Accidents can occur anywhere at any time when traveling by bike or a car these days. You may not be able to avoid an unforeseen event but you can certainly take precautions and protect yourself in case you are involved in one. But how?By taking personal accident insurance.
Accident insurance protects the policyholder against financial emergencies that arise at the time of a road mishap. It provides monetary help to get medical treatment due to an accident.
To understand how taking a personal accident insurance benefits you, read on.
1. Long-term disability
In case an accident causes a permanent disability to the policyholder such as loss of fingers, toes, or other body parts, the insuree can ask the insurance provider for compensation for the same. Depending on the seriousness of the damage, you can avail of additional benefits.
2. Short-term disability
If you suffer from short term bodily damages due to a road incident while commuting by your insured vehicle, your accident insurance provides financial assistance for your treatment. These injuries can include wounds on the head, limbs, psychological trauma, and so on. You can claim up to Rs. 25, 000 for the weekly medical expense, however, this may vary between different insurance providers.
Some accidents are so severe that they result in loss of eyesight, limbs, and other permanent disability of the policyholder. At times like these, the insuree might lose his/her job or may not be able to resume his/her work due to his/her medical problem. In case that happens, they can ask for compensation from their policy provider if they have accident insurance.
4. Covers cost of education
Imagine if you are the only earning individual in your house and you meet with an accident that causes you a permanent ailment or fatality, what will happen to your family? This is when personal accident insurance comes to your rescue. Up to a pre-determined limit, your child’s education fees will be taken care of so that their future is not at stake.
5. Ambulance cost coverage
Accident insurance also includes certain overhead charges in the policy such as cover for ambulance services that a policyholder may require after a road mishap.
6. Untimely death
In case the policyholder dies due to a road accident, the nominee or beneficiary of the personal accident insurance policy will receive 100% capital sum insured as compensation by the insurance provider.
7. Accruing advantage
One of the major benefits of taking accident insurance is that your capital sum insured increases during the time of renewal each year. The sum insured boosts up to a certain limit and you do not need to pay any extra premium to avail this benefit. Great, isn’t it?
What’s more? An accident insurance policy also provides cover for the clothes and accessories that get damaged during a road accident. So, wait no more! Whether you are a ghost rider or the most responsible driver according to your friends, accident insurance will protect you when in need.