In India, there is about 1 death happening every 4 minutes caused by accidents. Back in 2018, about 1.49 Lakh people lost their lives due to road accidents. The figure increased from 1.48 Lakh back in 2017. However, it was higher in 2016 at 1.51 Lakh.
Total road accidents back in 2018 were 4.61 Lakh compared to 4.65 Lakh in the previous year.
As traffic conditions don’t seem to improve, the importance of availing personal accident insurance continues to grow. Such a policy protects you and your family in case of accidents caused on roads or elsewhere.
A personal accident policy covers you in case of death, permanent disability, or even injuries.
Some of the facts you should know about such insurance policies include:
Fact 1. These policies provide a high disability compensation
Permanent disability is one of the repercussions that you can come across following an accident. You can keep yourself covered in such cases with a personal accident cover.
Companies like Bajaj Finserv bring you Health Insurance schemes like Personal Accident Insurance policy which provides a high disability compensation of up to 125% of the sum insured.
Fact 2. You can avail coverage of medical expenses
Medical expenses are something that you will not be able to avoid in case of an accident. Doctor visits, medications, and even medical equipment are some expenses that you have to take care of.
A personal accident insurance plan covers all your medical expenses. Usually, the cover is 40% of the medical bills or the claim amount, whichever is less.
You can opt for individual health insurance scheme from Bajaj Finserv to cover Ayurveda or Homeopathic medical expenses. You also don’t have to undergo medical tests if you are below 45 years to avail this policy. One of the significant benefits of this plan is the tax exemption of up to Rs. 60,000 under Section 80D of Income Tax Act.
Fact 3. These schemes provide cumulative bonus
A cumulative bonus is a sum that you get every year when you don’t make a claim. The bonus a company provides can range from 10% to 50%. Thus, you can avail monetary benefit from a policy even when not making a claim.
Fact 4. Your hospitalisation fees remain covered with this plan
Coming across a substantial bill is natural in case of hospitalisation due to an accident in a private medical facility. Hospitals have bed charges on a daily basis, medications, doctor fees, accessory expenses (gloves, syringes, etc.)
A personal accident policy can help you to address all these expenses without undergoing any financial setbacks. Insurance providers usually provide coverage for hospitalisation in the form of an allowance. The allowance is usually Rs. 1,000/per day for up to 30 days of admission.
You can opt for a top-up health insurance policy from Bajaj Finserv that covers expenses before and after hospitalisation. The sum insured in this policy ranges from Rs. 3 Lakh to Rs. 50 Lakh. It also covers expenses related to organ donations, ambulance, maternity care, etc.
Fact 5. These policies provide children with an education bonus
Managing your children’s education expenses can become a significant problem with piling hospitalisation and medical bills. Permanent disability or a fatality can make the situation even more dreadful.
Hence, availing a personal accident insurance is beneficial to avoid such circumstances. You can either avail Rs. 5000 per child or 10% of the capital sum insured. The child has to be below 19 years of age to be eligible as the beneficiary.
Fact 6. Companies offer discounts if you cover more families
You can avail a discount of 10% on premiums when you bring two or more families into a personal accident policy.
A personal accident insurance plan helps you to keep your savings intact while taking care of all expenses. Availing these plans is also less complicated, and you can do so online.
You only have to be between 18 and 35 years while your dependants 5 to 21 years to become eligible for this policy. Insurance providers also disburse the claims quickly after fulfilment of all the requirements.