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What is Personal Accident Insurance?

Personal Accident Insurance policy covers you in case of an unfortunate accident that may be lethal or cause mutilation/disability. Personal accidents caused by rail/road/air accidents, accidents due to falling, collision, fire, by drowning, and other such fateful events. Personal Accident Insurance makes sure that you are covered not only with respect to medical expenses, but also for the loss of income that may occur due to the accident.

The term "accident" can be a little confusing, as different health insurance companies offer policies that may slightly differ. Here, we have grossly spelt out the major stuff for you. We urge you to go through the policy wording while buying Personal Accident Insurance Policy, to know what exactly is (and isn’t) covered.

Let’s get on with a couple of FAQs about Personal Accident Insurance Policies to know more about it.

What Does Personal Accident Insurance Cover

Personal Accident cover pays out when the following for occurrences take place:

  • Accidental Death: If the policy holder passes away in an accident, the insurance company will pay the sum insured to the nominees.
  • Accidental Disability: Accidental Disability may lead to the policy holder being out of work. The personal accident policy covers for the loss of income, be it from partial or complete disability.
  • Accidental Dismemberment: If the policy holder loses a limb (or undergoes any other form of mutilation), and loses his income due to this, he will be paid out under accidental dismemberment.
  • Medical Expenses: Medical expenses owing to the treatment of accidental injuries re paid out under this clause.

What Does Personal Accident Insurance Not Cover

While buying the Personal Accident insurance policy, one should always keep in mind the limitations of this policy. The following scenarios are not covered in the Personal Accident Insurance plans:

  • Pre-existing disability or injury
  • Pregnancy and child-birth
  • Self-harming scenarios such as suicides, purposeful overdose etc
  • Medical treatments that are not allopathic
  • Influence of intoxicants
  • Accidents occurring while indulging in something illegal
  • Accidents related to being involved in a war
  • Accidents occurring due to mental imbalance/disorders
  • Mishaps occurring due to adventure sports, participating in the navy, army, air force etc.

How Does Buying Personal Accident Insurance Benefit You

The basic benefit of Personal Accident insurance is that it safeguards you against any unseen unfortunate accidents that may occur at any time. It supports you in the time of medical expenses and/or loss of income due to an accident. The following are a few of the many benefits of the personal accident insurance policy.

  • No Medical Check-ups: Unlike many other policies, Personal Accident Policies do not require medical check-ups, so the process is pretty much hassle-free.
  • High Cover: You can avail a good, substantial cover for
  • Child Education Benefits: Legal and funeral expenses are covered with Child education benefits.
  • Life Support Benefit: It offers life support benefits as well.
  • Flexibility: You can opt to buy personal accident cover for either yourself or for the family.
  • Death and Disability Cover: You get double indemnity for death or disability caused while travelling on public transport
  • Group Discounts: If you opt for group accidents cover, you stand to get discounts from the insurance companies.
  • Safeguard Against the Rising Healthcare Costs: With healthcare costs rising about 15-18% each year, within the next 5 years, the cost of hospitalization will be more than twice. This policy will safeguard you against this inflation.

Do You Really Need Person Accident Insurance Cover

Logically, we all know that accidents can happen to anyone, anywhere. But the fear center of our brain fires a denial reaction and we always end up thinking that it will never happen to us. But if we think practically, there’s a fair chance that it can happen to any of us. And accidents may lead to a spectrum of outcomes, right from a simple bruise to incapacitating disability or even death.

A part of being an adult is that we have the sensibilities to think practically and secure our future, if given a chance. Personal accident cover gives us that chance. In short, it is beneficial for everyone who is at a risk of meeting with an accident, which is everyone.

Why Choose Coverfox for Personal Accident Insurance

You get Expert Advice: With so many choices, it may get overwhelming and confusing as to which insurance policy to go for (trust us, "too many choices" is a thing). Turn to us for our health experts to guide you through the process giving you our inputs wherever you need. As Coverfox is not affiliated with any insurance company, count on us for unbiased opinions that are in your best interests.

You get a team of Service Managers: Your point of contact in Coverfox, who will help you out with your claims, endorsements or any other services you need to avail. They will follow up for you and get you the best claim settlement amount you can get from your health insurance company. And we are just a call away! This brings us to our next point.

You Can Avail Post Sales Assistance: Once we sell the policy, our job is not done. We assist you in the processes that follow post-sales; processes that would have otherwise taken up your time and energy. Get assistance with claims, endorsements etc.

Get the Job Done with Zero Paperwork: We help you buy a health insurance policy with little paperwork. You get your policy document in your inbox within 5 minutes of buying it! We also help you keep your documentation at one place, where it is easily accessible to you.

FAQs on Personal Accident Insurance

My wife is a homemaker. Does she also need a personal accident insurance?

Accidents can occur anytime and anyone can be a victim of it. Whether it is motor accidents, natural calamities or rail accidents. The damage caused is endless physically as well as financially. Getting intimidated is not the solution. Rather, being prepared for circumstances would be a wise decision. Buying a Personal Accident Insurance would cover the accidental injuries or death occurring due to accidents. This would help you to meet any expenses arising due to accidents and also secure your finances.

Is there any age restriction for opting a personal accident insurance?

Personal accident insurance can be opted by any Indian citizen from the age of 18 to 65 years.

Will my personal accident insurance cover me if I meet with an accident in a foreign country?

Yes, your personal accident insurance would cover you if you meet with an accident abroad. However, the sum insured would be paid to you in Indian currency once you are back to India.

I already have a health insurance as well as a life insurance policy. Should I still buy a personal accident insurance?

Health insurance offers you compensation/reimbursement of any medical or hospitalization expenses, while life insurance offer death benefit to your nominee after your demise.

Personal Accidental Insurance would, however, insure you against any financial crisis that could occur due to any accidental permanent disability, accidental dismemberment, accidental death or any medical expenses owing to the treatment of accidental injuries. This policy would certainly enhance your financial portfolio apart from providing financial security, especially, if you are the sole earner of your family.

Will I get any tax exemption for buying a Personal Accident Insurance?

NO, you won’t get any tax exemption against the premium paid for a Personal Accident Insurance.