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Individual Accident Insurance
ISG personal-accident-insurance

Personal Accident Insurance Policy – Advantages, Types & Coverage

A Personal Accident Insurance Policy covers the loss of life, limb or general disablement caused due to an accident while travelling. A Personal Accident Insurance cover is a must-have policy for people who frequently travel for work.

Why should anyone get a Personal Accident Policy?

Accidents happen every day, and considering the road and traffic condition, there is always a considerable risk of a crash. Sometimes, even if you are the safest driver, you can get involved in an accident due to other's fault. To cover the risk of a road accident, it is paramount that you have a Personal Accident cover. 

Apart from roads accidents, several mishaps can happen at the workplace, especially if you work in a high-risk setting like a factory where you may have to work with heavy machinery. If any mishap takes place, it can cause severe injury, and in some cases, even death is a possibility. It is, therefore, recommended to have a Personal Accident Policy. It will help you get financial assistance in the event of an accident.


What are the advantages of Personal Accident Policy?

  • Provides financial security to your family and loved ones.

  • There no external tests and documents needed over and above the current condition.

  • Extensive coverage at much affordable rates.

  • Plans available in two categories, self and family.

  • It offers worldwide coverage.

  • Easy and seamless claim process.

  • Support centres available on all days and around the clock.

  • You can customise the policy to suit your specific needs.

What are the types of Personal Accident Policy?

There are two main categories of accidental insurance policy:


Individual accident insurance –

This policy covers the loss of vision, limbs or the accidental demise of an individual due to an accident. 

Group accident insurance –

Group Accident Insurance plan is normally offered by employers to the employees as they get these policies at a discounted rate, depending on the strength of the company. But these plans have limited features and are very basic in nature. 

What coverage do you get under this policy?

Accidental Death Cover –

The sum assured of the policy will be paid to the nominee in case of death of the policyholder.

Permanent Disability Cover –

If an accident leads to a permanent disability, a pre-agreed amount will be paid to the policyholder.

Permanent Partial Disability Cover –

If the accident inflicts permanent partial damage to the insured, then he or she will be given 100% benefit of the sum assured.

Temporary Total Disability –

If the insured meets with an accident that makes him or her bedridden for some time, a pre-agreed amount will be paid to the policyholder.

So, if your job entails travelling and you're always on the road. For the welfare of your family and yourself, it is best to get a Personal Accident


Policy today. 
Find out the detailed information about the benefits and features of personal accident insurance! Also, know more about health insurance plans by ISG

Why it makes sense to have Personal Accident Cover?

We all know that ‘prevention is better than cure’, and have come to accept it as well by now. In spite of taking precautions, we all are still prone to accidents; that’s where the need for having a personal accident cover arises. With such an insurance plan in place, the medical costs can be taken care of while you get treated or are recovering. At the end of the day, it’s practically sensible to be insured with a personal accident cover.

Come to think of it, the impact of a major accident isn’t limited to physical injuries; it might result in a financial crisis as well. According to statistics provided by International Road Federation, Geneva, India accounts for 11% of the global road accident fatalities. Whether you take that figure in isolation or in totality, it does paint a concerning picture, further necessitating the need to have a personal accident cover.


What is the scope of Personal Accident Cover?

Here are the key points you should be aware of-

  • Personal accident covers offer coverage for medical and out-of-pocket expenses incurred after an accident.

  • In the unfortunate case of death, the nominee receives a lump sum amount (as defined in the policy).

Personal accident covers are usually of two types:

  • Individual accident insurance - This plan provides protection for an individual and offers coverage for medical expenses or death benefit if the policyholder were to meet with an accident.

  • Group accident insurance - This type of insurance is provided to employees by their employers and is of relatively low cost.


How does Personal accident cover work in case of severe injuries?

Here are the three possible scenarios which are taken care of by a personal accident cover:

  • Disablement: If the incident results in lifetime impairment of the policyholder, then the policy pays a certain benefit amount to the insured.

  • Partial Disablement: in case of partial disablement of the policyholder, a certain percentage of the sum insured is paid. The amount is determined based on the extent of loss suffered by the individual.

  • Temporary Disablement: if the policyholder is confined to bed for a short term, then the policy offers weekly financial aid.

Elaborating further:

  • For a specified number of days, a fixed amount is paid for medical costs.

  • All the ambulance costs will be reimbursed to the insured.

  • If the unfortunate event results in burns, a percentage of the benefit is paid to the insured.

  • In case of death of the insured, the cost of the dependent child’s education is covered. However, coverage has a cap.

  • All the benefits are valid in case of the policyholder’s injuries are afflicted due to a terrorist act,

As an individual, you have no control over unfortunate events like accidents, but you certainly have a safeguard in the form of personal accident cover; stay prepared.

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