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Have you ever wondered why you need personal accident insurance?


personal accident insurance

Compared to health or life insurance plans, personal accidental insurance still lacks prominence. However, this does not reduce the value of the investment to protect the portfolio of loans. A personal accident policy is vital for those who are the only earners in the household. Since there is no specific time for complications in cases of permanent disability and financial security, personal accident insurance can provide adequate coverage. The best thing is that in India you can buy personal accident insurance at cheaper rates.

Personal accident insurance scheme provides complete financial protection from risks such as accidental death, accidental body injury and partial/total disability, including permanent and temporary disability from the accident. The nominee seeks 100 percent payment from the insurer in the event of the accidental death of the policyholder — other compensation for unexpected injuries, such as loss of vision, arms, and voice.

An accident can happen anytime, anywhere, and may result in minor to severe injuries. Any such uncertainty can cause a financial crisis, which is why it is recommended to buy an accidental insurance policy. It will provide you and your family with the necessary financial support against accidental death, bodily injury, and (partial/permanent/ temporary) disability. Some driver benefits include accidental hospitalization cover, hospital Confinement allowance and medical expense cover.

With personal accident insurance, you can secure yourself from accidental death and disability.

Recall important things
·         Be sure to compare packages before you buy the Best.
·         Try to find an attractive and affordable premium.
·         See Quick Claims Policy.

Shocking statistics about accidents in India

  • More than 1214 road accidents occur daily on Indian roads. In recent times, people in India have become more victims of accidents than in previous days.
  • In 2017 alone, around 4.64 lakh accidents occurred, as reported by the Ministry of Road Transport and Highways. About 1.47 lakh people died as a result of road accidents alone.
  • As per 2018 estimates, the number increased to 1.68 million; therefore, this is the scenario of Indian roads and thus, people need to be more careful while strengthening the financial background through personal accident cover.

Forms of personal accident insurance policy
Personal accident policy sub-categories exist. These are for Individual Accident Insurance and Group Accident Insurance.

Individual Accident Insurance: This policy is to protect a person when he/she is suffering from accidental damage. This type of personal accident cover helps during accidental health, permanent disability, or loss of vision or limbs.

Group Accident Insurance: This policy applies to a group or a particular employee. Employers provide an outline of the safety of their workers. Many companies also offer discounts on premiums, depending on the number of workers. For small businesses, this is a huge value-added benefit as plans are available at a lower cost. Note the packages are fundamental and have limited profits as well.

What is the need for personal accident protection?
·  For dependent family members, an accident can be both emotionally and financially devastating. In case of fatal injuries, as stated in the policy document, the entire amount guaranteed is paid to the nominee.

·    Whatever the cause of the accident, you may be wholly or partially disabled. It prevents a person from earning regular wages, creating obstacles in the interest of family members.

·      Sometimes, life insurance policies do not provide much coverage in some situations to bring the case under control.

·      Conversely, for such situations, health insurance is not adequate because it only covers the  cost of hospitalization.

Therefore, these situations automatically leave an option, which is the coverage of personal accident insurance.

Conclusion: Personal accident insurance policies must be purchased because a set of policies may not provide the same benefits. Therefore, to ensure adequate coverage, it is essential to scrutinize the terms and conditions. Don't forget to check the accuracy of the events leading up to an event.

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