Everything You Need to Know About The Personal Accident Insurance

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A personal accident insurance policy offers financial compensation to the policyholder or the family in the event of bodily injuries, partial or total disability, and/or accident death. Financial coverage is provided against unforeseen accidents, and covers pre and post hospitalization costs. Daily cash allowance of up to 30 days is also provided.

This medical insurance offers safety and security Thor only to the policyholder, but also their families. Any accident causes severe mental and emotional trauma, affects any future sources of income, and major financial stress. Personal accident insurance is beneficial in taking care of the medical bills during such situations. If you are considering applying for personal accident insurance, read ahead to know everything about it.

Types of personal accident health insurance

Broadly speaking, personal accident insurance is of two types – individual and group.

  • Individual accident insurance: This is a kind of policy that an individual takes, to cover themselves against accidents. Coverage is for loss of vision or limb, partial permanent or total permanent disability, as well as accidental demise.

Inclusions under the personal accident insurance

A personal accident insurance covers the following:

Permanent partial disability: The policyholder is covered in case of permanent partial disability that is caused by an accident.

Permanent total disability: In case an accident permanently disables the policyholder, they are now unable to earn a stable income. They are covered under this medical insurance.

Accidental death: In case of death of the policyholder due to an accident, the assured sum is paid to the nominee.

  • Group accident insurance: The group accident insurance is usually offered by the organisation to the employees. They receive the insurance at a discounted rate.

Inclusions under the group accident insurance

A group personal accident insurance covers the following:

100% of the insured amount is disbursed in case of accidental death.

100% of the insured amount is disbursed in case of disablement.

A percentage of the insured sum can be used for the child’s education.

25% of the monthly salary is paid for up to 100 weeks.

Exclusions to the personal accident cover 

There are a few major exclusions to the medical insurance that the policyholder needs to be aware about. Some of these are:

  • Suicide or self harm attempts
  • Pre-existing diseases or disorders
  • Accidents caused due to overdose of drugs or alcohol
  • Pregnancy or childbirth related accidents
  • Accidents caused due to adventure sports
  • Accidents caused while committing a crime
  • Accidents caused due to war
  • Accidents caused due to mental disorders

Benefits of a personal accident cover

In today’s world where accidents are increasing, it is quite beneficial to invest in medical insurance with a personal accident cover.

  • To apply for personal accident insurance, no medical tests are required. The policyholder is not required to go through any diagnostic tests.
  • The medical insurance protects the policyholder’s family. In case of disablement when the holder is unable to earn a steady income or the case of accidental death.
  • The policyholder is at peace of mind knowing that their family members are taken care of, if anything happens to them. The amount can be used to pay off liabilities in case of accidental death.
  • To apply for personal accident insurance, the process is quite easy. The paperwork and application procedure is quite simple.
  • In many cases, ambulance expenses are also covered. This is handy when the policyholder has to be taken to the hospital in case of any accident.
  • Generally, personal accident insurance covers the policyholder irrespective of the location of the accident. This makes the insurance extremely useful in case of emergencies.
  • The claim process is simple. In case of emergencies and accidents, the policyholder is not able to go through long drawn claim procedures. This medical insurance has an online and offline application process, where the payout is done immediately after review.

Claim settlement process

The claim settlement process under the personal accident insurance is extremely easy. The process is as follows:

  • Inform the insurer: Immediately after the accident or injury, the policyholder or the family needs to contact the insurance company about the same. The insurance takes photographic evidence of the accident, and notes down details like time and place of accident, contact number, police-involved, and medical staff present on site.
  • Claim filing: Once the inspection is complete, the company verifies the claim.
  • If approved, the payment will be transferred to the account.
  • If rejected, more details and documentation might be required.

Key takeaways 

It is always better to be safe and take precautions, rather than regret it later.  A personal accident insurance policy mitigates the financial risk that the policyholder or their family might go through, incase of accidents or accidental injuries. Get a personal accident cover now and live a stress free life.


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