Why Do You Need Personal Accident Insurance?

  • Author :
  • TATA AIG Team
  • Published on :
  • 29/06/2020

With unpleasant surprises like accidents happening now and then, having insured for the accident is not an option. We give you 6 reasons why you need a personal accident insurance policy in your kitty list.

Why do you need personal accident insurance?

Even after an accident, you can enjoy financial stability and peace of mind. This is what Manish Bhatia discovered after an accident. The advertising professional was heading for a client meeting when the accident occurred. Another vehicle crashed into his car. Manish sustained fractures on both his arms. He was bedridden for three months. Luckily, his personal accident insurance took care of the loss of income. He received weekly payouts, as specified in the policy, until he was back at work.

Imagine if Manish had not opted for a personal accident cover. He would have paid all the medical expenses from his own pocket. At the same time, he would have to deal with the income loss. Such a policy works as a buffer against any unforeseen situation. It gives you peace of mind.

Here are the top reasons for getting personal accident insurance

Disability taken care of Temporary or permanent disability may occur in the aftermath of an accident. A policyholder can claim a compensation for various kinds of disability. There may be a loss of both hands or feet, one hand or one foot, or one hand or foot and an eye. Say, a person has partially lost their hearing in one ear or suffered vision loss in one eye. He can file a claim. Loss of speech, loss of eyesight in both eyes, or a hearing loss in both ears is covered too. What if the policyholder has lost an index finger, a thumb, or a hand? He can approach the insurer with a claim. He will receive compensation for the income loss.

Major hospital and other expenses are sorted This policy takes care of the hospital bills and medical treatment, of course. But it also covers other expenses. These include repatriation charges, funeral expenses in case of the policyholder’s demise, and ambulance charges.

Home alteration and vehicle modification benefit Imagine a scenario where you have to go to work despite being wheelchair-bound. Here, you will need a vehicle to transport you. So, it has to have suitable modifications. This ensures that you travel comfortably. You could also ask the insurer to compensate you for those changes. Similarly, you may need to carry out modifications in your house like setting up ramps. You can facilitate this through an insurance claim.

Death of the policyholder In this situation, the policy disburses compensation to the family. If you have young children, then the insurer takes care of their education. The insurer pays 10% of the sum insured or the actual tuition fee charged by the institution, whichever is lower.

Family transportation Following an accident, say, you are hospitalised more than 150 km of your residence. Do not worry. The insurer company will reimburse the transportation costs incurred by a family member to reach you.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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