Advantages of Personal Accident Policy:-
Give yourself a minute to think about what will happen to your dependents if you were disabled because of an accident? There will be no monthly income, no cash inflows but expenses will continue to rise. In such case, an accident insurance policy will help you bring these expenses under control.
Additional advantages are:
- Substantial coverage offered with low premium
- Double indemnity for disability for mishaps occurred while traveling in public transport
- Easy claim process
- Highly customized plan available
- World wide coverage
- Can be bought for individual & family
- Child education advantage
- No requirement of medical tests & documentation
What does the policy cover?
Accidental death coverage gives compensation on the policyholder's death caused by bodily injury resulting out of an accident. The nominee will receive entire sum assured offered by the insurer.
Permanent or Total Disability
If the accident causes permanent or total disability, then 100% of the sum insured is payable to the policyholder.
If policyholder's body part has been dismembered or severed in the accident then the person can claim the sum insured.
Funeral expenses can be claimed in case of accidental death. Expenses incurred for transportation of policyholder's dead body from the accident spot to the residence place is covered.
Daily Hospitalization Expenses
Monetary relief offered to the patient on daily basis on hospitalization.
A certain amount of the policy sum is payable, when an accident results in hospitalization & the victim is being treated for burn injuries.
Some policies may offer bonuses to the dependent kids of the policyholder. This becomes helpful in case of the death of the policyholder or extension of treatment period.