Voluntary personal accident insurance (VPA), or supplemental accident insurance, is an insurance product an organisation offers its employees to manage financial risks during unexpected illnesses or injuries. VPA does not replace a GPA policy; it is part of the overall health insurance package for employees.
Let us explore various aspects and advantages of VPA in the following sections.
When Should You Be Aware of Voluntary Accident Insurance?
VPA insurance can help in the following circumstances:
- Accident: Some health insurance policies do not cover deductibles, copays, and coinsurance. Knowledge about VPA will help you in such situations. Also, it helps with other costs associated with an accident, such as crutches for broken leg/s.
- Unable to Go to Work: Voluntary accident insurance helps with financial stress when injuries keep you out of work or prevent you from visiting the office or functioning normally.
- Offer from an Employer: Some employers offer voluntary personal accident insurance as a part of overall employee benefits. It can also be extended to include family members. Companies do this for employee satisfaction, higher productivity, and peace of mind.
What to Know About Voluntary Accident Insurance?
Along with knowing what VPA is, it is also vital to know its coverage, exclusions, eligibility, and benefits. Coverage and benefits may differ from insurer to insurer.
- It covers medical expenses, including hospitalisation, surgery, diagnosis, and related expenses. VPA also compensates if a policyholder loses a source of income from severe injury or permanent disability.
- VPA can cover funeral expenses and children's education. If the policyholder dies in an accident, the sum insured is passed on to the nominee.
- Eligibility for buying a VPA is limited to individuals aged between 18 and 65 years. Policyholders can also add a family member (s) to the policy.
Top Pros of Opting for Voluntary Personal Accident Insurance
- India is one of the worst record holders globally regarding road accidents and related deaths and injuries. VPA insurance is an efficient way to secure yourself and your dependents financially in such unfortunate times.
- VPA insurance covers hospitalisation, medical treatment, and associated expenses. In case of permanent or temporary disability following an accident, the policyholder receives a part of the sum insured.
- Some insurers also provide post-surgery and post-treatment coverage. Usually, it is deductible from the payroll and also covers lost income arising from disability post-accident.
Conclusion
With VPA insurance, take control of your life from unexpected events that might occur. It is a complementary health insurance policy, does not replace your fixed employee benefits, and can be extended to include family members under its coverage. Discuss the policy with a professional insurance advisor and safeguard your well-being right away.
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.