What is a Personal Accident Insurance Policy?
A Personal Accident Policy is a type of additional health insurance that is there to protect you financially in unfortunate situations where you, or even your family members, might face an accident that results in an injury, or in the very worst-case death.
Accidents can occur at any time and turn your life upside down – not only will you be affected physically and of course emotionally, it can also end up being a financial burden. If you have the good fortune to be covered by a regular health insurance policy, it might just cover standard medical expenses like hospitalization charges.
For example, if you fall on the stairs and get a slipped disk or a fracture, you might end up facing a lot of other costs. With a Personal Accident Insurance Cover, you will be able to get a specific lump sum amount to cover any other medical and related expenses, as well as any lost income while you are recovering from this injury so that you can be sure of your financial stability.
Why do you need a Personal Accident Insurance Cover?
A personal accident cover will keep you and your loved ones secure in case of any unforeseen accidents. So, why do you really need it?
It is an extra financial safety net for you and your family.
You will get a fixed benefit in case of any unfortunate accident.
In case of some disablement where you can’t work, you’ll get a bit of financial help.
What's great about a Personal Accident Insurance by Digit?
Fixed Benefits - Accidents happen without any warning, at any time and anywhere, and with a Personal Accident Plan, you’ll get a fixed benefit in case of such an eventuality.
No medical tests needed - With our Personal accident insurance, you don’t need to get any medical tests done, just go online and get protected in a few simple steps.
Get a wide range of coverage - This plan will cover you for all kinds of unfortunate events minor and major injuries to loss of income and more!
We cover Home hospitalization - in case you’re not able to go to a hospital and get your medical treatment at home, we’ll cover that too.
Great Value - Digit's Personal Accident Cover comes with low-cost premiums that won’t put a strain on your budget.
A Cumulative Bonus - If you haven’t made a claim during the policy year, we’ll offer you a sort of reward - an increase in your Sum Insured, starting with 10% for every claim-free year.
A Digital Friendly process - From buying your insurance policy to making claims, there’s no paperwork or any running around needed with us, everything can be done online!
What is Covered in Personal Accident Insurance by Digit?
What is Not Covered?
There are some situations where a Personal Accident insurance won't cover you, such as
If your accidental injury was caused by war, or terrorism, it unfortunately won’t be covered.
In case the injuries happened while you were under the influence of drugs or alcohol.
When the accidental injury took place while you were committing some criminal act.
How much does a Personal Accident Insurance cost?
There are a lot of relevant factors that go into calculating Personal Accident premiums, such as:
- Your age
- The nature of your occupation
- Your income
- The number and ages of any additional members (like parents, spouses, or children)
- Your geographical location
- What Sum Insured you have opted for
Types of Personal Accident Insurance Plans
Coverages
Fundamental Option
Support Option
All-rounder Option
Important Features
Accidental Death
Permanent Total Disablement
Permanent Partial Disablement
All Hospitalization
Day Care Procedures
Cumulative Bonus
Standard Policy Features
Road Ambulance Charges
Hospital Cash
Child Education Benefit
Home Hospitalization
Pre/Post Hospitalization
Funeral and Transportation Expenses
Transportation of Imported Medicines
Who should get a Personal Accident Insurance?
Since with this cover you will get a fixed benefit in case of an accident, anyone who feels like their livelihood or work might put them at risk of an accident might want to consider getting a Personal Accident insurance. This might include:
People With Low Risk Occupations
- Office workers (like consultants, accountants, and engineers)
- Health care workers
- Legal professionals
- Artists, writers, and designers
- Teachers and School Students
- Civil servants and Bureaucrats
- Bankers
- Shopkeepers
- Homemakers
People With High Risk Occupations
- Industrial Workers (non-hazard)
- Veterinarians
- Security officers
- Photographers and Chefs
- College / University Students
- Builders, contractors & construction workers
- Hospitality and Tourism Sector Workers
- Airline Crew and Airport Staff
- Delivery Personnel
People With Very High Risk Occupations
- Industrial Workers (hazard workers)
- Professional Athletes
- Police and Military armed personnel
- Mountaineers
- Journalists
- Politicians
How to Choose the Right Policy?
Look at different policies - Saving money is great, but sometimes the personal accident policy that has the lowest premium might not have the best plans; so, compare the features and premiums of different policies to find one at an affordable price that works for you.
Get the right coverage - The insurance policy should give you the best coverage.
Pick the right sum insured - You can look for a policy that lets you customize your sum insured based on the nature of your work and the risk you face.
Claims Process - This is one of the most important parts of any insurance policy, look for an insurance company where claims are not only easy to make but easy to settle too as it can save you a lot of hassle.
Service Benefits - Choose an insurer who will even be able to offer you a lot of extras benefits, like 24X7 customer assistance or an easy-to-use mobile app.
Common Personal Accident Terms Simplified for you
Any sudden, unexpected situation that may or may not cause injuries to the person or persons involved.
Your immediate family refers to any person who is your spouse, child, parent, or sibling.
The person(s) that you have named in the policy as the recipient of your insurance benefit upon your death.
Any injury that is permanent and prevents you from being able to work. This might include, blindness, paralysis, or loss of both legs.
If an injury will not improve over time and leaves you partially disabled. For example, loss of one leg, blindness in one eye or losing hearing in one ear.
An injury which creates a disability that prevents you working for a temporary amount of time, while you recover. Like a broken arm or leg.
A sort of reward you get for a claim free-year, where you get an additional percentage of sum insured of your coverage, while you pay the same premium.
It is the maximum amount that your insurer will pay in case you make a claim.
This is a small amount that you need to pay out of your pocket before the insurer can cover your claim.
Frequently Asked Questions
What is personal accident insurance?
A Personal accident cover provides is there to help you in case you suffer an accident that leads to a serious injury or death. With a personal accident policy, in these cases, you will get a specific lump sum amount. It will act as a financial safety net for you and your family, as it also covers costs for hospitalization because of the accident.
What are the benefits of a personal accident policy?
A personal accident policy will cover you in case of accidental death, permanent disability, partial disability, and many other things like ambulance and hospitalization costs. You can also add your entire family under the policy and protect them from in case of any unexpected incidents as well.
Can I include my parents in this policy?
Yes, you can add your parents, up to 70 years, as dependents under this policy.
Is there any age limit for a personal accident policy?
The main person being insured under a personal accident policy should be above 18 years old, and generally under 70 years. Dependent children can also be covered under the policy up to 25 years.
How is the premium calculated in a Personal accident cover?
There are many factors which determine the premium of your Personal Accident insurance. Some of these are, the nature of your occupation, your income, age, and how many people are added under the policy.
How is the compensation determined for a Personal Accident?
The benefit amount that you will get under a Personal Accident policy is generally a set percentage of your Sum Insured. This percentage depends on the extent of loss after an accident, and you can find it clearly specified in your policy wordings.
Does the personal accident policy cover death?
Yes, it does. In the case that you suffer an accidental death, your dependents will get the sum insured amount.
I already have a life insurance policy. Why should I also buy a personal accident cover?
While a life insurance policy will offer your dependents benefits in the case of your death, a personal accident policy, will also protect you against any financial risks due to accidents, like hospital costs, loss of income after an injury, or security in case of a permanent total disability.
But I also have health insurance. Do I still need personal accident policy?
A standard health insurance policy is actually pretty different from a personal accident policy. A health insurance will cover you in case of any illness and things like hospitalization costs are usually cashless or reimbursed to you. But, with a personal accident cover, you will get a lump sum amount to help you out at a time when financial support is needed.
What documents are required for a personal accident policy?
The best part of Digit’s Personal Accident Policy is that it’s a completely paperless process! All you need to do is fill in the required details and make the payment and you’ll be on your way to being covered under your insurance plan.
Do I need a separate personal accident policy for my family members?
No, actually you don’t! A Personal Accident policy is a floater policy, which means that you can add yourself, as well as your spouse, dependent children, and parents under one plan.