Personal Accident Insurance is a specific policy to build a safety net against any unexpected accidents that could otherwise lead to critical bodily injuries, partial or complete disability on a temporary or permanent scale, and accidental death. In case of accidental death, the insurer will offer coverage benefits to the nominated dependents (includes spouse, children, or parent).
The policy specifications mention that the insured policyholder is covered for unexpected accidents during travel through different modes such as road, rail, air, water, or even by a collision, leading to adverse physical injuries or loss of life. Several insurers provide personal accident cover as an add-on to health insurance policies with an additional premium.
A Personal accident insurance policy is designed to align with all age groups to support the insured policyholder during any unexpected accidental emergency. Let’s understand some benefits of PA cover as follows:
The personal accident insurance cover is a safety net for the insured and his/her beneficiaries. Let’s understand the coverage inclusions here:
Personal accident insurance coverage supports the insured and his/her nominees during any unprecedented emergencies. However, there are some conditions when personal accident insurance will not provide any coverage. Let’s uncover the exclusions here:
Typically, the cost of Personal Accident insurance depends on the occupation of the insured. The coverage limit should be about 10 times the annual income of the insured. This provides the required safety net for the dependents and will cover income loss, medical treatment, and personal requirements.
The occupational risks are classified into three segments under personal accident insurance which are as follows:
Alongside the type of occupation, the other factors that influence the premium price are the age and health status of the applicant.
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