the physician recommends personal attendance. (up to Rs. 50,000).
  • Child Enhancement Benefit
    Accidental Dismemberment Benefit is doubled for any Eligible Children covered and if payable under this Policy.
  • Home and Vehicle Modification Expenses
    In case of a Permanent Total Disability or Dismemberment to the insured due to any accidental injury, the insurer will reimburse the cost of modifying house (with a ramp) or vehicle (modified to have wheelchair access).
  • Some Policies offer Add On coverages for Broken Bones and Burns.
  • Accident Medical Expenses
    The policy also covers medical expenses incurred by the insured as a result of an accident sustained during the policy period.

Additional Features (with Family Option)

  • Education allowance: In case of Accidental Death, 10 percent of the principal sum assured is paid towards the insureds’ children's education benefit.
  • Repatriation of remains: A fixed amount will also be reimbursed for the repatriation of the insured person's remains.
  • Modification allowance: In case of Permanent Total Disability or Dismemberment, an amount depending on the chosen Sum Insured, will be reimbursed towards the cost of modifying the insured’s house or vehicle, to combat Disability.
  • Double Dismemberment benefit for children: For the insured’s children who are automatically insured, Dismemberment benefit doubles.
  • Family transportation: If, due to an accident, the principal insured is confined to a hospital outside 150 kms of his residence, the insurer will reimburse, a fixed amount towards the actual transportation expenses incurred by an immediate family member to reach the insured person.

What are the Advantages of buying a Personal Accident Insurance Policy?

Imagine a situation where there is a breadwinner in the family who meets with a serious accident that results in Death or Disability. This will immediately result in a loss of income for the family that can never be replaced immediately. If the insured had availed Home Loans, Car Loan or Personal Loans that need to be repaid, the financial stress comes immediately on the family of the insured. Apart from this, there are normal monthly household running costs that need to be taken off…this is where a Personal Accident Policy comes in handy for the insured member and their families. The advantages of having a Personal Policy include:
  • Financial Security for the family in case of Death or Disability to the Principal Insured
  • Sum Insureds for Personal Accident Policy is available upto Rs.1 crore depending on the classification of the insured in terms of income and occupation
  • The PA policy is very competitively priced – the insured gets a significant coverage for a low premium
  • Most Personal Accident Policies offer coverage on a Worldwide basis as well as a 24X7 coverage irrespective of where and when the unfortunate incident occurs
  • No Medical Tests required and Documentation is only the Proposal form.
  • Relatively Simple and Transparent documentation for filing a claim as well.
  • Personal Accident Insurance is available irrespective of age and health and since there is an Escalation Benefit for the Sum Insured, it is advisable to start the coverage at an early age.
  • Provides a Credit Shield to the insured against Loans/Mortgages etc in case of unfortunate Death or Disability
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    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block,
    Bangalore - 560 034.
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