Traffic and rushing are popular in almost every Indian city. This day-to-day hustle on Indian roads is followed by unexpected happenings. According to the studies, casualties in road accidents have increased by 16.8% in 2021. 

Considering the rising rate of road accidents in India, though the government has made third-party insurance mandatory, it is not sufficient to cover your personal damage or injuries. Therefore, an Individual Personal Accident policy can safeguard your family financially against any mishaps such as partial or total disability, accidental death, accidental injuries, and more that may occur to you. Read on to learn the meaning of personal accident insurance and its benefits. 

What Is an Individual Personal Accident Policy (IPA)? 

Personal accident insurance provides full financial security against any casualty that occurs because of a personal accident. It compensates the family of the insured person in case of his death, permanent or temporary disability and more. 

Benefits Of Individual Personal Accident Policy (IPA) 

Listed below are the reasons that justify how a personal accident insurance policy (IPA) can help you. 

• Financial Security: 

Along with injuries, accidents also bring a lot of financial burden for both you and your family. Therefore, if you get covered under IPA, the insurance company will take care of all the expenses of your treatment. Moreover, in the event of the demise of a policyholder, his family members will also get financial assistance. 

• Disability Coverage:

If after an accident, a policyholder is totally or partially disabled, then personal accident insurance covers him financially. Regardless of the kind of damage you suffer, whether severe or minor, the insurance company will cover you for all. 

• Children's Education Perks:

The insurers ensure that the future of children does not get affected. Therefore, under individual personal accident insurance, the insurance company will reimburse educational expenses for the victims' children.

• Remunerates Income Loss:

Due to any disability, if a policyholder does not have any source of income, the insurer will compensate him. For example: If an insured broke his arms and legs and couldn’t show up at work because of bed rest for a month, the insurer will pay for his monthly expenses. 

• Mental Peace:

Whatever may be the situation, the insured and their family is financially protected. Therefore, the individual personal accident policy helps you enjoy each day without worrying about any circumstance that may happen in the future. 

What are the Inclusions and Exclusions of Individual Personal Insurance? 

In order to make a wise purchase, let’s understand the most common inclusions and exclusions of IPA. Check the below section. 

What is covered?

• Accidental death 
• Permanent/total disability
• Accidental dismemberment
• Child education support
• Life support 
• Daily allowance 
• Burns, fractures, and ambulance costs
• Medical expenses/ hospitalization charges

What is not covered? 

• Pre-existing disease or illness
• Natural death 
• Suicide or any other self-injury 
• Non-allopathic treatments 
• Metal disorder 
• The injury occurred by participating in war, military, air force, or any other adventurous sports. 

Factors To Consider Before Buying an Individual Personal Accident Plan

While choosing personal accident insurance, you should be careful about the below-mentioned factors. 

• Premium Value: 

When choosing an insurance plan, the premium is the most crucial factor to take into account. We all want to buy a plan that offers good value. Isn’t it? Therefore, you should always check the cost of the premium. It should be reasonable and provide adequate coverage. 

• Process of Claim Settlement: 

Always do your research on the company. Check customer reviews and learn more about the claim settlement process of the company. A streamlined and user-friendly process will provide you with mental peace during your tough time. 

• Coverage:

Insurance companies provide a variety of coverage options from which you can choose the one that suits your needs. However, it is important to note that a comprehensive insurance policy will better protect you and your family in accidental cases. 

Conclusion 

We grew up hearing, “Prevention is better than a cure." Safeguarding yourself with an individual personal accident plan is a preventive measure against any accidental damage that can happen in the future. Purchasing a health insurance policy is a crucial decision, so it is wise to always compare different policies offered by different insurance companies. 

Also Read: 

Mental Health Cover in Health Insurance