Unexpected situations like accidents, mishaps in life make everybody not only emotionally weak but financially weak as well. Medical expenses and injuries sustained take their toll on life! Personal Accident Insurance protects not only individuals but also their families from financial instabilities. These may arise, due to medical expenses incurred by providing cost of hospitalisation.
What does a Personal Accident Insurance Policy cover?
Personal Accident Insurance policy covers the cost of hospitalisation and treatment incurred by the insured. This could be because of the death or permanent disablement of the insured. Personal Insurance ensures family of financial protection during such crisis.
Any sickness and injury sustained during an accident which needs hospitalization is covered. Reimbursement of medical bills, family coverage i.e., spouse and two dependent children are some of the other benefits.
Exclusions of a Personal Accident Insurance Policy
Any pre-existing medical condition or diseases, sickness or injury sustained during an attempt to suicide, side effects due consumption of alcohol and engaging in a dangerous sports activity are excluded.
Routine medical examinations, laboratory diagnostic or X-ray except in the course of a disability are not covered under Personal Insurance. Dental care, cosmetic or plastic surgery costs are borne only which are as a result of an injury caused due to accidents during the policy period.
Types of Personal Accident Insurance
Personal Accident Insurance Policy can be taken by an Individual or by companies who want to cover their employees under group cover. Group insurance covered by companies does cover very basic benefits, so it is ideal to have an individual Personal Accident Insurance policy if company's cover is insufficient.
Professionals who have to travel due to their work must compulsorily ensure they have Best Personal Insurance Policy. Personal Insurance offer different types of group plans which cover elective benefit and premiums are paid as deduction from their respective salaries. Companies do provide their employees a suitable travel Accident plan while they are on business trips. Some group plans also provide coverage for dependents.
Premium Calculation
Premium for Personal Insurance coverage sometimes depend on the occupations of the insured. Premium for administrative jobs like doctors, lawyers, teachers etc. are low as they are exposed to less to risks compared to individual working underground mines, electrical installation with high tension power supply. Professional sports require special coverage and the premium for this type of coverage are high.
Why do we need a Personal Accident Insurance Policy?
Life is full of uncertainties. Death or injury of an employed person can create serious financial problems for the family. Our Personal Insurance plan ensures complete coverage of cost of hospitalization and medical treatment arisen due to accidents.