Personal Accident

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Availing health and term life insurance is not a confirmation of complete protection against mishaps. Accidents are unpredictable and can result in damaging the lives of not only the sufferer but also the family members. The term life and health insurance policies are critical in protecting oneself and dependents from unseen exigencies is a widely accepted view. However, the importance of accidental insurance should not be ignored. Because your term life will not provide any help in case you are partially disabled because of accidental injury and your health policy will not cover any kind of partial or total disability occurred due to an accident. In such cases, accidental insurance comes for rescue and provides a financial shield to the insurer and his family.

For example, A simple health cover of say Rs.10 Lakh could also prove to be inadequate if someone met with the major accident, which entails huge treatment costs. If you have a family like siblings or parents financial dependents it becomes imperative to buy personal accident insurance. As a breadwinner, the priority should be to ensure that in case of any eventuality, the surviving family members should not go through any kind of financial stress.

This policy provides an essential coverage and acts as supportive presence. It covers accidental death, permanent partial disability, permanent total disability, temporary total disability, hospitalization and the benefit of covering child education. Generally, there is 100% pay-out of sum insured in cases of accidental insurance and permanent total disability. In case of permanent partial disability, there is a payout of 50% of sum insured while it is crucial to check-on the sub-limits.

For Example, some policies pay weekly compensation in case of temporary total disability, while others make a payout only if the disability is permanent in nature. Moreover, in the case of temporary total disability, the weekly payout could be capped at 1 per cent of the sum assured, up to say 100 weeks from the date of an accident.

Knowing that accidental policy will be there watching out for your family, fosters a sense of security in the insured. This policy will compensate your income when you are not in the pink of health because of severe accidental injuries or disabilities. Meeting with an accident is often emotionally and physically draining but it does not need to be financially exhausting as well. This policy offers peace of mind to the insured and his family by providing financial assistance at the time of contingencies.

Also Read: Things to consider while buying personal accident Policy

One such case was with Mohit who was working in a manufacturing firm met with a major road accident while going home, which resulted in the loss of vision. It is by the virtue of accidental insurance that he has been compensated for the loss of income. Because he has an accidental insurance policy with a sum insured of 20 Lakh, all hospitalization cost was borne by the insurance company. He has received 100% payout of sum insured which provided a financial cushion to his family. Mohit, as a nominal worker in manufacturing unit, was not financially sound and he could not have afforded the hefty cost of hospitalization if the accidental policy would not be there. This policy has saved him from getting insolvent and also provided a financially stable position to his family in order to sustain during such eventuality.

Make no room for regret as tomorrow is not promised and any major injury can cost hefty treatment cost and loss of income. Thus it keeps your family solvent in contingencies and it makes sense to buy one when you are young and healthy. The pay-out can help replenish some of the lost income. This policy provides financial support to the dependents at the time of accidental death. The primary reason to buy this policy is to help the dependents maintain the same standard of living.

Accidental Policy acts as an income replacement for the family of the life assured. One single accidental exigency of a dreaded nature can push a household back by several lakhs, if not crore. By incurring a small cost compared to the coverage that the insurer promises to deliver at the time of the mishap, accidental insurance acts as a tool to protect your savings.

With this policy, the joy of living your life with family members is all the more. It is crucial to buy personal accident insurance policy along with health insurance or term life insurance since it upgrades and enhance the protection level against any kind of mishap.