OneInsure Blog

04-10-2017-PA
Personal Accident

Here’s Why You Need Personal Accident Insurance

Mr. Joshi, a bank employee, was required to travel to the residence of one of his clients to get a form filled. It was a misty morning when he started on his bike. Unfortunately, midway through, his bike collided with another vehicle and he suffered serious injuries. Although he was quickly taken to the hospital, his injuries were such that one of his legs had to be amputated. Mr. Joshi did not have a personal accident cover. And since he could not work for a significant period of time, his financial situation became very difficult.

Situations like this happen quite often. Several reports suggest that in 2016, 4.9 lakh individuals sustained injuries (many of which were critical) and 1.5 lakh lives were lost due to road accidents. This is most definitely a shocking figure, and it shows the dire need of having a personal accident insurance cover.

So what is personal accident insurance?

Personal accident insurance pays the policyholder or his/her beneficiaries the sum insured in the event the insured individual sustains any bodily injury as a result of an accident. Injuries resulting from road, train or plane accident and even gas cylinder explosion are generally covered under this policy

Benefits under personal accident insurance:

  • Temporary disability - Insurance companies pay out a daily or weekly benefit if the insured individual suffers temporary total disablement, such that the individual is unable to carry out his/her normal work and other duties for awhile.
  • Permanent disability - If the insured individual suffers from permanent total disability due to an accident, a claim can be made for the total sum insured. In case of permanent partial disability, the insurance company pays out a pre-decided percentage of the sum.
  • Accidental death - In the event of the demise of the insured individual during the policy period, the insurance company will pay out the entire sum insured to the nominees.

Why is it necessary to have personal accident insurance?

A life insurance policy will pay out the sum assured to your beneficiaries in the event of your demise and a health insurance cover will take care of your hospitalisation bills if you fall ill. But what if an accident leads to some kind of disability, rendering you incapable of working? To ensure what happened to Mr. Joshi does not happen to you, see to it that you have a personal accident insurance cover.

Premiums for such plans are also quite low, so there is no argument to justify that costs are what’s holding you back from getting this cover. In exchange for the low premium rates, you can benefit from coverage for temporary disability, permanent disability and accidental death. You can ask your insurer to customise the policy in such a manner that you are covered for the typical dangers you may be exposed to every day.  

It is recommended that you buy this plan as soon as you begin earning. Personal accident cover is especially important for people who have taken loans because this offers protection towards repayment of the outstanding balance should any mishap occur. When you have personal accident insurance plan in place, you can be rest assured your loved ones will receive the necessary financial support in emergency situations.

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