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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