Why Individual Personal Accident Policy is Important? Must Know

According to official Government of India website A total of 4,61,312 road accidents occurred in 2022, which claimed 1,68,491 lives, while 4,43,366 people were injured. Young adults in the age group of 18 – 45 years accounted for 66.5 per cent of victims during 2022,”

People in the working age group of 18 – 60 years constitute 83.4% of total road accident fatalities.

We the people in India are now very well aware about Health Insurance policy or Mediclaim policy that provide us financial security in case of any medical emergency if admitted in hospital for treatments related to accident or illness. Somehow most of the families are still had not taken any such policy or are covered for very small insurance amount.

Whereas, INDIVIDUAL PERSONAL ACCIDENT POLICY is also very important rather should be mandatory for at least each earning member of the family. The whole family is totally disturbed if the earning member is lost due to accident or injured in an accident. Accidents can occur on roads, rail, air, homes, anywhere.

Individual Personal Accident Policy

The unique features of Individual Personal Accident Policy this policy:

The Need for Financial Security:

While many Indian families are increasingly aware of health insurance policies, there remains a significant gap in coverage for accidents. The loss of an earning member due to an accident can be financially devastating for a family. To address this vulnerability, Individual Personal Accident Insurance emerges as a vital component for financial protection in the event of an accident.

Key Features of Individual Personal Accident Policy:

  1. Death due to Accident Coverage:

– Provides financial support to the nominee equal to the sum insured in case of the insured person’s death due to an accident.

  1. Total Disability or Loss of Limbs Coverage:

– Offers financial support in the event of total disability or loss of limbs, providing compensation up to the sum insured.

  1. Temporary Total Disability Coverage:

– Extends financial support for temporary total disabilities, such as fractures, enabling the insured to cope with medical expenses and loss of income during recovery.

  1. Weekly Compensation for Inability to Work:

– Ensures weekly compensation in case the insured is unable to resume work due to the accident.

  1. Hospitalization Treatment Benefit:

– Provides financial assistance for hospitalization expenses, supporting the insured with medical costs up to a specified limit.

  1. Child Education Compensation:

– Offers compensation to ensure the education of the insured’s children is not disrupted in case of an accident.

  1. Home/Vehicle Modification Benefit:

– Supports the insured in modifying their home or vehicle to accommodate any physical disabilities resulting from the accident.

  1. Loan Secure Benefit:

– Acts as a safety net for loans, ensuring that outstanding debts are covered in the event of the insured’s demise or disability.

Affordability and Coverage Options:

Individual Personal Accident Policies come with a relatively low premium cost, making it accessible for individuals falling within the age group of 18 to 65 years. The sum insured can range from 10 lakh to 5 crores, offering a variety of coverage options based on individual needs and financial capacity.

This policy comes with very low premium cost for sum insured starting from 10 lac to 5 crores for the people falling in the age group of 18-65 years.


Frequently Asked Questions

  • What does the Individual Personal Accident Policy cover?

The Individual Personal Accident Policy provides financial support in various scenarios resulting from accidents. This includes coverage for death due to accidents, total disability or loss of limbs, temporary total disability (e.g., fractures), weekly compensation for the inability to work, hospitalization treatment benefits, child education compensation, home/vehicle modification benefits, and loan secure benefits.

  • How does the policy benefit the family in case of the insured’s demise or total disability?

In the unfortunate event of the insured’s death due to an accident, the policy offers financial support to the nominee up to the sum insured. In cases of total disability or loss of limbs, the policy also provides financial assistance up to the sum insured, helping the family cope with the financial challenges associated with such incidents.

  • What is the significance of weekly compensation in case of inability to join work?

The policy includes a provision for weekly compensation if the insured is unable to resume work due to the accident. This feature ensures that even during a temporary period of disability, the insured receives financial support to cover ongoing expenses and maintain their standard of living.

  • How does the policy address additional expenses like child education and home/vehicle modification?

Apart from covering the immediate financial impact of an accident, the policy considers long-term implications. It provides compensation for child education to ensure that the education of the insured’s children is not compromised. Additionally, benefits for home/vehicle modification help adapt living spaces or transportation to accommodate the insured’s changed circumstances.

  • What age group is eligible for this policy, and how affordable is it?

The Individual Personal Accident Policy is designed for individuals aged 18 to 65 years. It offers coverage with a sum insured ranging from 10 lakh to 5 crores. Despite its extensive coverage, the policy comes with a low premium cost, making it an affordable and prudent choice for individuals seeking financial security in the event of accidents.

In summary, the Individual Personal Accident Policy is a comprehensive and affordable insurance solution that goes beyond traditional health coverage, providing crucial financial support in various accident-related situations. Considering the high incidence of accidents, especially among young adults, this policy is highly recommended for ensuring the financial security of individuals and their families.

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