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You can never predict when an accident can occur. You could be driving on the road, have a sports injury or simply fall off the stairs and be heavily injured. If you are the primary bread winner of your family, a fatal accident can jeopardize the financial future of your family. As, such, it is important for you to invest in a wide range of insurance policies that can protect you and your family in case of an accident that renders you permanently disabled, or one that causes an unfortunate death. Whether you own vehicle insurance, life insurance or even health insurance, you also need a special type of insurance that protects you against all sorts of accidents i.e. personal accident cover. If you???re wondering what is personal accident insurance, you can read a detailed account of it below.
Meaning and definition of Personal accident insurance ??? what is it?
As is evident from the name, a personal accident cover (also known as IPA insurance) is an insurance product that providers legal and financial coverage against various types of incidents which may be defined or classified as accidents. Road accidents, falling and injuring yourself, accidents caused due to sports etc., are some of the common incidents that are classified as accidents.
People who invest in personal accident cover insurance policies become eligible for a different amounts of sums assured, based on the intensity of the accident, e.g., a temporary injury or a permanent one that can affect your livelihood. The insurance policy also provides financial protection to your loved ones if the accident causes the unfortunate death of the policy holder.
Coverage offered under personal accident insurance
Having explained what is IPA insurance, now let???s find out the kind of coverage offered under this policy.
Your policy documents highlights all the scenarios and circumstances under which you can file a personal accident claim. Essentially there are 4 situations under which coverage is offered under this policy and a claim can be filed. They are:
In case of long duration hospitalization, the policy holder receives cashless hospitalization. On the other hand, if the accident results in the unfortunate death of the policy holder, the individual listed as his/her nominee becomes the beneficiary and receives the sums assured.
Personal accident insurance vs vehicle accident insurance
Covering what is a personal accident insurance policy is not enough. You should also understand its importance versus other types of insurance policies that offer similar coverage; particularly bike or car accident.
Most people believe that if they already have bike or car insurance, they automatically qualify for personal accident cover. There are two issues with this assumption.
As such, having vehicle insurance is not sufficient because you are only protected against road accidents.
Now that you know what is personal accident insurance, remember to invest in this policy. This is a very specific policy that provides you with a good insurance amount in case of permanent disabilities, or worse death, while also protecting you and your loved ones financially. If you are the primary bread winner of your family, it is in your best interest to invest in this policy and secure the financial future of your loved ones.
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