You never know what life throws at you as it is unpredictable! If it is a mishap, major accident, then the victim and family members will have to face some serious consequences including financial problems. Thus to avoid such issues, it is necessary to avail the personal accident insurance policy.
In the event of the death of an individual or breadwinner due to an accident, life insurance will come to your rescue and if a person gets sick then health insurance comes in handy. Sometimes due to an accident, a person might not be able to go office and may not receive the salary. In such a case, personal accident insurance will come to his/her rescue.
It offers benefits not only in case of the event of death but also for disability (partial and temporary) and damage caused to other organs of the body. This disability benefit is the uniqueness of this policy.
Naveen works in a software company and is the sole breadwinner in the family. Unfortunately, he met with an accident and lost his right hand. As a result, he lost his job and his life turned upside down. He owns life insurance and health insurance policies but not personal accident policy. If he had taken a personal accident policy, the insurance company would have paid him compensation for losing his job.
An individual can choose one policy for the entire family. The insurance company will pay for expenses like medical, doctor fee, nurse fee, medical tests, cash allowance, children education etc. If needed, this policy will also offer air ambulance service.
In the present scenario, it is necessary to have a personal accident policy. It comes with h a low cost as paying Rs. 5 per day will provide coverage of Rs 10,000,00 per annum. And, it is not a big deal to spend Rs. 5 per day.
Even, the Government of India has recognised the importance of personal accident policy. Thus, it came up with Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme. It is an accidental and disability insurance scheme that covers Rs 2,000,00, and he/she can opt the scheme by just paying Rs 12 per year. The scheme is being offered by public banks, private banks, insurance companies and LIC.
The Tourism department is also offering personal accident insurance for those who are into adventure travel.
Injuries occurred under the influence of alcohol.
Claims arising out of existing or past illness
Injuries or disability that arises due to participation in sports such as mountaineering, bungee jumping, etc.
Violating government rules or injuries occurred due to participation in riots
Existing disability, etc.
An individual should read the documents carefully to know more about exclusions or other details.
How To Claim The Policy
Call the customer service agent of the insurance company to register a claim. Download the claim form from the website and attach necessary documents like the death certificate, FIR, post mortem report, admission history, medical certificate, etc. Submit the document and form to the representative of the insurance company.
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