Personal Accident and Dismemberment refers to policies that payout for injuries and harm caused in accidents.
What is an accident? What is accidental injury?
An injury is considered caused by an accident if it is external, sudden and violent. For example, cutting your finger while cooking, falling down on stairs, involved in a bus accident, etc.
A personal accident or PA plan can reimburse medical expenses in treating minor wounds and bruises and will also pay out if there are permanent disability or dismemberment. It will also pay out if there is a death from an accident.
Usually, there is a schedule of payouts that relate to different human parts dismembered or lost in an accident.
Why is personal accident plans important for me?
The damage and financial burdens to a family from an accident can be horrifying and extremely expensive. A simple personal accident plan can stop this risk, and best of all, the premiums are very low.
This risk is extremely burdensome for the family and it should be reduced with a proper PA policy.
Why should I buy a personal accident from General Insurers instead of Life Insurance agents?
The policy premiums are markedly different, personal accident plans are a lot cheaper than life insurance personal accident plans.
This is because General Insurance or GI plans are usually more simple and less complicated benefits and features, so they can be lower priced. They also do not pay as much commission to salesmen so that the public can enjoy them at a lower price.
Do note that personal accident plans come with more benefits from life insurers, so check before you switch to general insurers. However, we do believe that the major benefits of having a personal accident plan are well taken care of by all GI personal accident plans.