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Personal Accident Insurance
A Standalone Personal Accident Insurance Cover provides financial protection if you suffer injuries or disabilities from an accident. This coverage offers lump sum payouts for accidental death and permanent disabilities. Additionally, some policies offer benefits for hospitalization expenses, medical treatments, and other related costs such as ambulance and funeral expenses resulting from an accident, including weekly/monthly income replacement benefits in case of temporary disability. As a primary breadwinner, the policy can serve as an income replacement for your family during your recovery period.
Key Features of Standalone Personal Accident Insurance Covers
- Cost-Effective Premiums and Extensive Range of Accidents: Provides solid protection at reasonable premiums against injuries due to unexpected events like electrocution, drowning, falls, gas cylinder blasts, workout injuries, etc.
- Accidental death cover: Pays 100% of the cover amount as lump sum to the nominee within a year of the accidental death, ensuring financial stability for the family.
- Permanent total disability cover: Pays 100% of the sum assured as lump sum for essential bodily function losses caused by an accident, helping address long-term financial needs.
- Permanent Partial disability cover: Provides a portion of the sum assured for disabilities like losing sight in one eye or losing a limb.
- Temporary total disability cover: Pays a weekly sum (typically 0.2% to 1% of the sum insured); benefits are payable for 4 to 100 weeks. Compensation is usually paid quarterly, or at the end if the disability period is less than three months.
- Medical and Hospitalization Coverage: Covers treatment costs and hospital stays resulting from an accident, including inpatient/outpatient care and ambulance coverage; varies as per policy terms. This ensures you receive essential medical care without financial impact
- Child Education Support: Covers education expenses for children if the policyholder experiences accidental death or disability, ensuring their learning journey remains uninterrupted if opted for.
Exclusions in Standalone Personal Accident Insurance Covers
- Deliberate Harm and Negligence: No payout for purposeful actions or intentional carelessness.
- War and Conflicts: No coverage for injuries or death due to involvement in war or foreign armed conflict.
- Intoxication: No coverage for injuries or death resulting from drugs or alcohol use.
- Adventure Sports Mishaps: Excludes coverage for disabilities or death from adventure sports.
- Pre-Existing Conditions: Excludes disabilities or death resulting from existing illnesses.
- Childbirth or Pregnancy: No coverage for death or disability during childbirth or pregnancy.
- Out-of-Bounds Incidents: No coverage for accidents occurring beyond specified geographical limits.
Standalone Cover vs. Add-ons and Riders
Standalone plans provide comprehensive cover with flexibility, including options for sum assured, temporary disability, and additional coverage features. Add-on riders offer limited coverage, so their charges are generally lower and are easy to add to an existing policy. Refer below for detailed comparison –
Scope of Cover
Standalone cover offers coverage for wide-ranging accidents and temporary disabilities, whereas riders typically cover only death or permanent disability.
Medical Expenses
Standalone cover also includes medical expenses such as ambulance charges, hospitalization costs, funeral expenses, and child education support, while rider coverage is limited to death benefits.
Sum Insured
Standalone cover provides a higher sum insured, typically 10-20 times the annual income, whereas the rider’s sum insured is limited by the base policy and may cease when the base policy is surrendered or matured.
Flexibility
Standalone cover allows customization of the sum insured and additional benefits based on your needs, whereas riders offer no customization and pay a fixed amount defined in the policy.
Cumulative Bonus
Standalone policies may offer cumulative bonuses, whereas riders typically do not offer cumulative bonuses.