Why Should You Have Personal Accident Insurance?

Most of us have life insurance and traditional health insurance policies in our insurance portfolio. However, is this much coverage sufficient to secure yourself or your family’s well-being against all kinds of mishaps? Probably not. 

A term insurance cover will reimburse your nominee only in the event of your death. But what if an accident leaves you physically handicapped? What if you are no longer able to earn and provide for your family? If you are the primary income earner, you and your family may struggle to meet basic needs and forget to manage your treatment costs or medical bills. Moreover, your health insurance plan may not cover your entire medical expenses incurred due to the accident.

So, what are the best way to financially protect yourself and your loved ones in the event of an unfortunate accident that robs you of your earning potential or piles up medical expenses, or both? The best solution is to add a personal accident insurance policy to your insurance portfolio.

Benefits of personal accident insurance

  1. Extensive cover

Personal accident insurance has a wide coverage. It covers both major and minor accidents. 

Firstly, it will compensate your family members in case of your accidental death. Thus, it functions as a life insurance policy as well. Secondly, if you are alive but are fully or partially physically disabled due to the accident, it will also compensate you for the resultant loss of income. Moreover, it will reimburse your medical expenses incurred after the accident. 

Bajaj Finserv’s personal accident insurance policy covers accidental death, temporary or permanent total disability, permanent partial disability, and hospitalization expenses. Under this plan, you are entitled to receive a daily allowance of Rs 1000 for a period of up to 30 days of hospitalization. You will receive 40% of the total claim amount or medical bills, whichever is lesser, as compensation for medical expenses.

Many accident health insurance plans come with a total permanent handicap benefit. In other words, in case an accident leaves you incapacitated for life to earn income, then your nominee will receive 100% of the sum assured. Bajaj Finserv’s personal accident insurance plan goes a step further by reimbursing 125% of the sum assured in case of permanent total disability. The payout for partial disability will vary with the extent of the disability.

Hence, with personal accident insurance, you no longer need to worry about managing the household and medical expenditure in the unfortunate event of your accident. You may consider Bajaj Finserv personal accident insurance plan for the same.

  1. Value-added benefits

Many comprehensive personal accident medical insurance plans provide value-added benefits to the policyholder. 

For example, with a Bajaj Finserv personal accident insurance policy, you will receive child education benefits and a cumulative bonus. In case of your death or permanent disability, each child will receive Rs 5000 or 10% of the sum assured, whichever is lesser, towards education expenses. You can claim child education benefits for up to 2 dependent children (aged below 19) on the date of your accident. 

Under the cumulative bonus feature, you can enhance your indemnity cover by providing a 10% – 50% cumulative bonus for every claim-free year.

Final Words

A health insurance is a one-stop solution to protect yourself and your near and dear ones from the financial burden of unforeseen accidents with disastrous consequences.

Bajaj Finserv personal accident insurance plan is one of the best comprehensive accident health insurance plans in India. With Bajaj Finserv accident insurance cover, you can receive your claims quickly – within seven working days of submission of a claim with relevant documentation. You may check the Bajaj Finserv website for more details.