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Why take a personal accident plan :
An accident can take place anywhere and at anytime. A fall from the staircase. A twisted ankle in the cricket match you played while going for the second run. Yes a personal accident plan is a must have these days.
What is a basic personal accident plan?
You have to pay a premium and avail a personal accident plan. You are insured for a sum of money called the sum assured. This plan then pays your nominee/family the sum assured if you (policy holder) die in an accident. You would have to renew the plan by paying the premium each year.
Why must you take disability insurance in the personal accident plan?
You must take a comprehensive personal accident plan which covers you for any disability suffered in an accident. The premiums could be slightly higher than a basic accident plan.
What if you suffer from total temporary disability?
This could mean a broken/fractured leg. You cannot move and you are totally disabled. This disability is however temporary. You would recover in 2 or 3 months. The personal accident plan will pay a percentage of the sum assured depending on the seriousness of the injury.
What if you suffer from permanent partial disability?
If you lose fingers in an accident it is a partial disability but the effects are permanent. You would not be able to work properly and your earning ability is affected.
What kind of injuries are covered in a comprehensive personal accident plan?
An injury suffered from a fall down the stairs
- Burn injuries
- An injury/burn suffered due to electric shocks from a faulty electrical device.
- A broken ankle
- Injuries suffered due to a fall
- A comprehensive personal accident plan covers almost any kind of accident.
When is your personal accident plan of no use?
- If you intentionally injure yourself
- Death due to suicide or an injury due to attempted suicide
- If you suffer an accident when driving drunk or under the influence of narcotic drugs
- Accidents you suffer at childbirth or pregnancy
- Accident or an injury you suffer by breaking the law.
- Injury or death in a war, riot, terrorist attack
- An injury suffered in an adventure sport
- If you are serving in defence, police , air force or a circus you would not be eligible for a personal accident plan.
How much would a personal accident plan cost you?
A basic personal accident policy is quite cheap. You could avail it for a premium of INR 500-800 for a sum assured of INR 8-10 Lakhs. The sum assured would be paid to your nominee/family only if you/policyholder die in an accident. The comprehensive personal accident policy which covers injury related disabilities is slightly higher in price. You must never travel anywhere without a personal accident plan.
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