Benefits of Having A Personal Accident Insurance


21 Jul 2023

Read about Benefits of Having a Personal Accident Insurancer. For more information, check out the health insurance policy from Kotak General Insurance.

In the year 2020 alone, more than 1.31 lakh people1 lost their lives in road accidents. Sounds scary, doesn’t it? Accidents can happen at any time without prior notice, and sometimes they can have serious consequences. Any such unfortunate event can have a big financial effect on you since it can not only be expensive to treat but can also limit your ability to make money if you suffer from any type of disability. To protect yourself and your family from such a tragedy, you must purchase a personal accident insurance policy.

Why buy Personal Accident Insurance?

Let's look at the numerous benefits of having personal accident insurance-

1. Peace of Mind:
Your ability to make money would be significantly impacted if an accident, unfortunately, resulted in your death or left you disabled. Your family will receive financial protection from a personal accident cover as accidental compensation, ensuring their financial security.
In case of death, the insurance companies pay 100% compensation. The family members can use the money to cover loans (if any exist) and maintain their standard of living. Furthermore, it provides you comfort in knowing that even without you, your family will have enough money to survive.

2. Comprehensive Protection:
Accidents that result in physical harm, total or partial permanent disability, and accidental death are all covered by personal accident insurance. Insurance companies pay the full insured sum in case of death or permanent disability. You are guaranteed to receive a part of the total insured sum if you become temporarily disabled. The amount is determined by the degree of the disability and the affected body part.
Furthermore, most insurance policies are geographically limited, which means they do not cover damages that occur outside of India. When you have personal accident insurance, this is not the case. You will be protected wherever the accident takes place.

3. Minimal Documentation:
Many people avoid/ delay buying insurance as they think the purchase process is complicated and includes lots of paperwork. However, in the case of a personal accident cover, it is different. The policy will be issued by the insurance provider after you fill out and submit the application form with the information needed.

4. Easy Claim Settlement:
An easy claim settlement process is one of the primary factors that the majority of buyers consider when buying personal accident cover. No matter what kind of coverage you select, filing a claim is simple. All you need to do is submit an application, either online or offline, to the insurance provider. The claim is settled as soon as the insurance provider verifies the claim.

5. Medical Tests Are Not Required:
This is another big advantage of having accident insurance. You do not need to take any pre-policy screening, unlike with a health insurance policy, where the insurance company makes you undertake medical tests before granting the policy.

Let’s Wrap Up

Personal accident insurance is a useful policy that can provide financial support to you and your family in the unfortunate event of an accident. It enables you to set up a secure financial environment to prepare for any conceivable situation.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.