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Question: I have a health insurance policy covering myself and my family. Should I need to buy a personal accident insurance policy? What is the benefit of a personal accident insurance policy?

Answer: A personal accident insurance policy is a type of insurance, which insures you for death or disablement due to accidents. Unlike a term insurance which insures you in case of your death and a health insurance which reimburses you only for hospital expenses, a personal accident policy takes care of disablements as well and gives better cover than the accidental riders usually available with term and health insurance.

The Sum Assured in a personal accident insurance policy usually depends on the type of cover you opt for - only death benefit, or includes one or more types of disablements. Bonus is offered on claim free years, which is generally 5% per claim free year, subject to a maximum cumulative bonus of 50%.

Companies offer additional benefits, apart from providing basic cover. The most common is provision of an education fund, wherein the child’s education is paid for, in case of death or permanent disablement of the insured parent. Most companies also reimburse accident medical expenses, either as a part of the original policy, or on payment of additional premium. An extra benefit some companies offer covers for any alteration to be made in your house or vehicle as required by a permanent total disablement. Other benefits include family transportation benefits, emergency ambulance benefits, hospital cash allowance and transportation of mortal remains to the residence of the insured person.

A personal accident insurance policy is a type of insurance, which insures you for death or disablement due to accidents. Unlike a term insurance which insures you in case of your death and a health insurance which reimburses you only for hospital expenses, a personal accident policy takes care of disablements as well and gives better cover than the accidental riders usually available with term and health insurance.

The Sum Assured in a personal accident insurance policy usually depends on the type of cover you opt for - only death benefit, or includes one or more types of disablements. Bonus is offered on claim free years, which is generally 5% per claim free year, subject to a maximum cumulative bonus of 50%.

Companies offer additional benefits, apart from providing basic cover. The most common is provision of an education fund, wherein the child’s education is paid for, in case of death or permanent disablement of the insured parent. Most companies also reimburse accident medical expenses, either as a part of the original policy, or on payment of additional premium. An extra benefit some companies offer covers for any alteration to be made in your house or vehicle as required by a permanent total disablement. Other benefits include family transportation benefits, emergency ambulance benefits, hospital cash allowance and transportation of mortal remains to the residence of the insured person. Source: CoolInterview.com

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