An accident is unforeseen but can wreak havoc in your life. An accident insurance policy works as an early preparation against any untoward situation. Personal accident insurance is an agreement between the insurer and the policyholder. The former provides financial compensation to the policyholder in the event of permanent or partial disability or death caused due to an accident.
If an insured individual needs immediate treatment due to an injury from an accident, an accident insurance policy will ensure coverage for such costs and expenses. If an insured person is disabled due to an accident leading to loss of income, disability coverage is offered.
Advantages Of Investing In An Accident Insurance Policy
Disability coverage with vehicle modification benefits and home alteration
An accident can lead to a temporary or permanent disability. A personal accident health insurance can compensate for various disabilities as listed in your chosen policy document. Be it any kind of disability or loss incurred due to disability caused by accident; you can claim the insured amount.
If you have a disability that makes you wheelchair-bound, you might need a suitable vehicle for transportation. A health insurance policy that provides accident cover will ensure all your travel requirements and compensate for such expenses as required. Similarly, the insurance company can facilitate any necessary modification in your home, such as setting up ramps.
The rising cost of hospitalization can make it challenging to bear the cost of hospitalization as well as treatment costs out of your pocket. With an accident insurance policy, you can claim repatriation charges, funeral expenses (in the event of the policyholder’s demise in the accident), as well as claim insurance for ambulance charges.
If the accident leads to the policyholder’s demise, the policy disburses compensation to the family. So, if you have young children, the insurance company is likely to take care of their education. Moreover, the insurer will give a lump sum amount to the family members to the extent of the sum insured per the policy’s terms and conditions.
Aside from providing transportation to the insured individual, the insurance company will reimburse the transportation costs of the family. This includes expenses incurred in reaching the accident spot or the hospital.
Health insurance can help finance your treatment needs during a medical emergency. But it does not provide complete protection. Preparing in advance for an unforeseen situation is one of the best things to do, as accidents don’t knock on the door without permission.
Several top-rated insurance companies, such as Bajaj Allianz Health Insurance, offer the facility of buying insurance online, which is convenient and time-saving, and also eliminates the hassle of going through any third party to get your insurance plan.
Moreover, you can read all details, including inclusions, exclusions, and other terms and conditions of your accident insurance policy online, to make a comprehensive decision on purchasing a policy, as any informed buyer would like. Bajaj Allianz Health Insurance offers a comprehensive cover against accidents while supporting you in times of crisis.
Check the disclosures, exclusions, and the premium amount for any accidental insurance policy you buy. In most cases, accident insurance costs lesser than term insurance, and the premiums are also reasonably quoted for accessibility by a larger population. For a wider cover, you can run a quick market survey on standalone accidental insurance policies, as it covers everything from temporary disablement to income loss and hospitalization.