Personal Accident Insurance is a coverage wherein you are a party to the contract with the Insurance company. Suppose any unfortunate event, such as physical injuries, partial/permanent disability, and even death caused by accident, occurs. In that case, they will pay out the benefits to the beneficiary as soon as the claim is made. If, by misfortune, the person dies or suffers permanent total disability, you receive the full sum insured.
When buying Personal Accident Insurance, you can use it not only to claim funds for treatment but also for other needs, such as emergency ambulance cover, loss of employment, broken bones, accidental burns, and coma. The payout eligibility for Personal Accident Insurance may vary based on the severity of the event and the type of plan you choose, and is subject to the terms and conditions.
Reasons you need a Personal Accident cover
Accidental events are uncertain. Staying financially secure is important, as the consequences of a personal accident can severely impact your financial budget. Personal Accident Insurance is available under three options. The Basic Personal Accident Policy pays out only in the event of accidental death, emergency ambulance expenses, and funeral expenses. The Enhanced cover enables you to avail of the benefits of permanent total disablement and enhanced cover, besides the basic plan.
The comprehensive coverage includes even orphan benefits, permanent partial disability, and loss of employment benefits. You can choose from supplementary covers along with the plan, such as burns due to accidents, temporary total disablement, broken bones, and coma benefits. Choose the minimum sum insured amount from Rs. 50,000 to Rs. 10 crore.
What is the maximum age at which one can buy a policy?
While the minimum age is 18 years, the maximum age for adults to buy an Accident Insurance cover is 80 years. You may need to undergo a medical examination only if you are above 70 years of age. Besides the age benefit, you can choose the policy coverage on an individual or family basis, which includes your partner, dependent children, parents, in-laws, and siblings. The coverage for each criterion is subject to terms and conditions.
Benefits of a Personal Accident cover
The primary purpose of buying Personal Accident Insurance is to ensure coverage against death or permanent or total disability resulting from an accident. It is an additional layer of protection added to your Health Insurance Plan, offering a lump sum payout to help you avoid paying out-of-pocket for medical expenses.
For example, the Saral Suraksha Bima Policy safeguards you and your family financially by offering a sense of security against unexpected expenses arising from accidental death or serious injury, with a sum insured of Rs. 2.5 lakh to Rs. 1 crore.
Conclusion
In India, you are eligible for tax benefits of Rs. 25,000 to Rs. 50,000 per annum under Section 80D of the Income Tax Act for the Personal Accident Insurance Policy premium, which also includes Health Insurance investments.
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