Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Insurance > Personal Accident Insurance: The Guide You Need

Insurance

Personal Accident Insurance: The Guide You Need

Personal Accident Insurance: The Guide You Need

Accidents can happen no matter how careful you are. Sometimes they can leave you with a minor scratch. But other times, they can cause injuries, disability, or even death. Not to mention the hefty medical bills that follow an accident, which can strain your finances. This is where personal accident insurance comes in.

What is personal accident insurance? It is a policy that provides financial support during accidents. It helps you cover medical expenses comfortably without dipping into your savings or taking debt. In this guide, we’ll break down everything you need to know about personal accident insurance to protect yourself and your loved ones.

What your personal accident policy includes (and excludes)

The inclusions and exclusions of a personal accident insurance policy depends on the insurer’s policies. However, here’s what they commonly include:

Inclusions Exclusions
Hospitalization expenses, including medical treatment, room rent, etc. Pre-existing conditions
Coverage for the death, permanent disability, or partial disability of the policyholder Self-inflicted injuries or injuries caused due to a suicide attempt
Compensation in case the policyholder loses their income due to permanent disability Injuries due to wars, criminal acts, or terrorism
Coverage for child’s education in case of accidental death or income loss Participating in adventure sports
Coverage for funeral expenses in case of the policyholder’s death Accidents caused due to the consumption of alcohol or drugs

Benefits of personal accident insurance

A personal accident insurance policy offers several benefits for you and your loved ones. Let’s take a closer look at them:

  • Financial security: An accidental insurance policy provides coverage for treatment, recovery, and household expenses. It also provides financial support in case of death or disability.
  • Peace of mind: The policy protects you and your loved ones in case of an unfortunate accident, providing peace of mind.
  • 24/7 support: Many insurers offer 24/7 support for claims and emergency services. This ensures you get access to help easily whenever you need it.

Factors for calculating personal accident insurance premium

The premium of a personal accident policy varies based on the insurer’s policy. It also depends on several other factors, such as:

  • Coverage amount: A higher coverage amount often has higher premiums.
  • Occupation risk: Jobs involving dangerous environments may attract higher premiums.
  • Age: The younger you are, the lower the premium. As you age, the policy premium may increase due to increased risk.
  • Add-on benefits: Including optional features like hospital cash can increase the premium.

Reasons to opt for a personal accident insurance policy

A personal accident cover not only serves as a financial safety net in times of emergencies but also offers a host of other benefits. Here’s why you should opt for it:

  1. Covers unexpected accident-related expenses: An accident may cause injuries like fractures or burns. These can lead to hefty medical bills. An accidental insurance policy ensures you don’t have to bear this financial burden alone.
  2. Support for your family: In case of your accidental death or disability, the policy provides financial support to your loved ones.
  3. Ideal for high-risk professions: If you work in a high-risk environment, the policy protects you and your family from job-related mishaps like disability or death.
  4. Reduces disability treatment costs: An accidental insurance policy helps you manage long-term expenses for temporary or permanent disabilities, so you don’t have to worry about finances.
  5. Add-on benefits: You can enhance the policy’s coverage by selecting add-on benefits. For example, hospital cash, OPD cover, daily allowance, etc.

Conclusion

A personal accident insurance policy protects you and your family against the financial impact of accidental injury, disability, or death. It provides peace of mind and financial support, so you don’t have to worry about uncertainties.

Ready to buy a personal accident insurance policy? Visit the Tata Capital website or download the mobile app to explore a range of personal accident insurance options and choose the one that fits your needs.

Popular Searches
group medical insurance for employees check car insurance online bike insurance renewal life insurance vs health insurance term insurance meaning what is copay in health insurance lifetime health insurance mortgage insurance vs homeowners insurance long term car insurance Critical Illness Insurance

FAQs

How do I make a claim under a personal accident policy?

You can make a claim under a personal accident policy by informing the insurer immediately after the accident. Next, fill out the claim form and submit all necessary documents. Once the insurer verifies the details, they will process your claim according to the policy terms.

What is the time limit for accident claims?

The time limit for accident claims varies depending on the insurer’s policies. Most insurers require you to file a claim within 30 days of the accident. However, it's best to check your policy details or contact customer support for the exact time limit.

Is personal accident cover only for owners?

No, personal accident insurance can cover more than just the owner. You can also add family members or employees to the plan too. Some insurers also let you choose between individual or group coverage based on your needs.

Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Private Equity Funds

Useful Links and Resources

Policies, Codes & Other Documents

Tata Capital Solutions & Services

error-icon

Uh oh, something went wrong

Please try again later.

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download