Personal Accident Insurance: A coverage worth considering

Read on to learn about personal accident insurance's various advantages.

With life insurance, we can financially safeguard our loved ones. We use health insurance to protect ourselves from excessive medical expenses. But what if we have an injury that makes it impossible to fulfil our everyday activities, or worse, renders us jobless? 

Accidents destroy people's emotional, physical, and financial well-being, wiping out life savings. Your joy comes to a halt, leaving you with shock and financial strain. It could completely alter your life. A personal accident insurance can help you during this trying time.

Let's take a look at the various advantages of personal accident insurance.

Peace of Mind
 

In the event of an accident that renders you disabled, your earning potential is considerably impacted. When you buy yourself a personal accident insurance, you ensure your family is financially stable. This gives the family a bit of relief till you can get back to earning. In the case of death, insurance firms offer 100% reimbursement. The money you receive can be used to pay off debts, medical expenses while ensuring your family can maintain their standard of living. This will certainly, keep your mind at ease knowing your family is financially secured even when you are not there.

Comprehensive Coverage

Personal accident insurance covers accidents causing bodily injury, permanent partial disability or permanent total disability and accidental death. In the event of a death or permanent disability, insurers pay the complete insured amount. If you are temporarily disabled, you are assured of receiving a percentage of the total insured. The amount depends on the level of impairment and the body part impacted. Besides, most insurance policies have a geographical restriction, which means they do not cover any losses that occur outside of India. This is not the case when you have a personal accident insurance. Regardless of where the accident occurs, you will be covered.

No Medical Checkups
 

Unlike health insurance, in personal accident insurance, you do not need to take any kind of medical tests or check-ups before being approved for coverage.

Easy Claim Process
 

When buying an insurance cover, most insurance buyers expect the claim process to be uncomplicated. For most insurance buyers, this seems to be a top priority. In most cases, the claim process is simple regardless of the type of coverage you purchase. All you need to do is apply to the insurance company (either online or offline), and the claim amount will be paid out once the insurance company has verified the validity of the claim. 

Just as it is critical to provide financial security to your family in the event of your death, you must also consider how they would cope if you were to be involved in an accident that resulted in incapacity. Before you sign the insurance, be sure you understand the contents, exclusions, and other terms and conditions. However, it must be noted that even though personal accident insurance covers death, it only covers accidental death.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.