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The worst bit about accidents and mishaps is their impact, something that can only be dealt with the aid of some insurance policy. As of 2015, basic road transportation had claimed around 1.5 Lakh lives in accidents. Of injury and impact, the number was 5 Lakh, a statistics that is both daunting and worrying. Under such situations or any other mishaps, insurance policies offer protection and financial aid; an assured assistance that can make all the difference during testing times. A personal accident insurance scheme is one such policy which ensures not just medical related financial help, but also allowances and other aids.
While there are numerous coverage plans on offer from financial institutions like NBFCs, policies which focus specifically on accidents offer numerous special benefits which a normal healthcare cover policy does not assure. There are numerous factors which must be considered while opting for a health insurance plan that covers accidents and mishaps. The underneath discusses the basic features of such plans, which are especially crafted to suit the need of a customer involved in an accident.
- Financial security: Accidents can be immensely draining both in terms of health as well as finance. An insurance policy catering to incidents of accident and mishap must offer several basic financial assists. This includes ambulance costs, hospital charges, treatment expenditures, medicine bills, etc.
Also, in case an individual passes away due to an accident, financial aid to return the mortal remains along with financial assistance for the nominee is a necessary feature for such insurance schemes.
- Coverage of medical expenses: Coverage of medical expenses is proffered in numerous different ways by these insurance schemes. Typically, a financial reimbursement of the actual medical bill is in effect or a sum which amounts to 40% of the valid claim amount. The suddenness of accidents demand instant assistance and with easy health insurance online, any customer can conveniently opt for a plan that covers accident related issues.
- Allowance during hospital confinement: With accidents and mishaps often incapacitating individuals for a considerable period of time, companies like Bajaj Finserv ensure financial assistance in case the insured is left incapable of generating income. The best health insurance policy for accidental covers should ensure allowances under such circumstances. Generally a decent sum of Rs. 1000 is granted per day by the financial institutions, depending on the scheme opted for. Depending on the financial institutions and the policy, this allowance is granted even up to 30 days of hospitalisation.
- Bonus for child education: While fatal circumstances are terrible, they also bring in the question of financial stability and education of the following generation. Under such circumstances, personal accident cover schemes which offer a bonus for children education should be looked for. This ensures that the dependent child of the deceased is equipped to advance in their academic future.
- Compensation in case of disability: Disability is one of the situations that can arise due to an accident. In case an individual is faced with a loss of livelihood due to an incident of disability, the cover policy must provide financial protection. Premium financial institutions even offer 125% of the insured sum.
- Yearly bonus for no-claim: Accidents are unwanted and redundant. One should apply for a health insurance policy covering accidents which offers no-claim bonuses.
- Family member discounts: An additional feature of discounts for multiple members of a family applying for such accident covers can immensely aid in the finances involved.
Additional Read: WHY SHOULD YOU HAVE A PERSONAL ACCIDENT COVER?
The above are the core pointers to look for in a personal accident insurance policy. These ensure that the customer is well protected in the event of an accident while the financial burden of premiums is not too back-breaking either.
