Thursday, 20 Feb 2020

Personal Accident Insurance: Benefits, Coverage & Claim Process

Just like a regular life or health insurance policy, a personal accident insurance is also essential. However, most of the people aren’t aware about the same. It becomes even more essential to buy a personal accident policy, if you are the primary earner in the family. Life can throw uncertainties at you anytime and anywhere. Hence, if you’re insured with a personal accident cover, you will have adequate coverage if at all there is any permanent disability.

Why should you purchase Personal Accident Insurance?

God forbid, you meet an accident and fall in an area that is not covered by your health insurance or life insurance. What are you going to do? An accident might also cause total or partial disability and there is a possibility that your insurance might not provide the required coverage. To safeguard yourself from such unforeseen circumstances, you must purchase a personal accident insurance policy.

What coverage does the Personal Accident Insurance Policy offer?

Both minor as well as major accidents are covered under a personal accidental insurance policy. It not only covers fatality, but also total or partial disability. Temporary disabilities can also be bad, and you also might not be able to earn for a while. Hence, it is covered under this policy.

Ideal policy coverage

In a Personal Accident Insurance Policy, coverage for accidental death and total disability are provided. But, along with that an ideal policy coverage must also cover temporary disability. Opt for a cover that will cover the disabilities mentioned above. A good insurance policy will cover major as well as minor accidents.

Benefits of a personal accident policy
People buy an insurance policy for the safety of themselves and their families. One such benefit of buying a personal accident insurance policy is that your family will be secured, especially if you have dependents to support such as young children or parents who are ageing.

Let us now look into the claim process:

Below-mentioned is the process you need to follow in case you need to file a claim due to any accidental bodily injury/death:

  1. Whoever is making the claim, must inform the insurance provider in writing within 30 days.
  2. Consulting a doctor immediately is advised and follow whatever they recommend.
  3. Take reasonable steps so you can lessen the consequences of bodily injuries.
  4. Get yourself examined by medical advisors.
  5. Provide all the documentation and the needed information for investigating and settling the claim.
  6. If you meet with any accident that leads to your death, then a loved one who will be making the insurance claim is advised to inform the insurance provider in writing and send them a copy of the post-mortem report within 30 days. (If required).

Remember

The benefits provided by an individual coverage is different from a group personal accidental insurance policy. Therefore, always check the terms and conditions before buying one. Also, opt for the policy that provides adequate coverage. In case of personal accidental insurance, the accuracy of the events leading to the accident will always be cross-checked. Your claim will be rejected if you provide false information.