The list is full of uncertainties. Along with the happy time that arrives in our life, at the same time, the sad time also comes. To compensate and offer financial support at the time of a major or minor accident, the personal accident policy is a must to buy by you. A few common insurance plans are available in the market, such as health insurance plans, life insurance, and motor insurance. But you are also more aware of the personal accident insurance policy to take the coverage benefits at the time of the emergency.
Is it Beneficial for Personal Accidents?
The requirement of the personal accident policy arises from the fact that the insurance companies offer financial security in the situations of death of the policyholder. Here, the policyholder’s family gets compensation after the death of an insured person. The accident causes permanent disability, temporary disability, loss of financial income, and an additional burden on medical expenditure.
Personal accident health insurance offers compensation at the time of death and gives financial security to the family of the policyholder. The best benefits of personal accident insurance are solving your financial constraints due to income major or minor loss.
Minor accidents are accidents that only give minor injuries to the person. For example, minor accidents are caused due to falling from a bicycle and fracturing the arm. Hence, the personal accident insurance plan also covers this type of small injury treatment costs.
How Does the Coverage of Personal Accident Work?
Personal accident insurance is equipped with the following characteristics.
- Accidental Death Benefits: unfortunately, when the policyholder’s death occurs, the insured person pays the lump sum of the amount to the nominee.
- Permanent Total Disablement: in the case, a certain percentage of the insured sum will be paid to the policyholder.
- Permanent Partial Disablement: in this, only a small amount of the insured sum is paid to the policyholder on a monthly or weekly basis. For some time, loss of hearing occurs in one ear, loss of the index finger, and loss of the other hand or another finger.
- Temporary Total Disablement: in this, the policyholder is entitled to avail of the weekly benefits for accidents in the confinement results of up to 104 weeks.
- Grant in Education: this policy bears the maximum education cost of the two dependent children up to the age of 23 years
- Remains Mortal Transportation: unfortunately, in the event of accidental death, the insurance company pays the specific amount towards the mortal transportation that remains.
In this article, we give you information about personal accident insurance. Here you easily know the working of coverage under this policy. Also, we give you beneficial facts about personal accident health insurance.
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