Rahul, an IT professional, the only earning member of his family met with an accident on his way back home from office. He suffered multiple injuries and lost his right arm in the accident. This took about 6 months to recover and he was at home for this period. While health insurance plans take care of the hospital bills, there is no compensation for the loss of income.
Thinking about Rahul’s situation gives us goose bumps, isn’t it? You can save yourself from a similar situation by opting for a personal accident (PA) cover.
Why Does One Need A Personal Accident Insurance Cover?
One of the types of health insurance in India which will cover the insured for death due to an accident, a permanent total disability such as loss of eyesight or loss of ability to use both the hands and feet, a partial permanent disability like loss of hearing ability or temporary partial disabilities like fracture is personal accident insurance. This cover also takes care of the cost of education of the dependent children in case of death of the insured.
Things to Keep in Mind While Buying a Personal Accident Cover
Opting for a wider cover is always advisable as it will cover a person against death and disabilities unlike a basic cover which will cover him only for death due to accident.
The sum insured for a personal accident insurance policy is directly proportional to your income. The sum insured can be up to 120 times of your monthly income depending on the health insurance company you opt for.
Let us take an example of a person whose monthly income is approximately Rs. 42,000 per month opts for a PA cover. If we consider the sum insured under a personal accident policy is120 times of the proposer’s monthly income, the maximum sum insured that he can opt for will be Rs. 50,00,000/. The premium which he will pay would range between Rs. 5000 to Rs. 7000 and it also depends on the risk class or occupation of the person.
Process of a Claim
After an accident, the insurer must be intimated about the event within 30 days. Documents like the claim form, copy of the FIR, medical certificates like disability certificate etc. should be kept ready.
Secure yourself and your family from a financial blow by taking a personal accident health insurance policy.
Thats good plan for life