What is Personal Accident Insurance?
Health Insurance

What is Personal Accident Insurance?

Nobody gets into an accident by choice. It is an unprecedented occurrence that happens without warning, and the repercussions could translate beyond medical treatments. They may include bodily injury, disability, or even death. This impacts the quality of life for you and your family. Individual personal accident insurance helps avoid such a predicament. Read ahead to learn what is personal accident insurance and how it works.

Personal Accident Cover – Decoding Its Importance

Personal accident insurance is a policy meant to compensate for losses incurred from being in an accident. Since driving exposes you to the risk of getting into accidents, you can protect yourself from hospitalisation costs and liabilities with personal accident cover with vehicle insurance plans. Additionally, you can buy the policy to protect yourself against the financial implications of accidents in a dangerous workplace.

The terms and conditions for compensation may differ based on the policy type and insurer you choose. Regardless, some of the coverage benefits offered under personal insurance plans include the following:

  • Comprehensive coverage of medical expenses incurred on hospitalisation, pre-and-post hospitalisation, ambulance fees, etc.
  • Daily cash allowance in case of accidental hospitalisation for up to 30 days.
  • No external tests and documents are required besides the condition resulting from the accident.
  • Worldwide financial security to keep you covered wherever you go.
  • 24*7 claim settlement process with online customer support.
  • Personalisation benefits to suit your requirements.
What Does Personal Accident Insurance Cover?

Insurers generally address every possible repercussion resulting from accidents in personal accident plans. However, it helps to visit the insurer's website to check the coverage terms and conditions. Here's what's typically covered.

  • Accidental disability
  • Accidental death
  • Temporary total disability
  • Permanent partial disability
  • Permanent total disability
Exclusions in Personal Accident Insurance Plans

You must also scrutinise the exclusions in the insurance plan to avoid surprises during claims. Exceptions typically differ from insurer to insurer, but the common ones include the following:

  • Suicide or attempted suicide
  • Self-inflicted and pre-existing injuries
  • Accidental disability or death due to substance abuse
  • Participation in dangerous sports activities
  • Committing a felony with a criminal intent
What is the Claim Settlement Process for Personal Accident Insurance?

Having explained what is personal accident policy, let us understand the claim settlement process. Below are the steps to follow.

  1. Inform the insurance company about the accident immediately after it occurs.
  2. Provide the duly-filled claim form with the policy details.
  3. Submit the documents relating to your condition resulting from the accident.
  4. Wait for the insurer to assess the documents and verify your claim.
  5. Once approved, the insurer settles your claim and disburses the funds into your account.

Remember to choose an insurer with an excellent claim settlement ratio and customer service network to enjoy a hassle-free claim settlement process.

Get Personal Accident Insurance

Now that you know what is personal accident insurance, you can make an informed decision for your financial security against accidental threats. Regardless of the accident type, personal accident insurance comes to your rescue. It is a safety net you can fall back on for your family's financial well-being after an unforeseeable incident.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

Looking for the right policy?

Manage Your Policies at Fingertips

Avail Your Insurance Benefits on the go with SBI General Mobile App

Download the App Now

qr code
apple play storeplay store