There are two types of personal accident insurance policies: individual and group accident insurance. A personal accident insurance policy protects from partial or permanent disability, including death. In case of permanent disability and accidental death, the insurer compensates the insured or their family for the sum-assured coverage.
Types of Personal Accident Insurance
The types of personal accident insurance policy include individual and group accident insurance.
- Individual accident insurance policy covers the accidental death of an individual or loss of vision or limbs following an accident.
- Employers avail of a Group Accident Insurance plan for their employees. This plan offers:
- Accidental Death Cover: The sum assured goes to the nominee.
- Permanent Disability Cover: The policyholder receives a pre-determined sum.
- Permanent Partial Disability Cover: The insured receives 100% benefit of the sum assured.
- Temporary Total Disability: The policyholder receives a pre-agreed amount for total disability for a temporary period.
Conclusion
You should purchase a personal accident insurance policy along with health insurance right away for the welfare of your family. Choosing the correct personal accident insurance depends on individual needs, risk exposure, and financial goals. Carefully review policy details, coverage limits, and exclusions for adequate protection.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.