Personal Accident Insurance
Life is unpredictable, there are no two ways about it. We spend our entire lives trying to make the most out of it, but the whole thing can come crashing down any moment, catching us unawares. While we might not be able to foresee what the future holds, there are ways for us to be prepared for eventualities which might come up in the future. Insurance policies are traditionally designed to protect us and our loved ones (to an extent) in case of unforeseen events.
What is Personal Accident Insurance?
Accidents can occur anytime, stalling the progress of life. Personal Accident Insurance is an insurance cover which protects an individual in the event of an accident, offering peace of mind and comfort to not just the policyholder but also his/her family. These are annual policies (in most cases) which offer compensation to policyholders in the event of injuries or death caused due to accidents.
Individuals are generally required to pay a monthly or annual premium to avail such a policy, with most policies offering global coverage against accidents. Non-payment of premiums could result in cancellation and discontinuance of policies.
Events covered under Personal Accident Insurance
Accidents, by definition do not have a predefined mode and any untoward incident can be considered as an accident under certain circumstances. An accident can be said to be any unexpected event which results in some harm, to either oneself or someone else. Most Personal Accident Insurance policies cover the following events, although there is an exhaustive list which can be categorised under accidents.
- Road, railway, air accidents
- Drowning, poisoning, fire related incidents
- Collisions or falls
- Slipping, leading to injuries
- Animal related incidents like dog bites, snake attacks, etc.
Scope of Personal Accident Insurance
Most Personal Accident Insurance policies cover permanent total and partial disability, loss of any sense (hearing, eyesight, etc.), loss of limbs and accidental death. The scope of cover depends on the individual and the policy he/she opts for. Most insurance providers give an option to customise these policies to suit individual needs.
Who should opt for Personal Accident Insurance?
Ideally, everyone should have a personal accident insurance, protecting them from any accident. While this might not be feasible, it is advised that individuals who are in a line of work which exposes them to frequent accidents take up these policies. These policies are available to people regardless of their profession or background, subject to them meeting other basic eligibility criteria.
Personal Accident Insurance in UAE
UAE is home to a number of insurance providers who offer Personal Accident Insurance to residents here. With an influx of expats, top global insurance firms have also set up base in UAE, ensuring that individuals have an option to choose a policy from the best service providers.