Winning Bizness Desk
Mumbai. Personal accident insurance covers many different types of accidents, not just road accidents. Regular health insurance policies cover treatment after hospitalization due to an accident, but it does not cover loss of income due to permanent or temporary disability and accidental death. Personal accident insurance is important to cover the uncertainties that arise after an accident. Notably, personal accident insurance covers many different types of accidents, not just road accidents. From slipping in the bathroom to injuries sustained while working out in the gym, from gas cylinder blasts to electric shocks, and from drowning to fire damage, all accidents are personal accidents.
Personal accident insurance covers policyholder's hospital treatment expenses, lump sum payment to next of kin on death, financial assistance in case of temporary total disability, permanent total disability and permanent partial disability, coverage of loss of income and children's education expenses etc. Before taking a personal accident insurance policy, check whether it covers potential accidents arising out of your daily activities or work. If your daily work is risky then it must be covered in the policy. If you have to travel abroad regularly, make sure that you have international coverage in your policy.
The amount of coverage should be adequate
Always take a policy with adequate coverage based on your income and future health needs. The amount of coverage should be such that after permanent disability or death of the insured, his dependents can get sufficient amounts to support himself.
Read the disclaimer carefully
Read the terms of the policy, especially the disclaimers, carefully without being influenced by any agent, policy seller or any tempting advertisement. Disclaimer usually says that there are situations which are not covered under the policy. The insurance company will not give any compensation to the insured in case of the situation given in such disclaimers.
