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Benefits of Accident Insurance: All About you Need to Know

There are many benefits of accident insurance that you need to know, ranging from coverage for hospital costs, personal protection, and protection for your family.

Belva
Updated
Benefits of Accident Insurance: All About you Need to Know

Accidents can happen anywhere without you knowing it, and sometimes cause serious damage to the vehicle or you can even be seriously injured. However, the benefits of accident insurance can reduce your costs.

By buying personal accident insurance, it can be the right solution for you. In addition to your medical expenses at the hospital, having accident insurance is also very useful because the costs you incur will not affect your income.

In addition, having accident insurance can also provide protection for yourself and your family from situations that you don’t want. benefits of accident insurance are also useful for obtaining financial assistance for you when you have an accident, injury, temporary disability, and so on.

In the event of death, the insurance company will pay 100% compensation (equivalent to the sum insured) to the customer as the insured. Insurance companies also provide compensation for unintentional disabilities such as loss of speech, limbs, and eyes.

Benefits of Accident Insurance

Previously, we looked at the various benefits of accident insurance; Let’s take a look at some of the worrying statistics associated with it.

  • In India, reports show that more than 1,200 accidents occur every day.
  • According to the Ministry of Road and Highway Transportation, in 2017 alone there were more than 4.64 accidents and nearly 1.47 thousand people died due to traffic accidents.
  • In 2018, according to the report, there was a 1.68% increase in the number of reported accidents.

Types of Personal Accident Insurance

The benefits of personal accident insurance can be broadly classified into two categories - Group Accident Insurance and Individual Accident Insurance.

1. Group Personal

Typically, business owners and employers purchase group personal accident insurance to protect their employees. Depending on the size of the organization, and the number of employees, insurance companies offer discounts on premiums.

The group personal accident policy is an excellent incentive for employees as it ensures their financial security in the event of an accident at work.

2. Individual Personal

As the name suggests, it is picked up by an individual and protects the policyholder from accidental damage. Usually includes accidental death, loss of body parts, and other disabilities due to accidents.

Importance of Personal Accident Insurance

Many people neglect to buy accident insurance, mainly because they do not understand the benefits of accident insurance. However, you have to think about the safety and security of your family and how they can support themselves financially if something untoward happens to you.

If you are involved in an accident that causes death or disability, it will have an impact on your income. If you have an obligation such as a home loan, it will be difficult for family members to meet the costs. In addition, you also have to pay attention to the cost of treatment.

To avoid putting your family in a financially stressful situation, you should invest in the best accident insurance. Personal Accident Insurance has many benefits, namely:

1. Peace of mind and family security

If an accident occurs that causes death or leaves you disabled, it will have a significant impact on your earning potential. The benefits of accident insurance will provide your family with financial protection in the form of accident compensation and ensure their financial security.

The insurance company pays 100% compensation in the event of death. Family members can use the amount to pay off obligations (if any) and maintain a normal lifestyle. Also, it gives you peace of mind knowing that your family will be financially secured even in your absence.

2. Minimum documentation

One of the important reasons why many people avoid buying insurance is because they believe that the process is complicated, and involves a lot of paperwork.

However, the reality is that when you buy a personal accident insurance policy, you don’t have to stress about documentation. You must provide basic details in the application form, and the insurance company will issue the policy.

3. No medical tests are required

This is another significant benefit of the accident insurance policy. Unlike a health insurance policy, where the insurance company requires you to undergo a medical test before issuing the policy, you do not need to take any tests.

4. Worldwide coverage

Most types of insurance coverage have geographic restrictions, meaning they do not offer compensation for any casualty that occurs outside of India. However, with a personal accident policy, there is no such limit. You can be sure to get benefits regardless of the crash site; You get worldwide coverage.

5. Easy Claim Process

One of the important things that most insurance buyers look for when buying personal accident insurance is an easy claim process. No matter what type of policy you choose, the claim process is easy. You must submit an application to the insurance company (you can do this online or offline) and after the insurance company has verified the claim, the claim amount is paid.

6. Ambulance Expenses

Most insurance companies cover the cost of an ambulance to take the injured to the hospital from the scene of the accident.

Just as it is important to provide financial protection to your family in the event of your death, you should also think about how they will handle it in the event of an accident that could lead to disability. You should be prepared for such unforeseen situations with the benefits of accident insurance.

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