Personal accident insurance covers the cost of treatment for an injury sustained by a person. In this blog post, we will explore five things you didn't know about personal accident insurance and what it entails.
1) Personal accident insurance can cover the cost of treatment for an injury sustained by a person.
covers the costs associated with any medical care required because of sustaining an injury, including emergency room visits and hospital stays that arise from accidents or injuries in which no other party was at fault.
2) The cover will get you tax benefits.
When you buy this insurance plan you are not only insuring your life but also availing tax benefits. Under section 80D of Income Tax Act 1961 you will get tax deductions when you file your income tax return. As a taxpayer you will get a deduction of ₹15000 on your premium. The deduction will be more for senior citizens.
3) You can claim insurance for injuries suffered overseas.
While there are often some restrictions to cover, many people still have personal accident insurance that will protect them in the event of an injury arising from accidents outside of their country or region. For example, if you live and work abroad, but your employer offers international travel assistance benefits as part of a home contents insurance policy, personal accident insurance will cover you in the event of an injury on international travel.
4) You can claim personal accident insurance for injuries suffered at work.
Personal accident coverage offers another layer of protection in this situation. Personal accident insurance can provide an important safety net for individuals who work in hazardous occupations and/or have a high-risk lifestyle.
5) Coverage for Accidental death, permanent disability, and temporary disability.
In the event that the insured member passes away due to an accident
, his or her nominees will receive a predetermined sum as per the policy.
Personal accident insurance also provides coverage in case the insured member suffers a serious injury leaving him or her partially or totally disabled. Another event for which a person can also avail personal accident cover is when he or she is disabled due to the accident for a period of time, but will eventually be able to resume occupational duties.
The Bottom Line
As the unpredictability of life looms large, having a personal accident cover offers some much-needed peace of mind and ensures that your family is protected from unforeseen and unfortunate circumstances.