Personal Accident

Understanding the Use Cases of Personal Accident Insurance

abhishek — Fri, 27 Aug 2021 06:30:00 GMT

Understanding the Use Cases of Personal Accident Insurance

27-Aug-2021 27-Aug-2021'

Just a few years ago, no one had heard of term insurance plans. Similarly, just a few decades ago, health insurance did not enjoy the popularity it does today with the urban Indian householder.

On a similar vein, we at OneInsure believe one of the most important financial instruments you can own is a Personal Accident Insurance policy. But why do we say that? In this short article, let’s see some reasons why.

Fills the grey area left by Term Insurance & Health Insurance

A term insurance plan 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 hospitalization bills if you fall ill. But what if an accident leads to some kind of disability, rendering you incapable of working? To ensure your income does not stop or pause, it is important to opt for Personal Accident Insurance cover.

The wide range of use cases of a Personal Accident policy

In cases where the policyholder is involved in an accident that leaves him/her temporarily incapable of going to work, this insurance policy pays out a daily/weekly benefit till they resume work.

In cases where the policyholder is involved in an accident that leaves him/her permanently incapable of going to work, the policy pays out the entire sum insured. When the injury is such that the disability is partial, a pre-decided percentage of the sum insured is paid to the policyholder.

In case of the unfortunate death of the insured, the entire sum insured is paid to the beneficiary.

What is OneInsure’s Recommendation?

We recommend all earning urban Indian householders to buy this plan. 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 a Personal Accident Insurance plan in place, you can be rest assured your loved ones will receive the necessary financial support in emergency situations.

Since accidents cannot be predicted, it always pays to be prepared beforehand. Just as we purchase health and term plans because we know life is unpredictable, a PA Insurance should be opted for to ensure a stress-free time in the aftermath of an accident.

The Personal Accident Insurance plan can be bought as a standalone policy or as a rider along with your health or term plans. While these riders tend to be cheaper compared to standalone PA Insurance policies, we recommend you to opt for the latter.

These policies, whether opted for as a standalone policy or as a rider, are highly affordable and have a wide rage of use cases.

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

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Cover Any Eventuality with Personal Accident Insurance

Aditya Nair — Wed, 15 Jan 2020 16:51:00 GMT

Cover Any Eventuality with Personal Accident Insurance

15-Jan-2020 15-Jan-2020'

Aditya Nair

We have all been advised to opt for term insurance and health plans by friends, coworkers, and even by wider media through ads and promotional SMSes. However, an often-neglected type of insurance cover is Personal Accident insurance.

In this short piece, let’s see why PA cover is as important as these two for the urban Indian.

Why is it necessary to have personal accident insurance?

Personal Accident Policy in Various Scenarios

In cases where the policyholder is involved in an accident that leaves him/her temporarily incapable of going to work, this insurance policy pays out a daily/weekly benefit till they resume work.

In case of the unfortunate death of the insured, the entire sum insured is paid to the beneficiary.

OneInsure Recommends

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 a personal accident insurance plan in place, you can be rest assured your loved ones will receive the necessary financial support in emergency situations.

Since accidents cannot be predicted, it always pays to be prepared beforehand. Just as we purchase health and term plans because we know life is unpredictable, a PA insurance should be opted for to ensure a stress-free time in the aftermath of an accident.

The Personal Accident insurance plan can be bought as a standalone policy or as a rider along with your health or term plans. Both have their own pros and cons – read about them here.

Quick Quote

A Personal Accident policy with cover of Rs 15 lakhs can be bought by a healthy 30-year-old for close to Rs 3,300 for a full year of protection. It’s that affordable!

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

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Term Plan or Personal Accident Insurance – What Should You Opt For?

Shraddha Gala — Fri, 06 Sep 2019 05:50:00 GMT

Term Plan or Personal Accident Insurance – What Should You Opt For?

06-Sep-2019 06-Sep-2019'

Shraddha Gala

Know what you own, and know why you own it

— Peter Lynch

It is important to do your homework before making an investment decision. Often, while researching insurance products that would help their families in their absence, most householders get confused as to which insurance policy they should opt for – term life insurance or personal accident insurance.

This short piece discusses the pros and cons of both plans and how and when are they useful with the help of real-life examples.

Real-Life Examples

Shikhar has invested in a term life insurance plan that provides a cover of Rs 1 crore.

Rajiv buys a personal accident cover that provides a cover of Rs 1 crore.

Abhishek buys both term life insurance and personal accident policies, which provide a cover of Rs 1 crore each.

However, just like any other Indian living in an urban city, these three are prone to fall victim to sudden circumstances that are beyond their control:

At age 42, Shikhar is involved in a road accident and loses the use of his left hand
At age 55, Rajiv has a heart attack that leads to his unfortunate death
At age 51, Abhishek sustains a spinal injury in an accident and loses the use of both his legs; at the age of 54, he passes away due to weakened immunity resulting from his accident

Both Shikhar and Rajiv did not get any coverage from their respective policies but Abhishek gets coverage from both his policies. Read further to know why and how?

In Shikhar’s case, the term insurance policy provides coverage only in the event of his accidental or natural death and not for disabilities caused due to an accident.
Total Coverage Received = Rs 0
In Rajiv’s case, his family is left without any money because the personal accident cover does not pay for natural death. It only pays for permanent partial disability, temporary total disablement, permanent total disability, or death caused due to accidents.
Total Coverage Received = Rs 0
In the case of Abhishek, when he loses the use of his legs, the personal accident policy provides coverage of Rs 1 crore for the loss due to the road accident. Further, when he meets an untimely demise, the term cover provides coverage of Rs 1 crore to his family.
Total Coverage Received = Rs 2 crores

A Better Way Out!

No doubt, Abhishek’s way is the best way to get coverage in case of both accidental and natural circumstances that may occur. Opting for both term life insurance policy and personal accident policy ensures many dire circumstances are taken care of. And most importantly, that your family is taken care of.

However, we would like the readers to know that there is another (cheaper) way where you can buy a standalone term life insurance policy along with a personal accident rider; that is, one policy that provides the coverage of two.

A standalone policy is like a cell phone whereas a rider is the scratch guard applied on the phone.

Caveats

There are some disadvantages to buying a personal accident rider, though:

Once the term insurance policy expires, even your personal accident policy will expire
The coverage given in case of a claim made on the personal accident rider will be lesser as compared to the pay-out in case of a standalone Personal Accident policy
For example, if the standalone term insurance policy along with personal accident rider offers coverage of Rs 1 crore, when you file a claim under the rider you will receive only up to a certain limit from the sum assured of Rs 1 crore. Whereas, if it was a standalone personal accident policy, in case of a claim for accidental injuries that cause the permanent disability of any 2 limbs or both eyes, the entire Rs 1 crore would be paid.

Be smart about your choices

M – 86559-86559 | Email – support@oneinsure.com

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Personal Accident Insurance – A Definitive Checklist

Aditya Nair — Mon, 08 Jul 2019 09:51:00 GMT

Personal Accident Insurance – A Definitive Checklist

08-Jul-2019 08-Jul-2019'

Aditya Nair

We have all heard about health insurance and term insurance. And many have also bought these insurance products to protect themselves from adverse circumstances. Let’s quickly see how these would benefit you in case you are involved in an accident:

A health plan will pay for your hospitalization expenses after the accident
A term plan will pay a large sum to your family in case the accident causes your untimely demise

However, what if you survive the accident but lose the use of your right hand? What if the accident paralyzes you from the waist down? In such scenarios, neither the health plan nor the term plan can replace your income.

In this piece, let’s understand Personal Accident insurance better, which helps in exactly these situations.

Personal Accident Insurance Overview

Personal Accident insurance is a super-affordable insurance plan that takes care of you and your loved ones in the event of an accident. This insurance covers nearly all types of accidents – be it injuries sustained on the road, in a train, or in aeroplanes; work-related accidents; and even domestic accidents like LPG explosions.

Personal Accident Insurance Benefits

As mentioned earlier, a PA cover takes care of you in the aftermath of an accident. Here’s how:

Temporary Disability

In cases where the policyholder is involved in an accident that leaves him/her temporarily incapable of going to work, this insurance policy pays out a daily/weekly benefit till they resume work.

Permanent Disability

Accidental Death

In case of the unfortunate death of the insured, the entire sum insured is paid to the beneficiary.

Additional Benefits

Personal Accident covers can be customized in a manner that hazards that you are exposed to on a routine basis can be covered.

Personal Accident Insurance – When, Where, and How Much?

Standalone vs Rider

This insurance can be bought as a standalone policy or as a rider along with your health or term plans. Both have their own pros and cons – read about them here.

Quick Quote

A Personal Accident policy with cover of Rs 15 lakhs can be bought by a healthy 30-year-old for close to Rs 3,300 for a full year of protection. Yes, it’s that affordable!

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

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IPL Legends Know the Cost of Injuries. Do You?

Arnold Monis — Sat, 11 May 2019 07:04:00 GMT

IPL Legends Know the Cost of Injuries. Do You?

11-May-2019 11-May-2019'

Arnold Monis

The Indian Premier League has been an emotional journey for players and fans alike, but the best is yet to come. The IPL finals!

Yes, it’s exciting, but take a moment to think how heart-breaking it would be to see one of your favourite players missing the action. Imagine Suryakumar not being able to play, or even de Kock. And what if Rohit Sharma himself cannot play?!

Imagine the shock… However, the smart cricket fan would be wondering what then would happen to their earnings? Would Rohit still be paid if he does not show up for work (at the crease)?

Luckily for him, yes he would. A personal accident insurance cover comes in handy here. This insurance has been in the news these days because of IPL, but let’s see what an important role it can play in your life as well.

How Does Personal Accident Cover Work

Let’s understand a personal accident cover through a cricketer’s perspective. An IPL cricketer is paid a huge amount for every match he shows up for. If an injury deems him unfit for a match, his earnings from the team he plays for are replaced by the money paid by the insurance company that has insured his personal safety.

Since a cricketer is a sportsperson, he is prone to more risks when compared to an executive at a retail conglomerate. However, this policy protects the executive just as fully as it protects the cricketer. Let’s see an example:

37-year-old Samarth Rana is involved in an accident while out jogging. His left leg’s shinbone is broken.
He is hospitalized for a week and the doctors advice rest for another 20 days after being discharged from hospital.
Mr. Rana loses a month’s salary. However, because he has a personal accident policy, his salary is compensated for and his hospitalization expenses are paid for by the insurer.

When you opt for this plan, in case of an injury, the sum paid by the insurer will compensate for all your losses while you recuperate.

Moreover, this policy also pays in case of your untimely demise as a result of an accident.

Sounds Good, But What about the Cost?

A personal accident cover of Rs 15 lakhs is as pocket-friendly as Rs 3,000 a year. Imagine the affordability! At the cost of a couple of family meals at a good restaurant, you have insured yourself against accidents as well as protected your family in case of your unfortunate demise in an accident for a whole year.

Cover of Rs 15 lakhs for Rs 8 a day

For queries, call 86559-86559 or email us at support@oneinsure.com.

Be sure with OneInsure.

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Shouldn’t Your App-based Cab Ride Be Insured?

Arnold Monis — Fri, 12 Apr 2019 06:58:00 GMT

Shouldn’t Your App-based Cab Ride Be Insured?

12-Apr-2019 12-Apr-2019'

Arnold Monis

In case of an unfortunate accident, your life can be saved by timely medical assistance and in case of death, financial assistance can help your family recover from dependencies. This makes medical and life insurance for a passenger a marketable feature for cab aggregators in India.

Of late, through advertisements, we know that we’re covered if a taxi is booked through an app. However, the truth is that this “extra” safety option has been present for cab services for a long time.

Traditional Passenger Insurance

Any type of passenger vehicle, whether booked through an app or not, as they are 4-wheelers, can have any of the two types of insurance covers. However, whether the cab you’ve booked has a third-party cover or a comprehensive policy, it doesn’t matter. You are covered, irrespective.

The coverage amount is decided by the government through a tribunal (Motor Accident Claim Tribunal). And since there is no upper limit to how much coverage will be paid out if there is a loss of life, in the unfortunate event of your meeting with an accident resulting in your death, your family will receive a sufficient amount that is calculated according to your family’s ongoing expenses and your current income as well as potential working years. The insurance also covers you for medical expenses in case you need to undergo medical procedures as a result of your meeting an accident not resulting in death.

New-age Passenger Insurance

The insurance that you are offered by cab aggregators is termed as a “group domestic travel policy”. This insurance is generally offered by a private insurance company that pays for damages caused by app-based cab drivers. The coverage options are more like a travel insurance policy rather than a motor insurance policy. The following is the extent and amount that you are covered for:

Accidental medical care: Rs 1,00,000
Hospital daily allowance: Rs 500/day
OPD treatment: Rs 3,000
Ambulance and emergency evacuation: Rs 10,000
Accidental death: Rs 5,00,000
Permanent partial disability: Rs 5,00,000
Repatriation of mortal remains: Rs 10,000

In Conclusion, Having Your Own Insurance is the Way to Go

Government statistics from 2017 state that a whopping 5 lakh accidents occurred on Indian roads, resulting in the unfortunate deaths of 1.5 lakh people.

Though adding a travel allowance to a small cab trip can help with marketing for the brand, there is not much value added. Having one’s own insurance in place is the way to go. Even though the travel insurance your cab ride may offer is important, a personal accident insurance policy is a super-cheap way to cover yourself for cab rides, day-to-day travel, as well as any other mishap that could happen to you at home, at work, or during leisure.

Stay safe, be sure, choose OneInsure.

In case of queries, feel free to write to us at support@oninsure.com or call 86559-86559.

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Love Your Family? Get a Personal Accident Insurance Cover Today

Mohit Mishra — Thu, 26 Jul 2018 13:01:00 GMT

Love Your Family? Get a Personal Accident Insurance Cover Today

26-Jul-2018 26-Jul-2018'

Mohit Mishra

During peak traffic hours one day, while Mr. Sawant was returning home from work on his bike, he met with a major accident. A large concrete truck that had broken the signal at high speed crashed into his bike, which was flung 15 feet. As Mr. Sawant was lying on the road bleeding, he reflected about his wife and two young children. His final thought before passing out was, “Thank God, I have Personal Accident insurance…”

Mr. Sawant never woke up. While his family was shattered emotionally, they did not have to worry about the financial impact that Mr. Sawant’s death would otherwise have had on them.

Post the mourning period, Mrs. Sawant approached OneInsure to seek assistance with filing a claim under Mr. Sawant’s Personal Accident insurance policy. OneInsure quickly helped her settle the claim with the insurance company and Mr. Sawant’s family received a sum of INR 25 lakhs.

According to a report, in 2016, India witnessed around 4.8 lakh road accidents, which claimed more than 1.50 lakh lives. What’s even scarier is that 3/4^thof these victims were the breadwinners of their families.

Accidents are beyond our control and can be completely devastating for the victim and their family.

A Personal Accident insurance policy in this regard comes as a rescue to secure your family’s financial future in the event of accidental death or disability. The policy provides financial compensation in case of injuries, disability, or death caused by accidental or violent events. Besides, premiums under a Personal Accident insurance policy are easy on the pocket. For instance, a policy offering INR 12 – 15 lakhs as the cover will cost about INR 3,000 – 4,000 annually (INR 250/month).

Note: While Personal Accident insurance can also be bought as a rider alongside your life or health insurance policy, it is better to opt for a standalone policy as it will provide a larger cover amount.

Also Read: Why Having Personal Accident Insurance Is Essential Nowadays

Parting advice – Don’t let one accident change the financial fate of your family. Get Personal Accident insurance now!

Call us on 86559-86559 to receive quick assistance in choosing the right policy for yourself.

(with inputs from The Hindu)

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Why Having a Personal Accident Insurance Policy Is Essential Nowadays

Joan — Tue, 09 Jan 2018 09:38:00 GMT

Why Having a Personal Accident Insurance Policy Is Essential Nowadays

09-Jan-2018 09-Jan-2018'

Joan

On 28 December 2017, a fire broke out at the Kamala Mills Compound in Lower Parel, Mumbai, claiming 14 lives. About three months earlier, a stampede at the Elphinstone Road station resulted in the death of 22 people and injured over 32 others.

While tragedies like these claim many lives every year, an even higher number of individuals suffer temporary or permanent disablement. A personal accident insurance policy is a low-cost cover that provides financial compensation in case of injuries, disability or death caused by accidental, violent, and visible events. Now, a PA insurance plan should not be confused with a life insurance policy or a health insurance policy. A life insurance cover provides compensation to the family in the event of the demise of the insured individual, while a health insurance policy covers the individual’s medical and surgical expenses. So, what happens if an individual gets disabled in an accident and is unable to earn a living? This is where a PA insurance policy comes in handy – besides covering accidental death; it also covers total permanent disablement, partial permanent disablement and temporary total disablement due to an accident.

The coverage and kind of benefits vary among insurance companies and you should, therefore, ensure that you opt for a policy that meets your requirements. The premium rates for such plans do not cost too much. You can get a policy of ₹12-15 lakhs sum insured by just paying an annual premium of ₹3,000-4,000. Such a policy will compensate you for some of the medical expenses incurred as a result of the accident and provide hospital cash benefit, besides covering death and disability.

A PA policy can be bought two ways – either as a rider to your insurance policy or as a standalone cover.

Rider: Life and health insurance policies give you the option of attaching a personal accident rider to the base policy for an additional premium. In case of a life plan, the rider will be active till the end of the policy tenure, whereas under health plans, you will need to keep reattaching it every time you renew the plan so as to enjoy uninterrupted coverage.

Standalone Policy: You have the option of buying a standalone personal accident plan to cover accidental contingencies. It will cover accidental death or disability and even broken bones and burns.

It is always recommended to go for a standalone policy since it will provide a more comprehensive coverage. Although riders may be the cheaper option, standalone policies generally provide cover for a much wider range of issues. If you look at some of the best PA policies out there, you will see that besides covering death, permanent total disability, and permanent partial disability, it offers covers like children education benefit, EMI payment cover, loan protector cover and adventure sports benefit, among others, on payment of additional premium.

The final call of whether to opt for personal accident insurance cover as a rider or as a standalone policy rests completely upon you. If you are availing a life or health insurance policy, you can include this as a rider. However, if your policy does not offer this option, you can always buy a standalone cover. It is recommended to opt for a standalone plan since the coverage provided is more exhaustive in nature when compared to a rider. To find the most suitable personal accident insurance policy to meet your needs, kindly reach us at 86559-86559 or drop us a mail at support@oneinsure.com.

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Here’s Why You Need Personal Accident Insurance

Joan — Wed, 04 Oct 2017 11:30:00 GMT

Here’s Why You Need Personal Accident Insurance

04-Oct-2017 04-Oct-2017'

Joan

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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