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Guide to Multiple Personal Accident Insurance Plans

Comprehensive overview of multiple personal accident insurance including coverage types benefits and important policy considerations for optimal protection.

  • 11 Feb 2025
  • 4 min read
  • 88 views

Accidents may occur at any time in life, and it’s impossible to foresee when they will occur. They can cause physical injuries, permanent disabilities, or even death. Such incidents can not only take a toll on mental well-being and cause emotional distress but also lead to financial burdens. Loss of income, medical expenses, and other related costs can add up quickly and take a toll on an individual's financial stability. In such situations, having a safety net in the form of insurance can be a significant relief. Multiple personal accident insurance policies offer a safety net in such circumstances.

What is Multiple Personal Accident Insurance?

Multiple personal accident insurance is a type of coverage where an individual purchases more than one personal accident insurance policy. The primary objective of multiple personal accident insurance is to increase the total coverage amount and enhance the financial protection provided to the policyholder in case of an accident.

For example, suppose an individual purchases a personal accident insurance policy with a coverage of Rs 15,00,000 with motor insurance. In addition, he also purchases a PM Sadak Bima Yojana with a coverage of Rs 2,00,000. In case of an accident that results in permanent disability or death, the individual or the person’s family can make claims under both policies to receive the benefits. However, the total amount claimed cannot exceed the actual loss (policyholder’s life value).

It is worth noting that multiple personal accident policies usually differ in terms of premium, coverage, and tenure.

Benefits of Multiple Personal Accident Insurance

  • Increased coverage: Individuals can purchase multiple policies and increase their total coverage amount to meet their specific needs.
  • Higher financial protection: Multiple policies offer increased financial backup to individuals and their families in case of accidents resulting in permanent disability or death. This can help cover medical expenses and compensate for the loss of income.
  • Customised coverage: Multiple policies can offer customised coverage options that cater to the specific needs of the individual. For instance, one policy can provide coverage for accidents occurring while travelling, while the other can provide coverage for mishaps occurring in the workplace.
  • Additional benefits: Some insurance providers cover funeral expenses, hospitalisation expenses, and ambulance charges under multiple personal accident insurance policies.

 


Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.

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