Personal Accidental Guide

What is Personal Accidental Insurance?

Personal Accidental insurance can be bought for a period of one year. It has a low premium and very high coverage. It is a plan for all the “ifs” in life. This insurance provides financial coverage in case of accidental death of the policyholder, some companies may even provide hospitalization benefit. The family of the participant shall be provided with the coverage amount depending on the plan procured. Personal accidental Plan is time-specific and after every 12months (1 year) you need to buy the policy again. Usually, the policy covers individuals 18-61 and enrollment age is from 18-60, the coverage and enrollment age may also vary from company to company. Some companies even provide a 14-day free-look period, during which you can cancel the policy if not satisfied.

What is the benefit of Personal Accidental Insurance?

The main benefit of the Personal accidental Insurance is that in case of accidental death. This policy provides a financial benefit to the family to immediately cope up with the financial loss the family may face due to the loss of an individual. The lump-sum money provided can be used for funeral expenses, to pay off debts, to finance education etc.etc. Some providers might also provide hospitalization expenses, terms and conditions applied.

What is not included in Personal Accidental Insurance?

Personal Accidental insurance does not cover any accidental death has been the result of suicide or self-inflicted injury. Illness or disease unless this is a direct result of an accident. If Medicines are taken incorrectly without proper information regarding the side-effects. If a participant is murdered due to enmity or any other reason. Engaging in racing of any kind other than athletics or swimming, participation in sports or pastimes of a hazardous nature including but not limited to parachuting, parascending, potholing, mountaineering, hot air ballooning, big game shooting or polo Any breach of law by the Participant or assault provoked by him/her or Injury caused by nuclear fusion or radioactive contamination. Any death due to any kind of pre-existing condition.

What is the difference between Personal Accidental Insurance and Whole Life Insurance?

Life is unpredictable. The personal accidental plan is designed to cover you against the risk of accidental death. It is a defined benefit plan wherein in the case of accidental death of the life assured, the beneficiary will get the lump sum amount as per the selected plan. Personal Accidental insurance is for a specific time period that is 12 months if the policy is not claimed within the time period, it expires and to continue with the coverage you need to procure new policy after every 1 year from the date of policy purchased. It can be bought by an individual above the age of 18 till 60 each year by paying a very low premium against a very high coverage. Whole Life Insurance is provided by multiple companies, it is a long term commitment and has a policy maturity period around 20 years, the covered amount can only be claimed once the policy has matured or you die, in that case, the monetary benefit is provided to the person nominated, a full claim can be expected both in case of accidental death or at the time of policy maturity.