Personal Accident Insurance
Personal Accident Insurance
Personal accident insurance or accidental insurance is also known as PA in short, this type of protection is important to us when we are injured, because we can’t work when we are injured, but there are many people purchased life insurance without personal accident insurance. When we injured in an accident, the period we rest at home has no income, and the medical expenses could be expensive. If someone who is the bread-winner of the family, this protection is necessary, because if he is injured, the family will run into financial crisis.
What coverage will the policy provide?
This policy covers death or injury due to accident, unlike life insurance, it only provides death benefit. So if the insured hurts in an accident but survives, he receives no compensation from the insurance company if he owns a life insurance. But if he bought a personal accident policy, he can make a claim if he injured accidentally. In the event of death the beneficiary will receive the full amount of sum insured. If the insured injured badly and categorized under permanent total disablement, such as loss of two limbs or two eyes, 100% of sum insured is payable.
In the event of loss of sight, hearing, or loss of the use of knee, ankle, fingers and toes or any part of the body, partial compensation is payable according to the specification. But if all these happened 12 months after the accident, they might not subject to compensation.
Exclusions of compensation
Suicide, accident under the influence of drugs, alcohol, consequences of pregnancy, war, criminal breach of law and some other conditions that specified by the insurance companies are not subject to compensation, buyers are to take heed of these before they purchase..
If the insured has an existing illness, disease or injury, and are worsened by an accident, the insurer reserves the right to asses the effects that the condition, sickness, disease or injury has on the insured’s body, and the compensation can be reduced.
For personal accident policy, the compensation is categorized as permanent total disability, permanent partial disability and temporary total disability, each has respective specification of compensation.
Inexpensive premium
The calculation of the premium is based on the nature of occupation of an individual, and the classification of occupation also varies among different insurance companies, but this policy has an inexpensive premium. The premium can be paid weekly, monthly, quarter yearly, half yearly or yearly, because the premium is far less as compared to other policies, people normally choose to pay their premium yearly. What are the benefits of the policy
The benefits of personal accident comes in handy when the insured hurt in an accident, he suffers not only bodily pains but also financial crisis, because when someone is injured he needs some time to recover, he can’t work, that means he has no income. So within this period of time the victim suffers bodily and mentally pain, if he is the bread-winner the whole family will suffer. So to avoid running into financial crisis like this, a personal accident insurance is essential.
Life insurance covers the insured for his life only; it doesn’t cover the insured if he is injured. To have protection against injuries personal accident insurance is essential, know more on this policy by visiting accidental death or accidental insurance or different types of life insurance, so please log on to http://www.indianapolislifeinsurance.net
Vincent Yeong was working as architectural draughtsman, now a music teacher.
Hobbies – play guitar, saxophone, piano, reading, sports, travel.
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