BUYING PERSONAL ACCIDENT INSURANCE PLAN: TYPES AND BENEFITS

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Life is unpredictable. You never know when you might go through a life-dangering accident, leaving your family behind without any financial protection. Therefore, always look for  a compulsory personal accident cover not only to protect yourself from expensive medical treatment but also financially support your family in case of your demise or permanent disability.

Here in this guide, we have mentioned the different types and benefits of a personal accident insurance plan so that you can figure out the best option for you.

What are the different types of personal accident insurance plans?

There are two main categories of the personal accident insurance plan:

  • Individual Accident Insurance: This specific type of insurance covers the medical expenses of a single person if he or she has gone through any accidental damage. Such insurance policy compensates for accidental demise, loss of any body part, or eyesight of the policyholder. In case the body part of the policyholder gets permanently disabled due to the accident, then the same is also covered. Some insurance companies also provide education benefits under this particular policy. For instance, if the policyholder dies or is permanently disabled, then the child is eligible to receive financial education support to study in the government institutions of the country. 
  • Group Accident Insurance: This specific insurance cover is popularly bought by enterprises to secure their employees from any accidental damages. Now that the premium amount charged on such insurance policies is much less it is beneficial for the small companies to buy it for reducing the employee turnover rate. When it comes to the benefits covered by this particular plan, then their number is comparatively less than the individual policies. However, almost every insurer offers compensation in case of death, temporary or permanent disablement of any body part due to the accident taking place in any part of the world. 

What benefits are provided bya personal accident insurance plan?

Following mentioned benefits are provided by the personal accident insurance plan:

  • Provides financial security: In case the earning member goes through an accident leading to his or her demise or permanent disability of the body parts, it will have a great impact on the earnings and survival of the family. But if the person is covered under the personal accident health plan, then it will offer the family a sense of financial security in the form of accidental compensation. In case of the death of an individual, the nominee is legally eligible to obtain 100% compensation from the respective insurance company.
  • Medical tests not required: In the case of a health insurance plan, an individual needs to go through several medical tests to obtain health coverage. But when it comes to the personal accident insurance pan, there is no need for the individual to go through any medical test, making it easy to obtain financial coverage. 
  • Minimal paperwork: One of the most common reasons why people prefer to avoid purchasing insurance plans is that they find the policy issuing procedure much complicated and time-consuming. But there is no such thing when it comes to purchasing a personal accident insurance policy. Now an individual need not get involved in a lot of paperwork. He or she is just required to fill an application form provided by the insurance company and after submitting the form, the individual will be issued the specific insurance policy.
  • Covering ambulance expenses: In case a person goes through an accident, then the ambulance expenses incurred in carrying the policyholder from the place where the accident happened to the healthcare unit are covered by the insurer. 
  • Easy and convenient claim settlement process: The main factor one considers before buying any health coverage plan is the claim settlement process. It doesn’t matter which insurance policy you are going to purchase, always look for an easy and convenient claim settlement process. You don’t want to wait for years to get the insured amount from the insurer. It is the personal accident coverage policy that offers the easy claim procedure. The policyholder is just required to submit an application for the claim to the insurer and after verification, the amount of claim is paid. 
  • Worldwide coverage: When it comes to the benefits of a personal accident insurance plan, worldwide coverage hits the charts. No matter in which part of the world accident of an individual happened, the policyholder will be paid compensation once the claim is submitted. 

Wrapping up it all!

Whenever considering buying a personal accident insurance policy, always look for a reputed insurance company. One such company is Care Insurance. This company believes in providing the best financial coverage after figuring out the requirements of its clients. Now you can get insurance plans covering maximum benefits and that too at an affordable price. The claim settlement process is also much easy and convenient for the policyholders.