Types of Personal Accident Insurance

A minor accident can dispose of an individual temporarily but a major accident can cause a severe impact on one’s life. Personal accident insurance will ensure all the travelers about the financial assistance required at the time of the unpredictable accident. The people who have a huge workload and are traveling from one place to another must have the personal accident insurance to avoid the financial drain to bear the hospitalization charges. 

Moreover, this insurance policy helps to cover the person’s financial assistance at the time of accidental deaths, disabilities and also ensure the monetary expenses during the hospitalization of the policyholder. The person who is having the term insurance policy can also go in for the personal accident insurance India; the term insurance policy will not provide any financial relief at the time of any permanent disability and during hospitalization.

Types of personal accident insurance

There are mainly two types of accident insurance-

• Individual accident insurance- this type of insurance policy covers the individual’s accidental death, loss of sight or any other permanent illness and damage caused due to an accident. 

• Group accident insurance- This insurance plan is taken by the employer to cover their employee’s financial assistance at the time of any unwanted accidents in the organization. Depending on the number of the employees the insurance plan is given with a discount in the policy premium to the respective policyholder.

Feature of the accidental insurance

Some of the features that increases numbers who opt for the accidental policies are-

• Daily cash of hospital

• Loan protector

• Allowance of family transportation

• Ambulance expenditure

• 24x7 support service

• Child education benefit

The personal accident insurance must be undertaken to cover the monetary assistance of the demise, death and any permanent illness caused due to the accidents.