As per the Times of India report, the number of accidents was approximately around 1.49 lakh in the year 2018. Also, the number of road deaths has increased from 16,004 in the year 2013 to 22,256 in the year 2018.
This increase in the number of accidents has enhanced the need of personal accident insurance policy for the financial protection of individuals. These insurance schemes provide you with comprehensive coverage with a considerable sum assured against an affordable premium amount.
Some of the reasons as to why you should purchase such insurance schemes are discussed below.
- High sum assured
Applicants can enjoy a higher sum assured from Rs. 1.5 Lakh up to Rs. 50 Lakh depending on the policy terms and the premium amount.
- Wider coverage
Certain personal accident health insurance schemes can provide coverage for the expenses of both pre and post hospitalisation periods along with day-care treatment costs.
To enjoy such comprehensive coverage, you can avail insurance schemes like Individual Health Insurance Plan from Bajaj Finserv that offers coverage for doctor’s fee, treatment charges, ambulance service fees, hospitalisation costs, etc. You can claim a sum assured of up to Rs. 50 Lakh against a minimal annual premium.
Additionally, you can also avail insurance schemes like hospital cash cover to avail financial assistance against expenses required during hospitalisation. Under this scheme, you also get to enjoy daily cash benefits of up to Rs. 3,000 to manage day-to-day expenses.
- Income tax benefits
Applicants can enjoy tax benefits under Section 80D of the Income Tax Act. You can claim benefits up to Rs. 60,000 against the premiums paid under this scheme. To claim the benefits, do make sure to collect your premium receipts after each payment.
- Cashless cover
Individuals can enjoy cashless facility at over 5,700 hospitals in the country with insurance policies provided by companies like Bajaj Finserv. This facility confirms that the insured will not have to pay any amount, and the required sum assured will be directly transferred to the hospital.
- Relaxed eligibility criteria
Some of the best personal accident policy provides you with relaxed eligibility criteria. To avail these plans, you will have to be between the age group of 18 and 65 years. In case the insured happens to be a minor, the entry age for the child is 3 months and is extended up to 30 years.
- No requirement for medical tests
Individuals don’t need to go through medical tests up to the age of 45 to avail an insurance scheme for accidents. You do not have to go through the hassle of multiple medical checks, thus making the scheme easily accessible.
- Convenient claim process
You can claim coverage under this health insurance scheme for accidents by getting in touch with your insurer from the contact details provided on the official website. Provide the required information and documents to complete the claim process. You can also find the contact details of your insurer on the policy bond issued by the company.
Additional benefits to look out for:
Check if you get additional coverage for homoeopathic medicines or hospitalisation in case of bariatric surgery under this plan.
Know if you can conveniently apply for a personal accident health insurance scheme online. Certain financial institutions allow you to fill up an online application form while applying for an insurance policy. After you furnish the required documents online and pay your premiums to complete the application process.
Multiple premium payment methods
The insurance provider must allow applicants to pay the premium through multiple convenient channels like debit or credit card, UPI, mobile wallets, net banking, account transfer, etc.
Do make sure to read the terms and conditions of your plan to avoid problems with your policy in the future. Also, check the inclusions and exclusions and select the scheme suitable for your medical needs.