“While life is wonderful and a beautiful gift, we cannot deny the fact that it is highly unpredictable,” said Shruti to Shivani. Shivani approached Shruti to learn more about the health insurance policy, who is an insurance policy advisor.
She wondered and questioned, is accident covered in health insurance or not, and what is considered an accidental injury? Shruti vocalized her knowledge by saying that we cannot deny the absolute fact that mishaps like road accidents can occur anytime.
We usually tend to buy a health insurance policy to protect against several medical expenses in case of an illness or a disease for our family. But we’re generally not aware of the coverage of accidental injuries. We need to see if our policy covers this as well.
Advantages of buying a personal accident insurance policy
Shruti addressed Shivani, “We always consider a wide range of factors before buying or investing into a health insurance policy. Here, we fail to bring it to our notice that whether our health insurance plan also covers personal accident injuries.”
She added that there are various advantages of the personal accident insurance
policy that will convince you to invest in one. This cover can be purchased as an add-on cover with the health insurance policy.
- Hospitalization expenses covered optional.
Hospitalization expenses are provided by many insurance policies, which is an optional offer. For example, if you suffer from injuries or are admitted to the hospital due to an unfortunate accident, this cover will help you with all the hospitalization expenses.
You would get other optional covers such as daily hospital allowance, which aids in managing the hospitalization expenses.
- Coverage against accidental death
It provides you with an accidental death benefit, which means that it has a significant advantage of having access to accidental insurance. If, in case of an accident that may lead to death or disability, the company provides compensation up to 100%.
- Coverage against permanent total disability
The bodily injury that prevents you from engaging in any occupation is covered by personal accident insurance. For example, if the person has a total disability by losing both the eyes or limbs, it is covered by the payout of 100% sum insured
The policy also fosters financial stability against the financial blow of unexpected expenses in medical emergencies and loss of income, which leads to a financial crisis.
The policy is known as a cost-effective policy due to its premium. It is shallow and affordable. For example, a person who is 35 years old and buying an independent personal accident policy of Rs. 10 lakhs will have to pay the premium of Rs. 1000 per year, which also depends on the insurer and the plan chooses. This will cover the disabilities too.
Accident cover as an add-on cover
Over and above the health insurance cover, one needs to purchase the personal accident cover as it is a different insurance policy type. Health insurance cover offers flexibility to the policyholders by customizing their plans according to their requirements.
Several companies have incorporated personal accident coverage in their inclusions clause. In cases like these of a road accident, the medical expenses from ambulance charges to the hospitalization expenses incurred would be covered. Some plans in this cover offer the extension in the post-hospitalization expenses like physiotherapy, consultation fees, etc.
While taking all of this information into consideration, Shivani said that now she has understood the advantages of the personal accident cover, an add-on to the medical insurance policy.
Shruti, “hold on Shivani, medical insurance
and health insurance are two different policies where the accident insurance coverage is an add-on of the health insurance policy only.” She heard all of these things and now wanted to know more about medical insurance and asked what is considered an accidental injury.
- What is a personal accident insurance policy?
It is an agreement between the policyholder and the insurance company where the former will be providing financial compensation to the latter or their family members in cases of permanent or partial disability or death caused directly by accident.
This policy cover will ensure the coverage of the costs in cases of an accident that requires immediate treatment. Certain policy covers also offer risk coverage against the person insured’s accidental death, and these reimbursement amounts are beneficial in situations like these.
- What are the several accidental injuries?
Accidental injuries are the outcome of unfortunate accidents or unforeseen mishaps. It can result from an accident such as a fall, a slip of a car, a car crash, or a trip that may lead to severe physical damage or hurt.
Some of the common examples of accidental injuries are – bites, burns, road accidents, stings, cuts, falls, drowning, etc. The things which have devastating effects on the lives of the people in terms of the financial crisis, emotional trauma, or physical pain and the above-mentioned injures are covered under the personal accident insurance cover.