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India ranks as the 10th most prominent life insurance market and the 15th largest non-life insurance market globally, as per the Insurance Regulatory and Development Authority of India (IRDAI).
Another recent study found that in 2020-21, the Gross Direct Premium Income (GDPI) of health insurance policies grew by over 13%. However, the accident insurance industry is yet to gain momentum in India.
One of the primary reasons for this is lack of awareness. It is a common misconception that health insurance and personal accident insurance have the same benefits, and most users end up choosing health insurance.
But having a personal accident insurance policy is very important. It can help cover the individual and his/her family financially in the case of mishaps or untoward incidents. With this, one can focus on recovery without worrying about funds to seek quality treatment.
This type of insurance covers all types of accidents: from major mishaps to minor ones, and one can safeguard themselves and their loved ones. With this policy, Bajaj Finance covers all important aspects of personal accident insurance and provides complete financial security during an emergency.
Here are some of the reasons why one should choose personal accident insurance from Bajaj Finance:
1. Coverage for permanent total disability
In the case of an accident that causes total disability (such as loss of vision or speech or, hearing ability) and makes it impossible for the policyholder to continue with their current occupation, the individual can receive compensation from the insurer. Bajaj Finance provides personal accident insurance that offers 125% of the sum insured for total permanent disability.
2. Coverage for partial disability
Personal accident policies also cover partial disability, such as losing a finger(s) or limb in an accident. However, the compensation usually depends on the nature of the disability based on the policy’s terms and conditions. In such a scenario, Bajaj Finance provides 100% compensation up to the sum insured under personal accident insurance.
3. Compensation for accidental death
Bajaj Finance also offers 100% compensation up to the sum insured in case of accidental death.
4. Worldwide coverage
One can stay covered against accidents anywhere across the world.
5. Temporary total disability benefits
Temporary disabilities such as fractures are common in accidents. The insurer will usually pay a portion of the sum insured for a pre-defined period in such a case.
6. Dependent Child education benefit
Get child education benefits for your dependent child(ren) with Bajaj Finance as an optional cover with your policy. This partner insurer offers this coverage to help continue the education of the policyholder’s child(ren). The insurer provides a sum for the children’s education if the policyholder suffers permanent total disability or death. Education fund benefit is available for up to two children.
What is not covered in a personal accident insurance policy
Personal accident insurance commonly excludes death due to natural causes, accidents that occur under the influence of alcohol or drugs, adventure sports and hazardous activities or suicide.
Also, such insurance plans don’t cover death or injuries during pregnancy, including childbirth, abortion, miscarriage, or while participating in naval, military or air force operations, or HIV and other related ailments.
Having an accident insurance policy in one’s insurance portfolio is a must. By opting for personal accident insurance by Bajaj Finance, one can stay financially equipped during medical emergencies.