Personal Accident Insurance: Points To Note While Buying

By Author: Pranav V Sharma
Total Articles: 141
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Personal Accidents can happen anywhere and anytime. Personal Accidents can not only occur on road but also can happen even at home. They are unpredictable and cause permanent and irreparable damage. Hence, one must buy the correct sort of insurance so as to protect oneself against the expenses incurred due to any such accidents. Buying a personal accident insurance is therefore an important and one of the basic financial decisions.

The personal accident insurance policy covers the various risks and expenses confronted by the insured if he meets with an untoward incident (accident). Also one face of personal accident insurance is that it also provides coverage if the insured dies or suffers permanent disability due to any accident. If the insured dies then the beneficiaries of the insured will receive some amount as death cover by the insurance company. This will provide great relief to the family members who might be having financial crisis due to the death of the loved one. If the insured suffers from injury then a lump sum amount, which is not above the upper limit of the personal accident insurance policy, is paid ...
... to the insured by the personal accident insurance company for the treatment of the injuries sustained along with the cost of hospitalization, medicines, doctor visits etc.

While looking for an insurance policy, the buyer should note the following points:

The basic points one must make a note of are:

• After how many years one has to renew the personal accident insurance policy.
• Benefits provided to the insured as well as beneficiaries by the policy.
• The amount of cover that the insured or his beneficiaries will get in case an accident takes place.
• The upper limit or the maximum amount of money the insured can get. This depends on the type of policy and the premium.
• What all are covered under the policy? One must look for the events that can lead to accidents. Depending on this one can select the policy that covers these likely incidents.
• The percentage of benefits that the person obtains if he suffers for permanent or temporary disablement.
• The payable compensation amount depends on the size of family, the involved risk etc. make a note of the compensation amount you will receive for treatment or your family will receive in case the accident leads to your death. The amount paid is different under different conditions.
• Have a look at the exclusions as well as limitations of the personal accident insurance policy. If one fails to note these then at later stages the claim could get rejected on the grounds of these limitations and exclusions.

However under certain conditions the insured is not eligible for filing a claim. They are:

• Senior citizens above the age of 75 are not eligible.
• Accidents occurring while the insured is under the influence of alcohol or drugs is not covered.
• Injury caused by any of the existing defects in the body is also not covered by the personal accident insurance policy.

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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.