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Personal Accident Insurance Plan

What is a Personal Accident Insurance Plan?

As the name suggests, a personal accident insurance plan provides coverage to the insured against death, temporary or permanent partial/total disability resulting from an accident. Under this plan, the monetary compensation is paid in case of bodily injuries, death, or disability caused due to an accident.It is a contractual agreement between the insurer and policyholder in which the former agrees to pay monetary compensation to the later on the occurrence of his death or disability caused due to an accident, as applicable under the policy terms.

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Why should I Buy Personal Accident Insurance?

There are various factors listed below which will make it imperative to buy a Personal Accident Insurance Plan.

Risk of Road Accidents

As per the recent statistics by the Ministry of Road Transport and Highways, there are 382 deaths each day which occurs due to road accidents. The major reason for the accidents is either negligent or rash driving. Even if you drive safely, you still have an accident risk. No matter whether accidents happen on your fault or not, your family suffers. A Personal Accident Insurance policy provides monetary compensation could lessen the sufferings.

Accidental Disability

Accidents may disable you resulting in the loss of earning capacity. If you are a sole earning member of the family, it becomes quite tough for you to handle family’s expenses. A personal accident insurance policy comes to your rescue. It compensates you in case of permanent total/partial disability, and total temporary disability resulting from an accident.

Financial Protection against Loss of Income

Opting for personal accident plan ensures financial protection from unforeseen accidents for your family in case of a mishap like accidental death or disability. A Personal Accident Insurance policy compensates you and your family in the event of accidental death or disability that leads to loss in earning capacity.

Compensate for Hospitalization Expenses

Accidents may cause serious injuries that require emergency medical care that further triggers huge medical costs that you need to pay from your pocket. A comprehensive personal accident insurance plan also covers expenses related to accidental hospitalization as per the plan conditions.

Worldwide Coverage

Most of the personal accident insurance plans offer worldwide coverage to attain the benefits under the plan.So even if you are outside India, the personal accident insurance plan will cover the claims as per the terms and conditions of the plan.

What kinds of Personal Accident Insurance plans can I opt from?

Listed below are the types of personal accident insurance plans.

Individual Personal Accident Plan

This insurance policy covers an individual against accidental death, permanent total/partial disability, and total temporary disability caused due to an accident.

Family Personal Accident Plan

This insurance policy ensures a personal accident cover for your entire family. Under this policy, individual, spouse, children, and parents can avail the cover as specified in the policy.

Group Personal Accident Plan

This insurance policy is provided by the employer to his employees and the benefits can be availed by the employee’s families against accidental death or disability as per the policy conditions.

What are the Benefits of Buying a Personal Accident Insurance Plan?

Following are the benefits or policy coverage of buying a personal accident insurance plan.

Covers Accidental Death

In the event of death due to accident, the nominee/ beneficiary of the policyholder is entitled to receive 100% sum assured as applicable under the plan.

Covers Accidental Disabilities

The personal accident insurance plan covers varying kinds of disabilities as per the policy conditions.

  • Permanent Total Disability (PTD): It refers to a situation when the insured has become completely disabled due to accidental bodily injury that leads to the loss of his/her earning capacity. In case of PTD, the insurer pays the entire sum assured to the policyholder as applicable.
  • Permanent Partial Disability (PPD): It refers to a situation when the insured has become partially disabled due to accidental bodily injury. In case of PPD, the insurer pays a percentage of the sum assured is paid as a lump sum or periodic payment for a specified period of time, as applicable under the plan. The payout percentage may differ from one insurer to the other.
  • Temporary Total Disability (TTD): It refers to a situation when the insured has become totally disabled and lose his earning capacity for some period of time (for months or weeks). In case of TTD, the insurer pays a part of the sum assured as specified under the policy.
  • Temporary Partial Disability (TPD): It refers to a situation when the insured has become temporarily disable to perform his duties, but it is assumed that he can recover totally. Under this scenario, the insured is able to work, but in a limited capacity. Some insurers also cover this kind of disability when it happens due to an accident.

How is my Personal Accident Insurance Premium Calculated?

Following are the key determinants for computing the premium amount for your chosen Personal Accident Insurance Plan.

Your Occupation

Your profession matters the most when it comes to identifying the premium amount for your selected plan. If your profession is more susceptible to accidents, the insurer may charge you a higher premium amount for the chosen sum assured.Work profile which includes administrative or managerial functions, Accountants, teachers, Software Engineers, Lawyers, doctors, architects, etc.fall under low category risk due to their nature of duties.Medium Risk category includes professions such as builder, contractor, manual labor, machine operator, paid drivers, a veterinary doctor, garage mechanic, etc.The high-risk category includes professions such as underground mine workers, professional river rafters, circus performers, mountaineers, engineers working with electric installations involving high tension power supplies, etc.

Location

The city you are residing in, also affects the premium charges. For example, you are residing in a metro city such as Delhi, Mumbai, or Bangalore, where the chances of accidents are quite higher will attract a higher premium than a location where there is no such rush on the roads leading to less probability of meeting an accident.

Cover you Choose

You have the option to cover accidental perils such as death, permanent total disability, permanent partial disability, and temporary partial disability. Choosing only a single cover requires you to pay the lesser premium amount and the premium amount increases as you include more accidental perils under coverage.

Sum Insured

The sum insured you choose under the plan also affects the premium amount. Choosing the higher sum insured triggers insurers to charge a higher premium amount due to the high sum at risk involved.

Type of Plan

The premium amount will vary as per the type of plan opted, such as individual, family or group personal accident. Individual plan costs lesser as compared to family and group PA plans as the number of people covered are more in family and group plans, the cost will be higher.

Add on Covers

Add-on covers enhance protection under your personal accident insurance plan. If you choose an add-on covers, you need to pay additional premium for additional benefits opted under the plan.

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What are Some Smart Buying Tips?

Here are some essential tips that you should consider while buying a personal accident insurance plan.

Sum Insured: When going to buy the plan, choosing the right sum insured would be a vital aspect to consider. It is recommended to choose the coverage amount such that it covers all expenses that may occur due to an accident. You need to make sure that you opt for wider coverage to get yourself protected against injuries sustained in an accident.

Type of Plan: It is an important point to ponder upon choosing the type of plan. You can go ahead in choosing either the individual or family personal accident plan as per the family’s requirement. It would be wise to go for a plan that can ensure protection against exposure to accidents in the day to day life activities.

Assess Plan Benefits: Before buying a personal accident insurance policy, you need to check the plan benefits and then assess whether the plan suits you and your family’s protection needs. Pick a plan that provides coverage for death and disability caused due to an accident.

Inquire about Insurer: Prior buying a plan, it is quite essential to check the insurer’s background, servicing capability, and claims efficiency. The claim settlement ratio is a major factor to assess before buying a plan. It is recommended to choose the insurance company with higher claim settlement ratio and fastest claim settlement turnaround time.

Opt for Add-Ons: Add-ons or riders enhance protection to your basic insurance plan. Choosing add-ons wisely with a personal accident plan keeps you protected against accidents. So, it’s imperative to choose riders that you actually need.

Read Plan Reviews: Before buying a plan, it is recommended to read the customer and expert reviews online. It helps you to assess whether the plan you are going to buy is the best fit or not.

Read the Fine Print: Before purchasing a policy, it is advisable to read through the policy terms & conditions and inclusions & exclusions attached to the health plan. Read the policy wordings so you can easily assess the policy coverage.

Buy Online: When you are looking to buy a personal accident plan, it would be a wise move to first compare plans online from several insurers. It helps you choose a right personal accident plan and now, you can buy it online as well. Online insurance plans are also cost effective when buying online.

Is there any Add on Cover/Rider with a Personal Accident Plan?

Riders with Personal Accident Insurance Plan may differ from plan to plan or insurer to insurer. You have the flexibility to customize the plan while buying. These additional benefits may be available as an inbuilt in some personal accident policies else can be included as an add on’s in the plan as per the availability.

Hospitalization Expenses

The personal accident insurance plan also covers you against expenses incurred in the event of hospitalization caused due to an accident. It covers medical expenses, room rent charges, nurse’s fees, doctor’s visit, etc. as per the policy conditions.

Broken Bones

Most of the insurers pay a fixed compensation (as applicable in the policy) in case of fractures or bone damage caused due to an accident.

Hospital Daily Cash

The insured can avail daily cash allowance in the event of hospitalization (as applicable under the policy) caused due to an accident.

Child Education Benefit

This benefit offers fixed amount or some pre-defined percentage of the sum insured, whichever is lower as the education benefit for the kids due to accidental death or disability of the life insured during the policy term.

Ambulance Allowance

Some insurers also provide a fixed amount or a capped amount towards ambulance expenses for transferring the insured to a hospital from the accident location or Injury or from one hospital to another hospital or from hospital to place of residence in case of death or disability arising out of an accident.

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What is Not included in my Personal Accident Insurance Plan?

Following are the conditions/exclusions that are not included in your Personal Accident Insurance Plan.

• Any injury or disablement before buying the policy

• Influence of drugs, alcohol, and other intoxicants

• Suicide or attempted injury

• Intentional self-injury

• Participation in dangerous activities such as racing, aviation, diving, rock/mountain climbing

• Any violation of law with criminal intent

• Pregnancy or childbirth related complications

• STDs and HIV/AIDS

• Congenital diseases

(Exclusions may differ from insurer to insurer and plan to plan.)