3 FAQs on Personal Accident Insurance - Answered

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3 FAQs on Personal Accident Insurance - Answered
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personal accident insurance, also called as
accidental insurance, is a type of policy that
covers the policyholder against the financial
consequences of an accident. Even though we may
be prepared, we cannot foresee what events will
occur in our future. To ensure that your loved
ones are covered against the financial brunt of
such unpredictable events, it is important to
have a personal accident insurance policy.
However, many people often confuse accident
insurance with other types of insurance policies
as there is a lack of concrete knowledge
regarding this topic.    To help out in this
regard, we look at 3 major FAQs regarding the
policy and answer them for your benefit. 
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1. How does the personal accident insurance
policy cover the policyholder?    Accident
insurance policy is a benefit-based policy, that
is the policyholder gets a lump sum payment when
they undergo an unfortunate event mentioned in
the coverage section of the policy. Lets take a
look at the coverage offered by leading
insurers.    I. Accidental death    If the
policyholder suffers an accident that leads to
their death, the insurer is liable to pay the sum
insured to the nominees/dependants as specified
in the insurance contract.  
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II. Permanent total disability    If an accident
leads to the policyholder suffering from a
permanent total disability, the insurer will be
liable to pay the benefit pay-outs to the
policyholder as per the conditions of the
personal accident insurance policy. This coverage
is valid even when the policyholder suffers a
disability after a year as a result of the
accident and not immediately post it.   III.
Permanent partial disability    If an accident
leads to the policyholder suffering from a
partial disability permanently, they will be
eligible to receive the benefit pay-outs as
specified in the accident insurance policy.   
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IV. Temporary total disability    If the
policyholder is rendered totally disabled but in
a temporary manner such that they can get well
soon and return to their earlier state, the
insurer will have to make benefit pay-outs to the
insured party according to the conditions of the
accident insurance policy.   
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2. How is the personal accident insurance
different from life insurance or other regular
medical insurance?    A personal accident
insurance policy is different from life insurance
in the sense that it offers financial support to
the policyholder when they undergo an accident
that can hamper their ability to function
normally and earn for their dependents. A life
insurance policy, on the other hand, offers
financial aid only in the case of
death.    Similarly, your regular family medical
insurance will provide reimbursement when you get
hospitalized for treatment. To compensate for the
loss of income during your recovery, however, you
will require the lumpsum pay-outs of an accident
insurance policy.   
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3. What additional benefits does a personal
accident insurance policy provide?   The
additional benefits you will get with an accident
insurance policy depends on the insurer. Some
insurers also offer to cover the policyholders
dependent childrens education expenses. An
accident can lead to severe consequences
including loss of employment. This should not
stop the children from continuing their
education. Hence, the personal accident insurance
policy covers those expenses too.    Do bear in
mind that the features of a personal accident
insurance policy will depend upon the insurer and
may differ as per several factors. 
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