Personal accident insurance is a policy that can reimburse your medical costs, provide compensation in case of disability or death caused by accidents. There are other benefits too that you can get with an IPA insurance.
Accidental death:
If the policyholder dies in an accident then his nominee gets accidental death compensation. The family is financially secure in this situation.
Permanent total disability in an accident:
At times, despite medical help the victim becomes disabled for life. Then the insurance policy pays a certain amount depending upon the nature of the disability. The policy also covers loss of speech, loss of vision in both eyes, and hearing loss in both ears.
Permanent partial disability:
This is applicable if a person has partially lost their hearing in one ear or suffered eyesight loss in one eye. Or, it could be that the policyholder has lost an index finger, a thumb, or even a hand. In all these cases, the policyholder can approach the insurer for a claim.
Transportation benefit:
Some insurers also grant a family transportation benefit. Say, the insured person is in a hospital outside 150 km of his home. The immediate family member will incur certain transportation expenses to reach the hospital. The insurance will reimburse these expenses subject to a maximum amount defined in the policy.
Further benefits:
The insurance covers other factors like education and employment benefits, and funeral expenses. You also get coverage for hospital charges, including ambulance costs. Some policies offer an educational allowance and home or vehicle alteration benefits as well.
Before buying your policy, you must keep the following in mind
Exclusions:
Your insurer will not cover any loss arising out of acts of war or terror. It will not cover any claims regarding existing physical disabilities or pre-existing diseases. The exclusions also comprise mental disorders, HIV or AIDS, and congenital anomalies. The insurer will not honour any intentional injury claims. Any injuries arising from participation in adventure sports come under exclusions as well. This includes activities like bungee jumping, mountaineering, and river rafting.