Personal Accident Insurance: Its Advantages

By Author: Pranav V Sharma
Total Articles: 141
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Most people are under the impression that as they are so careful that they can never fall victim to an accident. However, the fact is that anyone can meet with an accident anywhere and anytime and it happens usually when it is the least expected. The number of deaths occurring due to accidents is increasing at a fast rate. So the risk of one being a victim of an accident also increases. Accidents not only mean the ones happening on road but also include the ones happening at home.

If one by chance has an accident which results in a serious injury then one has to pay hefty bills. And if he is from the working class then having taken an extended leave can result in salary cut. This has a very bad effect on the pocket of the victim of the accident. Also the income, of the person who has met with the accident, suffers. In such cases, if one is insured under personal accident insurance then the company helps by releasing the great pressure that has fallen on the pocket of the insured by paying for the full or most of the expenses. The personal accident insurance plans offer tax free, lump sum cash payments to help the victim ...
... of the personal accident out of the financial crisis that he undergoes due to the accident.

Most of the insurance companies offer standalone personal insurance policies and these can be clubbed with other insurance policies like travel insurance as well as motor insurance policies. The standalone policies give the advantage to the insured such as large cash payments and that too with fewer restrictions and limitations. A range of different injuries that can arise from accidents are covered under the personal accident insurance policy. It also covers injuries including permanent disablement like total and permanent loss of use of one or both the limbs, loss of sight etc. Personal accident insurance policy also covers the cost of hospitalization and the medicines, doctor visits etc. thus the injured can get the best of treatments even if he can not afford them. Afterall one reason for not being given proper treatment can be that the injured can not afford proper treatment.

One more advantage of the personal accident insurance policies is that these plans offer accidental death benefit. This means that by chance if someone dies in an accident then the insurer provides compensation. This helps the family of the dead to cope up with the financial crises that would have struck them due to the sudden death of the loved one.

Even children are covered under the personal accident insurance policies. However the amount of benefits, that the children who are insured with the personal accident insurance plans, is only 50 % of the benefits than an adult under the same personal insurance accident plan would receive.

There is also helpline available 24*7 for the customers by the insurance company. This solves the queries and guides the insured people when ever they need guidance or are in trouble.

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Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right personal accident Insurance & often shares his insights about the Health insurance industry on internet.