Is opting for personal accident cover important?

Most of us acknowledge the significance of having a life insurance policy to cover the risk of death and health insurance policy to take care of medical and hospitalization expenses. However not many of us pay heed to the importance of opting for personal accident cover, perhaps because our existing insurance plan already cover accident risks. One does not generally pay attention to provision for an unexpected accident that could affect us physically as well as financially and the families.

What is personal accident?

As you know, accidents never take a holiday unlike us. It will never take a holiday and never know when it will happen. It could be a road accident, travelling in a train or plane or while walking one falls down or it could be an accident while playing a game. Somebody would get disabled for a short period or somebody would get disabled permanently, lose their eyesight, lose their ability to speak etc

How is personal accident different from health insurance?

Personal accident has the ability to destroy lives. Personal accident occurs mostly on an average statistically to younger people. These people probably have no insurance cover. They are less likely to have life cover and health cover. Particularly with bike riders, most of the accidents happen and cause fracture or damage.in all those situations, personal accident cover provides the cover. So, it is the most essential. The benefits are paid out on death or permanent total disability/partial total disability. Personal accident policy must be taken by anyone who may be hospitalized due to the dangerous nature of work/dangerous commute/exposed to a dangerous work environment/ who want to ensure peace of mind against the possibility of general accidents.

Health insurance acts as a financial aid at the time of hospitalization to mitigate the overall expense incurred. The benefits are paid out after the hospitalization process. The ambulance costs are covered and so is the hospital rent. Health insurance must be taken by anyone prone to hospitalization because of health issues.

Here are some of the key benefits of this type of product:

• No medical tests & documentation
• Substantial cover for lower premium
• Worldwide coverage
• Can be bought by individual or by family
• Easy and certified claim process
• 24x7 support service

What are the major exclusions under personal accident policy?

• Pre-existing diseases
• Suicide, attempt to suicide or intentionally self-inflicted injury, sexually transmitted conditions, mental disorder, anxiety, stress or depression.
• Being under influence of drugs, alcohol, or other intoxication or hallucinogens.
• Participation in actual or attempted felony, riot, civil commotion, crime misdemeanour.
• Committing any breach of law of land with criminal intent.
• Death or disablement resulting from pregnancy or childbirth.
• Professional sports team in respect of specific benefit or inability to perform.
• Participation in any kind of motor speed contest.
• While engaged in aviation, or whilst mounting or dismounting from or travelling in any aircraft, other than as a fare paying passenger in a scheduled airline.
• Underground mining & contractor specializing in tunnelling.
• Naval, military or air force personnel
• Radio activity, nuclear risks, ionizing radiation

What are the major documents required to file a claim?

• Claim form duly signed
• Identity proof
• Accident proof – FIR, financial police report, state electricity board report, factory inspection report, forensic report etc
• Cause of loss – Viscera report, post mortem report (if conducted), Medical report of certificate
• Disability certificate from Government medical board, fitness certificate, medical prescription
• Death certificate in case of accidental death
• Hospital discharge summary, bills, receipts, medical practitioner certificate, medical or clinical or pathological or diagnostic records.                    

How do I determine if personal accident coverage is right for me?

Depending on your specific requirements, you can pick out a personal accident insurance plan that’s relevant to you. Depending on the insurance provider you choose, you may even be able to customize it to suit your specific needs.