Health insurance policies provide protection against a financial breakdown in case a health crisis occurs. They cover a wide range of health-related conditions such as diseases, maternity issues, non-allopathic treatment, medical emergencies, etc. A policy that covers you against accidental death or disability is the personal accident insurance policy.
Accidents can occur in a flash and can change one’s life forever. Although some kinds of damage are irreversible, having a sound financial back-up can alleviate some of the distress. Having a personal accident insurance policy can guard dependents against economic disadvantages in case of death, bodily damage, impairment or disfigurement of the policyholder due to an accident. The events included are rail, road, air, injury due to collision or fall, burns, drowning, etc. Acts of terrorism and daily hospitalisation charges are also covered.
Types of personal accident policies
Individual accident insurance: This protects an individual in case of an intentional or unintentional mishap that causes death, impairment, and temporary or permanent wounds.
Group accident insurance: This is taken by employers for their employees and is available at low cost. It may not offer the advantages given by individual plans because of the low premium.
Advantages and benefits of the personal accident insurance policy
• It ensures security for the family of the insured.
• There is no waiting period and the claim is settled immediately.
• Medical tests and documents are not required.
• Legal and funeral expenses are covered.
• Worldwide coverage is available.
Conditions included and excluded
Accidental death, permanent total or partial disability, dismemberment by accident, hospitalisation charges, medical expenses, child education support, life support benefit, daily allowance, etc. are included in the policy.
• Accidental death: The entire sum is paid to the nominee mentioned in the document.
• Permanent total disablement: The sum assured is paid to the policyholder.
• Permanent partial disablement: The amount paid is determined by the extent of damage, and a certain percentage is paid accordingly to the insured.
• Temporary total disablement: A weekly payment under the maximum limit is paid to the insured to get through the short-term crisis.
Natural death, childbirth and pregnancy, pre-existing disability, committing a criminal act, being under the influence of intoxicants, suicide or self-harm, etc. are excluded.
There is no right age or time to take a personal accident insurance policy. It is, in fact, advisable to take it as soon as you start earning. While one may not be able to predict what turn life will take, one can still be partly prepared for it by having a financial back-up. Browse through ManipalCigna’s easy-EMI, easy-return plans and choose one that suits you the best.