PERSONAL ACCIDENT FAQ,s
Personal Accident Insurance, commonly referred to as PAI, is a type of insurance policy designed to provide financial coverage in the event of an accident resulting in bodily injury, disability, or death. This insurance aims to offer protection and support to individuals or their beneficiaries by offering a lump sum payment or periodic compensation, depending on the terms and conditions of the policy.
The coverage under a Personal Accident Insurance policy typically includes accidents occurring due to various reasons such as road accidents, falls, natural disasters, or other unforeseen incidents resulting in bodily harm. It often extends coverage for medical expenses, hospitalization costs, permanent disability, dismemberment, and even loss of income due to the accident.
One significant aspect of Personal Accident Insurance is its flexibility, as it can be tailored to meet specific needs and circumstances. Policies may vary in coverage limits, premiums, and additional benefits, allowing individuals to choose a plan that aligns with their requirements.
Moreover, this insurance is particularly valuable for individuals engaged in high-risk professions or activities, as it offers a sense of financial security and protection against unforeseen accidents that could impact their livelihood or the well-being of their family members.
- Loss of both eyes
- Loss of both hands
- Loss of both feet
- Loss of one hand and one foot
Rest assured, accident policies provide global coverage. Even in the event of an accident occurring abroad, your claim will be honored and paid.”
Life insurance offers a death benefit to beneficiaries upon your death. Health insurance covers medical expenses, while Personal Accident Insurance safeguards against financial risks from accidental disability or death of an earning family member. It’s crucial for securing the future of dependents during unforeseen events, enhancing your financial portfolio.
Yes. You can get optional cover by paying an additional premium. An Accidental Hospitalization cover provides reimbursement for medical expenses related to hospitalization and a Daily Cash cover provides you a cash allowance for every day of each hospitalization.
No, consider this: the cost for a fundamental policy covering Rs. 5 lakh (valid for 1 year) is roughly Rs. 730. This amount, albeit modest, serves as a vital investment in securing your family’s financial well-being.”
Absolutely. You simply have to specify the person you’ve chosen as your nominee within the policy paperwork. The insurance company will then provide the insured amount to your chosen nominee.”