What is Personal Accident Insurance?
Life is unpredictable, and you or your loved ones can suffer an accident anytime. While these situations can be difficult to handle, you can take some precautionary measures to protect yourself in an emergency. Serious medical injuries can impact entire families and deplete your savings. Rising healthcare costs and loss of income are significant concerns that can be challenging to prepare for. It is increasingly crucial to develop a safety net for yourself.
One such precautionary measure is a Personal Accident Insurance Policy. This type of insurance ensures you are financially prepared to deal with sudden expenses due to accident or injury.
The insurance company pays the insured or their family up to the amount of guaranteed coverage in the event of an accidental death or permanent disability.
In return for a premium payment, this health insurance policy pays for the insured’s medical costs resulting from an illness or injury. It makes it possible for the insurance provider to pay for medical expenses related to critical diseases, day-care operations, and hospital stays. Read on to learn why to buy personal accident insurance and how it can alleviate financial strain on your family.
Why Should You Buy a Personal Accident Insurance Plan?
Having personal accident insurance will help the beneficiary’s family to cover the hospital’s expenses throughout the treatment. The benefits of a personal accident plan are discussed below:
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Benefits to Buy a Personal Accident Insurance Plan
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Benefits
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No Prior Health Check-ups
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Convenience and Peace of Mind
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Tax Benefits
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Low Premiums
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Accidental Death Coverage
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24x7 Coverage
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Partial or Permanent Disability Cover
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What does Personal Accident Policy Cover?
There are several benefits of a personal accident policy, and it covers several issues that a person may encounter during an emergency.
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Features Covered in Personal Accident Policy
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Accidental death benefit
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In the regrettable event of a policyholder’s passing, the designated beneficiary gets the full insurance pay-out.
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Permanent total disablement
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The policyholder will get a portion of the insured amount in this scenario.
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Permanent partial disablement
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The policyholder receives weekly or monthly payments equal to a small portion of the sum assured.
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Education grant
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Up to the age of 23, the program will pay for the education of a maximum of two dependent children.
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Conclusion
An accident can occur without warning and severely impact families. If you or a family member are the primary providers, it is crucial to secure your future with the appropriate health insurance policy. Personal accident insurance is an effective strategy to mitigate the adverse effects of injury or loss. Consult a reputable provider to ensure security and peace of mind during medical crises.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and 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.