Today number of health-conscious people is increasing day by day. This has led to a booming growth of the healthcare sector. Do you know? It is expected to reach $974.6 billion by 2027, growing at a CAGR of 19.8%!
Personal accidental insurance plans play a significant role in this growth, covering more than 1.5 billion lives in India. But you may wonder why people buy it. This article will walk you through the same. So let’s get started.
What Does Personal Accident Insurance Mean?
Personal accident insurance means a type of insurance coverage that provides financial compensation in the event of accidental injuries, disabilities, or death. It is designed to support you and your family during times of crisis. Such insurances offer financial assistance for medical expenses, loss of income, and other accident-related costs.
How Does Personal Accident Insurance Policy Work?
A personal accidental insurance policy provides a lump sum benefit to you or your nominated beneficiaries upon the occurrence of specific accidents covered under the policy.
You need to pay a regular premium to the insurer. In return, the insurance company agrees to pay the sum insured in case of an accident per the policy’s terms and conditions.
Coverage Under Personal Accident Insurance Policy
Personal accident cover insurance pay for numerous situations, some of which are the following:
1. Accidental Death Benefit
In an unfortunate event, such as an accident resulting in the sudden loss of the insured, the insurance policy offers a designated sum to the nominee or a family member. This amount serves as a financial resource to address various obligations, including funeral expenses and outstanding debts.
2. Permanent Total Disablement
If the insured experiences total disability, rendering them unable to carry out their day-to-day activities, the policy offers a compassionate response. It provides a lump sum payout to compensate for the loss of income and cover medical expenses during this challenging period.
3. Temporary Total Disablement
In case of temporary disability resulting from an accident, where you are temporarily unable to work, the policy provides a weekly or monthly benefit to replace the lost income during the recovery period.
4. Medical Expenses Coverage
Personal accident insurance policies also cover medical expenses incurred due to accidental injuries. This includes hospitalisation, surgical procedures, and medication costs.
Benefits of Personal Accident Insurance Policy
Some of the benefits of having personal accidental insurance are:
1. Worldwide Coverage
Personal accident insurance coverage is not limited to a specific geographic location. It provides you protection against accidents that occur anywhere in the world. This makes it beneficial for frequent travellers or individuals working in high-risk occupations.
2. Customisable Plans
Insurance companies offer personal accident insurance policies with various customisation options. You can choose the coverage amount, duration, and additional riders according to their needs and budget.
3. No Medical Examination
Unlike many other insurance plans, accident insurance often does not require a medical examination. This makes it easily accessible to individuals with pre-existing medical conditions.
Steps-By-Step Claim Process of Personal Accident Insurance Policy
You can claim your accidental insurance policy in the following way:
1. Inform the Insurance Company
You must immediately notify your insurance company about the accident and the injuries sustained. Also, remember to provide them with all the necessary accident details. It includes your policy number, date, time, and location.
2. Submit Required Documents
The insurance company will provide a list of documents required to process the claim. These may include medical reports, hospital bills, and other supporting documents per the policy terms.
3. Claim Verification
The insurance company will assess the claim and verify the provided documents. They may also conduct investigations or seek additional information if required.
4. Claim Settlement
Once the claim is verified and approved, the best health insurance company in india will initiate the claim settlement process. The payout will be made per the policy’s terms and conditions. You can be paid cumulatively or in regular instalments, depending on the nature of the claim.
Personal accidental insurance is a valuable safety net that provides financial protection in times of unexpected accidents. Therefore, consider investing in a personal accident insurance policy to secure your future and safeguard your loved ones.
Reach out to Niva Bupa Health Insurance and explore their comprehensive accident insurance plans tailored to your specific needs. They also have a speedy claims settlement process.