In India, every minute a serious road accident occurs and 16 die due to the same in an hour. In a similar context, more than 1,200 road crashes are witnessed in India, and 377 individuals die, in a day. In most cases (25%), two-wheeler motor vehicles are accountable for road crashes. 

These accidents mostly occur in the urban regions where roads are busy and chaotic throughout weekdays. Cities that top the list of most numbers of road crashes are – Delhi, Chennai, Bangalore, Mumbai, Lucknow, Pune, etc. 

2013 recorded one of the worst years in respect to road crashes, where more than 1.37 Lakh individuals died due to road accidents. Such a health insurance policy has become a common financial product for urban dwellers, especially personal accident insurance. 

Personal accident insurance policies facilitate financial coverage on account of accidents and losses suffered by the insured individual. 

However, there are circumstances which are not considered for financial coverage under personal accident insurance policies. 

What are the things that do not come under personal accident insurance?

As per the mandate of Insurance Regulatory and Development Authority of India (IRDAI), there are certain specific circumstances which are discounted under the purview of standard personal accident insurance policies. 

A few of these are mentioned below – 

1. Self-inflicted injury: In case an individual hurts himself or herself voluntarily under any circumstance, any monetary compensation is not facilitated by a personal accident insurance policy toward medical expenses. 
2. Sexually transmitted diseases: Health insurance policies do not apply towards treatment of sexually transmitted diseases (STDs) such as HIV or AIDS. 
3. Involvement in perilous activities: In case an individual decides to engage in dangerous activities which constitute joining the military, navy, air force, scuba diving, hang gliding, sky diving, racing, rock climbing, etc., he/she cannot enjoy the benefits of a personal accident insurance policy. 
4. Substance abuse: If an individual is found to be in a state of intoxication during an accident occurring from abuse of toxic drugs, alcohol, or hallucinogens, he/she is not entitled to receive any financial coverage under a health insurance policy.
5. Acts of subversion: An individual cannot avail monetary coverage for treatments for injuries which occurred in the course of any subversive activity. Subversive activities under the guidelines of IRDAI are – rebel, revolution, terrorism, war or warlike operations, riots, etc. 
6. Criminality: In case an individual suffers an injury on account of any criminal activity or breach of the law, he/she will not be facilitated with financial coverage for treatment expenses under personal accident insurance policies. It is applicable if the individual is held accountable, proven guilty, or party to the aforementioned. 

This list comprises the comprehensive set of exclusions made by the regulatory body under personal accident insurance. While this is the definitive list of exclusions, there are other instances, coverage of which varies from one institution to another. 

Regardless, personal accident insurance proves considerably beneficial in case of road accidents or any other cause of severe injury excluding the aforementioned. For instance, reputed insurance aggregators such as Bajaj Finserv offer an allowance to compensate for an individual’s income due to hospitalisation under their Personal Accident Insurance policy. 

There are several types of health insurance policy, apart from personal accident insurance, which allow you to avail financial coverage under various instances, clubbed according to their nature. 

These are – 

• Individual insurance.
• Family floater insurance. 
• Critical Illness Insurance policy.
• Senior citizen health insurance.
• Maternity health insurance. 

Make sure to choose the best health insurance plans in India by comparing all the available products. 

Some institutions also offer a bonus on your policies if you do not apply for any claim during a particular year. These companies also offer health insurance online for better convenience. 

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The rising incidences of deaths through non-communicable diseases (NCDs) such as cardiovascular ailments, lung problems, cancer, etc. in India are alarming. More than 38 million individuals in India die due to NCDs every year. More than 16 million such deaths occur among individuals below the age of 70 years. Cardiovascular diseases alone claim more than 1.6 million lives every year.

According to the World Health Organisation (WHO), India is one of the leading nations in terms of premature deaths due to non-communicable diseases. Approximately 61% of all deaths in India occur due to NCDs.

With rising medical costs of treatment for such complex diseases, health insurance have gained prominent traction in the past decade. It currently exhibits a growth rate higher than most insurance policies at 23% year-on-year.

Health insurance plans allow individuals to meet substantial treatment expenses for several NCDs such as cancer which costs upwards of Rs. 10 Lakh, not considering several associated fees.

Importance of a health insurance policy

• Economical

Compared to the rising costs of medical treatments in India, the annual premium of an insurance policy are much inexpensive. You can pay a small portion of your yearly income towards premiums to afford expensive healthcare. It would allow you to effectively handle the financial aspect of treatments without compromising your financial standing.

• Secure against inflation

Inflation in treatment costs is an ever-continuing occurrence. With the incorporation of state-of-the-art technologies and methods, the price of treatment is surging year-on-year; especially in case of critical ailments such as cancer, cardiovascular diseases, lung complications, etc.

On that account, substantial coverage extended under the Critical Illness Health Insurance policy offered by Bajaj Finserv can help you to meet substantial emergency expenses without causing any financial strain.

• Cashless treatment facility

Best health insurance plans come with cashless settlement policy. The feature facilitates payment of hospital dues directly using the plan instead of providing compensation for the same later. It allows you to avail prompt treatments without hassling over fund arrangement.

• Comprehensive coverage

Health insurance policies provide financial coverage on a wide variety of medical expenses, alongside primary treatment costs. For instance, these policies cover pre and post hospitalisation expenses, ambulance costs, medicinal expenditure, etc.

Specific health insurance plans also provide coverage for treatments under Ayurveda, Unani, Homeopathy, etc.

Such widespread benefits are available on various types of health insurance, catering to individuals or specific diseases.

Types of health insurance policies

There are several types of insurance policies designed to address different varieties of health complications and also groups. These are –

• Individual health insurance plan – It covers all medical expenses of an individual.

• Employee/Group insurance policy – Usually purchased by employers for their employees, this policy covers the medical expenses of a group of individuals, each with a separate coverage amount.

• Family insurance plan – Similar to a group health insurance cover, a Family Floater Health Insurance Policy addresses the medical expenses of a family.

• Senior Citizen insurance policy – An individual above 60 years can avail financial coverage for all healthcare-related expenses under this insurance plan.

• Personal accident insurance policy – As the name suggests, it can be availed on account of an accident.

• Maternity insurance plan – Pregnant woman can avail this health insurance policy. The policy benefits are extended to the child until he/she is ten years old.

You can buy health insurance policy online. Reputed insurance aggregator, Bajaj Finserv also provides top up health insurance plans which allow you to increase total coverage amount. Such insurance policies allow individuals to enjoy high coverage benefits diminishing their financial strain in case of severe medical complications.

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Sam visited Australia last month without an Overseas Health Insurance Cover and met with a minor accident there! He had to rush to the local public hospital and paid a huge bill! After that, he was short of money and had to cancel many plans and came back early to his country! Sam is not wise! Don’t be like Sam!

There will be many Sams like him around you! Many people plan for Australia as it is beautiful! Calm beaches, last greeneries, big harbours, heritage opera houses, what is not there in the land of Kangaroos? It is essential to have information about the country; you want to visit next! So, you can avoid any hazard!

Australia is beautiful as well as expensive! Notably, medical expenses are enormous! So, if you want to visit in Australia, one is suggested to purchase an Overseas Visitor Health Cover (OVHC). Falling ill in a foreign land is miserable, but it can be more painful when you need to pay the hospital bills! Nobody generally follows routine when travelling, and that makes the chances higher to fall sick!

Australia has made Overseas Student Health Cover (OSHC) compulsory! Your student visa can be cancelled if it doesn’t meet the criteria! To know about the best policies and compare them, one can visit GetMyPolicy website.

Same for the persons who hold a working visa! It is compulsory to buy an Overseas Visitor Health Cover (OVHC) before entering the country!

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