Advantages Of Personal Accident Policy

We all work towards making our lives as comfortable and safe as possible. We try our best to keep bad incidents or events at bay. But, sometimes life can take unexpected turns. While we cannot prevent accidents from happening, but we can certainly prepare ourselves for the same. We can prepare ourselves for the worst situations, which is one of the reasons why insurance policies exist. Among the various types of policies, the personal accident policy is one of the most purchased ones.

What is a personal accident policy?

This type of insurance policy covers the damages caused due to an accident. The damage can be either total or partial disability. When you meet an accident, and it leads to partial or total disability then the medical expenses for the treatment are covered by a Personal Accident Policy. If you are the breadwinner of your family, having a personal accident policy can save your family from the financial woes. In case of a fatality, it will protect your loved ones financially. But, what are the benefits you can get from this kind of policy? In what ways a personal accident insurance policy is different from health and life insurance policy? Let’s find out.

Benefits of having a personal accident policy explained

• No doubt, an accident policy is even more essential if you are the only bread earner for your family. If anything happens to you, they might not be able to arrange the money immediately for your treatment. Even if you have saved enough money in your bank account, it is better to buy a personal accident policy. Your family members will not have to run to the bank to withdraw money from your account. Rather, they will be able to admit you to the hospital instantly. A lot of insurance companies offer cashless personal accident policies.
• Accidents are not limited to just roads; they can happen anywhere. It can happen in a factory too. It can occur in your kitchen as well. Fortunately, a wide range of accidents is covered by almost every standalone accidental insurance policies. If you are the victim of any sort of accident, you will get covered by the insurance policy.  
• Another advantage of accidental insurance policies is they cover permanent partial and permanent total disability too. Loss of eyesight, speech, hands or feet, etc. can be termed as permanent particle disability. In such conditions, once you recover from the injuries, you can go back to your normal duties. For the treatment and recovery phase, the policy will provide you with a certain amount of money. The amount will be a percentage of the total sum assured. The one-time or monthly coverage will be enough for you to meet your medical and other necessary expenses. In case you suffered permanent total disability due to the accident then the policy will provide the nominee with the total sum assured.
• In a very unfortunate accident, if the policy holder dies, the nominee mentioned in the policy will receive 100 per cent of the total sum assured. So, if you want to provide your loved ones with a good amount of financial security then buying a well-equipped personal accident insurance policy is absolutely crucial. If something happens to you, your family members will at least have financial security.
• Apart from the ones mentioned above, a personal accident policy also covers temporary total disability. If the policy holder suffers an injury which in turn is preventing him/her to carry out his/her normal work then the policy will provide him/her with a daily/weekly financial assistance in such cases.  

So, those were some of the key benefits of having a personal accident insurance plan. Other than them, there are few more that we would like to mention. They are-

• To make a personal accident insurance claim, there is no need to go through medical tests or produce medical certificates.
• Without spending a lot on the premium, the coverage amount you get with this kind of policy is quite impressive.
• You can buy a single policy for your entire family, which is really convenient.
• The claiming method associated with personal accident insurance policies is much simpler and quicker in comparison to other policies.

Without any doubt, everyone should see this kind of insurance policy as a vital investment. Once you equip you and your family members with a personal accident cover, you will surely feel more relaxed. It will provide you with the much-needed peace of mind. Family-inclusive policies are also quite in demand these days. But, they also come with a lot of restrictions. So, before you choose any, you must compare the options carefully. It will help you make the right choice.