Here’s All You Need To Know About A Personal Accident Insurance

Accidents happen anytime, anywhere to anyone and most serious accidents are most often seen on roads. While every accident may not lead to death, some may result in permanent or partial disability. Despite all precautions to minimise the damage, we have little control on the incidences of mishaps, and hence, it is important to cover ourselves against such risks from accidents, which may potentially have a significant impact on the financial well being of an individual as well as the family.

The best way to ensure we stay protected against such possible health hazards is by getting a Personal Accident Insurance plan. A Personal Accident Insurance covers an individual financially in the event of an accident. Despite some commonalities, Personal Accident Insurance is different from Life Insurance and Health Insurance.

A Life Insurance policy like a Term Plan is beneficial only in the event of death and a regular Health Insurance plan is of benefit in the event of hospitalisation. While some of these policies also offer Personal Accidental riders, the riders may not be as comprehensive in comparison to a standalone Personal Accident Insurance policy.

A standalone Personal Accident Insurance offers financial compensation in the event of bodily injuries, total/partial disability resulting from an accident – be it temporary or permanent. It covers the policyholder against possibilities such as physical injuries, broken bones, accidental disability, bodily burns and several other conditions including Ambulance costs. This policy also compensates the nominee in the event of death of the policyholder.

Interestingly, a Personal Accident Insurance policy does not burden an individual’s pocket, making them affordable for all. The cost of a standard Personal Accident Insurance with a cover of Rs. 15 lakh costs less than Rs. 3,000 per year, which works out to approximately Rs. 9 per day.

Key highlights of a standard Personal Accident Insurance plan include:

1) Plan can be extended to include the entire family under a single policy

2) Worldwide coverage, which offers protection to policyholder while traveling overseas

3) Weekly compensation benefit up to 104 weeks for loss of income arising on account of inability to attend work place due to accident

4) Hassle-free documentation. All one needs to do is fill the complete proposal form with relevant details and attach the premium instrument

For added convenience, visit HDFC ERGO website for a quick online purchase.  So, ensure you are protected with a Personal Accident Insurance, and safeguard your family and yourself from an unwarranted monetary crisis.

Disclaimer: All information in this article has been provided by HDFC Ergo and NDTV is not responsible for the accuracy and completeness of the same.