For a person, nothing can be worse than being injured. It causes immense pain and trauma to an individual’s life. When a person is injured due to specific reasons, sometimes there are chances that they may not have any source of income. In such cases, personal accident insurance provides coverage for the period the person cannot work due to injuries from accidents. This article will give details about 8 benefits of personal accident policy.
1) Coverage In Case Of The Medical Shortfall:
In case of injury, there can be several expenses like hospitalization charges, doctors’ fees, etc. These expenses may cause a financial crisis for the policyholder if funds are not available in good time. Personal insurance ensures quick recovery in times of critical illness. Further, it includes coverage for unforeseen medical expenditures incurred due to injuries or accidents.
2) Protection Against Loss Of Life:
The policy covers against the time spent in hospital, which injuries may cause due to accidents. It also provides compensation in case of death resulting from an accident. This clause is highly beneficial for the family members of the person killed, as they are at financial risk without any sources of income after that incident. Therefore, this insurance helps protect them financially through timely compensation.
3) Quick Settlement During An Emergency:
In emergencies where hospitals have to be reimbursed immediately, this indemnity ensures quick settlement with minimum formalities required for releasing funds immediately in cases involving serious conditions where immediate advances are necessary for continuing treatment.
4) Coverage Against Death Or Disability:
In severe injuries, the policyholder may become disabled permanently and may be unable to perform the duties for which he is employed. This insurance indemnity can provide funds that will help in meeting all expenses until the person recovers from injuries sufficiently to enable them to resume regular work duties or until death occurs if there is a permanent disablement. It also ensures that the family members are not left without any source of income after an accident occurs. In addition, the amount provided helps in covering loss of earnings due to disablement caused by injuries from accidents, providing compensation for earning capacity lost due to disablement. In case of demise, it provides a lump sum payment payable on death due to an accident during the policy term.
5) Provides Coverage For Children Even In The Absence Of An Adult Income:
In cases where the policyholder is injured or killed during an accident, it is important to ensure that family members are financially secure. It has been seen that most accidents happen when the policyholder may not have any source of income. In such conditions, there would be no one to provide financial support to young children if they need urgent funds to continue treatment or fund their education. This insurance indemnity ensures provision for payment in situations arising due to injury or death resulting from accidents occurring during the policy period. These payments are directed towards ensuring protection against loss of life and helping family members meet heavy expenses when a person is seriously injured or killed due to accidents.
6) Provides Benefits In Times Of Critical Illness Or Accident:
Critical illness is an ailment that requires immediate medical attention, which may entail a high cost of medication and treatment, including emergency surgeries where it is essential to have the right specialist. Also, expenses arising from injury are much higher than ordinary illnesses or diseases. Several expenses occur during this period, such as transportation costs, unique treatments, medicine costs etc. This indemnity ensures provision for payment in the form of lump-sum amount payable on diagnosis of terminal illness, surgical interventions where insurance can be claimed by submitting medical evidence along with claim form duly filled up and signed by the policyholder. The indemnity also provides lump sum payment where injuries resulting from accidents cause permanent disability.
7) Cashless Medical Facilities Anywhere In The World:
Typically, hospitals and clinics providing cashless facilities are not limited to a particular geographical area or country. However, one must take care of several factors before opting for cashless facility to avoid rejection. It is essential to check with the insurance company about the hospitals/clinics that accept indemnity and the procedure to follow. It is also important to check for pre-existing conditions before buying the policy, as it may be a condition for exclusion or submission of evidence regarding earlier treatment of a condition similar to the ailment being reported by the policyholder at the time of claim.
8) Protection Against Financial Crisis Or Bankruptcy:
Banking and financial institutions provide loans, mortgage, and other financial assistance for various purposes to individuals. This insurance indemnity ensures provision for payment in cases arising due to injuries during the policy term leading to permanent disability and also provides lump sum payment where death occurs due to accident during policy term. The amount payable under such circumstances helps in avoiding financial crisis arising due to disablement, loss of life or death.
Care Health Insurance provides these all benefits of personal accident policy.