Personal Accident Insurance
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What is Personal Accident Insurance?
Personal accident insurance is a type of insurance policy that provides financial protection for people who meet with accidents. It covers unforeseen circumstances such as bodily injuries, disability, and death suffered due to accidents.
Any accident is unexpected and medical expenses are unavoidable. A huge medical bill can lead you toward a financial crisis. A personal accident policy can give you complete financial security during such emergency situations.
Types of Personal Accident Insurance in the UAE
Individual Personal Accident Insurance
This policy covers individuals from bodily injuries, partial/temporary/total/permanent disabilities, and death due to accidents
Group Personal Accident Insurance
This type of policy covers a group of people, such as corporate employees. The entire group gets financial protection for accidental death, disability, or injury. Large groups can avail of attractive discounts on premiums. The insurance plan can be customized to suit the requirements of the group.
Accidental Insurance Coverage
Death Coverage
If the accident is fatal and results in death, the entire sum assured is paid as death benefits to the family of the deceased individual. This provides financial security to the dependent family members
Permanent Partial Disability Coverage
If an accidental injury causes permanent partial disability, the insurance policy pays a specified percentage of the sum assured to the policyholder
Permanent Total Disability Coverage
If the accident causes permanent and total disability (e.g., loss of both limbs), the personal accident cover shall pay a specified amount to the policyholder
Temporary Total Disability
If the accident results in temporary total disability and the individual is bedridden, the policy will reimburse the loss of income based on the salary
Inclusions of Personal Accident Insurance Policy
The general inclusions of a personal accident policy are as follows:
- Death caused by accidents.
- Disability (temporary, permanent, partial, and total) caused by accidents
- Hospitalisation charges and other medical expenses incurred to treat accidental injuries
- Expenses toward the repatriation of mortal remains of the deceased policyholder
- Payment of school & college fees for the deceased policyholder’s children
- Compensation for the loss of income due to accidental injury or disability
- Some personal accident insurance policies also provide life support benefits.
- Bodily dismemberment caused by accidents
Exclusions of Personal Accident Insurance Policy
The general exclusions of a personal accident policy are as follows:
- Death due to natural causes
- Any self-inflicted injury, suicide, and suicide attempts
- Any injury or disability that exists prior to the accident
- Physical defects in the body that increases the risk of accidents
- Pregnancy or maternity-related expenses
- Involvement in criminal or unlawful activities
- Consumption of alcohol or prohibited drugs
- Accidents due to participation in sports or adventurous activities
Advantages of Personal Accident Insurance Policy
The exorbitant medical expenses and the probable loss of income after the accident can be devastating to the victim’s family. Personal accident insurance coverage offers financial protection in such situations. Some of the major advantages of a personal accident policy are listed below.
Financial security for the policyholder’s family
100% sum insured payable as death benefits
Compensation for the loss of income due to disability caused by accidents
Payment of daily cash allowance during the hospitalization period
Offers comprehensive insurance coverage at affordable premiums
Simple documentation process with no requirement for medical examination
Individual, family, and group coverage plans are available. Option to customize the policies to suit your needs
Worldwide insurance coverage available on personal accident policies
Offers education support for the deceased policyholder’s children
Provides coverage for related legal expenses and funeral/cremation costs in the event of death
How to Choose the Right Accident Insurance Policy?
Premium
The premium amount payable every year should be affordable and within your budget.
Insurance Coverage
The policy must have a broad scope of coverage. It should cover most of the routine activities that can possibly lead to accidents.
Features & Benefits
The policy should cover bodily injuries, partial/total/temporary/permanent disabilities, and death due to accidents. It should also provide additional benefits like daily cash allowance, compensation for income loss, ambulance charges, etc. The policy should offer worldwide accident coverage.
Death Benefits
A good personal accident policy will pay 100% of the sum insured as death benefits to the family members of the deceased policyholder.
Type of Plan
You can choose either an individual or a family plan based on your situation and needs. Corporates and institutions can choose a group policy to cover their members.
Insurance Company
The track record of the insurer is extremely important. It should have a wide hospital network. The claims settlement ratio should be above 90%. The claims settlement process must be hassle-free. The quality of customer service should be excellent.
Exclusions
Check the list of exclusions carefully to note all the events that the policy will not cover. Avoid plans with a long list of exclusions that do not offer basic coverage.
Cost of Personal Accident Insurance
The premium payable on personal accident insurance depends on various factors. Your age, profession, medical history, and past claims decide the amount of premium payable.
The insurance coverage should be adequate to support your family. It should cover all the medical expenses and compensate you for the loss of income caused by the accident.
Frequently Asked Questions on Personal Accident Insurance
Personal Accident Insurance UAE is helpful for any person who wants to protect himself and his family against financial loss due to accidents. People who work in high-risk occupations should definitely buy this policy.
Yes personal accident policy provides 24×7 coverage all across the world. So it will be beneficial for you to purchase this policy
The exact amount of insurance coverage depends on factors like your age, occupation, lifestyle, and financial commitments. As a general thumb rule, the personal accident cover must be at least 100 times your monthly income. You can discuss with our team of experts to help you choose the right coverage.
A personal accident policy only covers injuries and death caused by accidents. Natural deaths and deaths due to diseases will not be covered by this policy.
Yes. Apart from serious injuries and disabilities, personal injury protection also covers fractures and burns caused by accidents.
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Disclaimer: A third-party insurance carrier provides the personal accident insurance coverage mentioned on this website and is subject to the policy’s terms and conditions. This policy’s coverage is limited and has exclusions. Take the time to study this policy thoroughly so you know what is and is not covered.