Personal accident insurance is a type of general insurance that covers the risk of loss of life or disablement due to accidents that might occur while traveling or at work. If you’re traveling to some destination and you get (unfortunately) hit by a car and get a fracture, your personal accident insurance policy will cover the loss of earnings and medical cost associated with the incident.
When we talk about accident insurance policy, most people lack the awareness needed. Accident can cause a lot of damage one can imagine and it can come in any number of forms. We can’t foresee this and neither do we hold the power to control it. But the one thing we can do is stay prepared for it by getting an accidental insurance policy.
In fact, every time you cross the road, there is a chance of getting hit by a car or truck. Your personal accident cover will not only cover your medical expenses in the unlikely event of an accident but will also insure you against the potential loss of earnings.
What does a personal accident insurance policy cover?
Although there are numerous accident insurance policies offered by a plethora of private companies, most of them would provide your dependents – wife/husband and children – 100% of the sum insured in the event of your demise due to an accident. If you are permanently or even temporarily disabled due to a personal injury caused by an accident, a portion of the sum insured will be given to you.
Personal Accident Insurance vs. Health Insurance
Health insurance only covers the medical cost associated with an injury but fails to account the potential loss of earnings arising out of hospitalization and recuperating from injuries at home. Moreover, no medical checkups are required with a personal accident insurance policy and there is no waiting period for this type of insurance.
Insurance companies don’t usually advertise about personal accident insurance policies since the premiums are low. However, an accident insurance policy should be a part of your insurance portfolio.
