Personal accident insurance provides coverage against unpredicted events like accidents that cause bodily injury, permanent disability, and accidental death. Personal Accident includes everything during hospitalizations like pre- and post-hospitalization expenditures and gives a daily cash allowance of up to one month, depending upon your insurance company. Personal accident insurance helps cover your finances if you lose income for a specific period, determined by the type of insurance you select. Personal Accident also covers the educational expenditure of the policyholder’s children in case of any natural calamity.

To choose the best personal accident insurance scheme, you have to compare different policy plans on MyPolicyExpress and select one that fits your budget. MyPolicyExpress provides some of the best personal accident insurance plans, which can relieve you from exhausting your bank balance in case of any accidents. An accident can damage your body parts permanently, lead to bodily injury, and in the worst case, can also lead to death. Death is unpredictable, you can secure your family’s future by selecting a fitting personal accident insurance scheme. Personal accident insurance cover acts as a shield to protect you from wiping out your bank balance during an accident or, in the worst case, death. In case of death, the designated nominee receives the entire sum assured.

Top 10 Highlights of the Personal Accident Insurance Scheme

Personal accident insurance means you get a cover from the insurance policy company to save you from emptying your bank account within a short time. Here are the key highlights of this insurance scheme.

  • On the death caused due to an accident, the policyholder’s nominee gets the total sum of money.
  • The policy helps the policyholder with partial or permanent disability caused due to an accident.
  • A personal accident insurance plan provides lifelong coverage and is renewable.
  • The premium for the personal accident policy stays consistent throughout the scheme’s duration.
  • The essence of personal accident insurance lies in providing financial support to the insured’s family in the event of an accident or the policyholder’s demise.
  • The policy excludes coverage for losses resulting from death due to any illness.
  • The personal accident policy doesn’t discriminate based on the accident’s nature. It covers everything from a serious road accident to incidents as unexpected as fracturing a bone slipping on a banana peel.
  • The accident which requires hospitalization is given a daily cash allowance to the policyholder.
  • All disabilities due to accidents come under personal accident insurance coverage.

Things that come under the Personal Accident Insurance Policy

Here are a few things that fall outside the coverage of the personal accident policy.

  • The policy does not provide coverage for injuries or losses resulting from suicide.
  • The policy excludes accidents caused due to adventure sports activities.
  • This policy does not cover injuries resulting from personal fights or acts of war.
  • Participation in defense operations will not come in the personal accident insurance coverage.
  • Injuries resulting from engaging in hazardous activities are not covered by the policy.
  • The policy doesn’t cover accidents that occur while under the influence of alcohol.

Types of Personal Accident Insurance Schemes:

The accidental insurance policy further divides into two sub-categories. Here’s a brief overview of each variant.

  • Individual Accident Insurance: This policy type provides financial coverage for an individual’s losses incurred during an accident. This policy covers damage to body parts, accidental deaths, or other disabilities resulting from an accident.
  • Group Accident Insurance: Group personal accident insurance is designed for large companies, providing coverage for their employees. Depending on the group size, you may be eligible for a premium discount. This serves as a significant advantage for small startups and organizations due to its affordability. It’s a fundamental plan and might provide fewer benefits in comparison to an individual plan.

Why choose Personal accident insurance?

An accident has the potential to completely alter a person’s life. A small accident might disrupt daily activities, while a major one could completely reshape your life. In today’s world, purchasing a personal accident insurance policy has become crucial. Such policies alleviate the burden on the policyholder’s family throughout the accident and recovery phase. Group accident insurance shields employees from financial losses in case of accidents, be it during air or rail travel, collisions, burns, and other incidents, offering compensation accordingly.

A personal accident insurance policy offers financial assistance in any accidental situation. MyPolicyExpress provides you with various options for choosing the right policy for saving your funds.

How much does a Personal Accident Insurance Policy Cost?

The premium varies on depending on your age, chosen plan, occupation, and, in some instances, medical history. Nevertheless, you have the option to acquire insurance with coverage amounting to 100 times your monthly income. MyPolicyExpress has the best coverage option for you, which you can choose to take maximum advantage of the insurance policy.

How much is accident insurance coverage sufficient?

There is a simple rule for buying personal accident insurance: your cover should be 100 times your monthly income. For example, if you earn Rs 10000 per month, you can buy a personal accident cover of Rs 1,000.000. It cover all the expenditures like child education, loan payment, marriage, and regular earning, and it should have the feature of renewing the policy. The definition of sufficient here is the amount of money which saves you from emptying your bank account during a sudden accident or permanent disability caused by an accident. If you are getting sufficient cover from all your expenditures during the accident, hospitalisation and in cases of death, then you are at a good place to be metally free from your financial expenditures. You can check personal accident insurance online, and calculate the eastimate which you get to cover all your expenditures during the sudden accident and loss of life.

What are the documents required for claiming your accident insurance cover?

Here are the essentials required to claim coverage under your accidental insurance policy:

  • Death certificate
  • Post-mortem report
  • Medical certificate
  • FIR report
  • Medicine bills

As a precaution, family members can keep these details in mind for future reference.

Tax benefits under a Personal Accident Insurance Policy

Any of the tax benefit is not provided for the premium paid for a personal accident insurance plan which offers protection against any physical disability under the section 80D of the Income Tax Act 1961. And these tax benefits are not needed in actuality because the primary idea of buying accidental life insurance is not tax benefits but to be safe and save your bank account from emptying during an accident. A personal accident insurance policy is designed to cover your expenses in the event of a sudden accident or loss of life.

How can Personal Accident Insurance cover help?

Consider how your family will manage in case of any permanent disability of the primary earner in the house. Insurance provides the assurance that in case of any disability or in case of any permanent body damage situation you can get the benefit of some financial amount to be mentally free. We, at MyPolicyExpress provides you with a range of personal accident insurance plans which you can easily afford and save yourself from a mini attack of during an emergency situation.

A personal accident insurance policy provided coverage against injuries caused by accident and death on the other hand such plans will never cover natural death and death resulting due to personal fighting. By utilizing personal accident policy premium calculator you can calculate the premium and cover that the policy holder will get during the sudden accident or disability. When purchasing an insurance policy, it’s crucial to be extremely specific about certain details. You should have a good risk-to-reward ratio, and you should get a good return for the investment you put in a certain policy. You can be in a good place after being free from financial losses if you buy a good personal accident insurance policy.