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Oct 23, 2023

Personal Accident Cover in Motor Insurance: Know All About It

Road accidents are becoming a menace to the society. The growing number of vehicles has given rise to more road accidents than ever before. And even if you follow all the rules and maintain road safety, the same cannot be said about those around you. Hence it is important to be secured with the help of insurance. Motor insurance is not only essential for protecting your vehicle but also for safeguarding yourself and your loved ones in the event of an accident. The nature of accidents can be severe at times, leading to disability or even loss of life. Having the proper coverage in a policy, to deal with such situations is important. Personal accident cover, a key component of vehicle insurance, provides financial protection and support in case of bodily injury or demise resulting from a road accident. Claims are subject to terms and conditions set forth under motor insurance policy. Let’s explore the importance of personal accident cover in motor insurance and the benefits it offers.

Personal Accident Cover: What Is It?

As mentioned above, the PA cover in an insurance policy for your four-wheeler or two-wheeler offers financial compensation for disability or loss of life caused in an accident. The rate of compensation is dependent on the impact from the accident, which can be observed below:
  • 100% compensation for loss of life
  • 100% compensation for loss of 2 limbs/eyes or 1 limb/eye
  • 100% compensation for permanent and total disability
  • 50% compensation for loss of sight in 1 eye
Claims are subject to terms and conditions set forth under motor insurance policy.

Benefits Of Personal Accident Cover

The following are the benefits you get with personal accident cover in your motor insurance:

- Financial Protection and Medical Expenses Coverage

One of the primary benefits of personal accident cover is the financial protection it provides. In the unfortunate event of a road accident-causing bodily injury, the insurance policy offers financial support for medical expenses. From hospitalisation costs to surgical treatments, consultations, and rehabilitation, the policy ensures you receive the necessary medical care without worrying about the financial burden. Claims are subject to terms and conditions set forth under motor insurance policy. *

- Compensation for Disability and Loss of Income

Personal accident cover also provides compensation for permanent disability resulting from a road accident. This compensation is particularly crucial as it helps individuals cope with the physical, emotional, and financial challenges that may arise. The policy may offer a lump sum pay-out or regular instalments to support the policyholder's needs, such as modifications to their living environment, specialized equipment, or ongoing medical care. * In addition, personal accident cover can provide a portion of your income in case of temporary or permanent disability that prevents you from working. This loss of income coverage offers financial stability during the recovery period, ensuring that you can meet your financial obligations and maintain your standard of living.* Claims are subject to terms and conditions set forth under motor insurance policy.

- Coverage For Loss Of Life And Funeral Expenses

Tragically, some accidents may result in the loss of life. Personal accident cover extends its protection to offer financial assistance to the family or nominated beneficiaries of the deceased. This coverage provides a lump sum payout to help cover funeral expenses and any immediate financial needs the family may face.* Claims are subject to terms and conditions set forth under motor insurance policy.

- Peace of Mind and Emotional Support

Road accidents can have a significant emotional impact on individuals and their families. Personal accident cover not only offers financial protection but also provides peace of mind during challenging times. Knowing that you and your loved ones are financially supported in case of an accident can alleviate some of the emotional stress associated with such situations. It allows you to focus on recovery and healing, knowing that the financial aspects are taken care of.

- Additional Benefits

Personal accident cover can offer additional benefits policyholders can take advantage of. Exploring these options offered in your personal accident cover ensures that it meets your requirements.*

Things To Keep In Mind

You should remember the following pointers related to personal accident cover to establish a proper understanding:
  1. As a vehicle owner, if you happen to own a standalone personal accident policy, with the sum insured amount being that of Rs.15 Lakhs, you do not need to buy the cover with your policy. So, if you own a comprehensive policy, you get a waiver from having to purchase this cover.
  2. If you have a vehicle, and the insurance policy for the vehicle has the cover in it, the coverage will be extended to accommodate a new vehicle you might purchase. If you own a third party insurance plan with personal accident cover in the policy, you are not required to purchase it again for your vehicle.
Claims are subject to terms and conditions set forth under motor insurance policy.

Conclusion

After going through the information above, you may be able to now see personal accident cover as a critical component of motor insurance, providing financial security and support against the severe impact following a road accident. The peace of mind and emotional support it provides during difficult times cannot be understated. By understanding the importance of personal accident cover and customizing your policy to meet your specific needs, you can ensure that you and your loved ones are protected in case of an unfortunate accident on the road. Claims are subject to terms and conditions set forth under motor insurance policy.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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