Is it worth it to buy separate personal accident insurance?
Uncertainties, accidents, and unannounced events are an inevitable part of life and there is no escape from it. From major mishaps to minor injuries, accidents not only take a toll on our physical and mental well-being but also have a significant financial impact. While you might assume that your existing term and health insurance policies provide sufficient coverage, it is crucial to have an individual accident insurance policy.
Due to the simple reason that a life insurer only provides financial security in the event of the policyholder’s death, personal accident insurance is essential. In fact, accidents can result in both temporary and permanent disabilities, leading to loss of income and additional medical expenses. The best accidental insurance policy not only provides coverage in case of death but also offers vital financial protection for you and your family in the event of an accident. Whether it is a major incident like a car crash or a minor mishap like falling off a bicycle or fracturing an arm, these policies cover a wide range of scenarios, making them essential for individuals.While an accident cannot be prevented from causing stress, trauma, and physical and mental suffering, one can prepare to mitigate financial instability through individual personal accident insurance. Finding the greatest accidental insurance plan or policy, however, can be a difficult endeavor. Assisting people in locating a coverage that meets their unique needs while saving them time and effort, insurance advisors play a crucial role.
What is covered by personal accident insurance?
Total temporary disability: Under this, the policyholder becomes eligible for weekly compensation for incidents that restrict them for up to certain weeks until they recover, such as fractures to the hands or legs.
Partial permanent disability: In this case, the policyholder receives a small portion of the sum assured at weekly or monthly intervals. Losing a finger or an entire hand, etc., are all considered partial permanent disabilities under this provision.
Total permanent disability: In cases of total permanent disability, a specified percentage of the sum insured is paid to the policyholder.
Accidental death and transportation of mortal remains: If the policyholder passes away unexpectedly, the insurer will pay the nominee the full amount insured as well as a predetermined amount for the transportation of the deceased.
Educational benefit: The policy covers the expense of up to two dependent children up to the age of 23.
Key policy perks
Financial support for the family of deceased: There is no denying the fact that accidents come unannounced and can take place anytime and anywhere, resulting in sudden death. As a result, the family of the deceased is put under a great deal of financial strain, which puts them in a terrible situation. However, if a person has an accident insurance policy and is involved in an accident that kills them, the nominee they choose will receive 100% of the designated insured sum in compensation. Thus, in such instances, having individual personal accident insurance considerably supports the policyholder’s family in overcoming financial obstacles.
Offering monetary assistance to the policyholder: A person may experience a permanent or temporary impairment as a result of terrible accidents, which could result in a loss of income. Here an accidental insurance policy plays a crucial role in providing the policyholder with financial compensation based on the type of disability. This makes sure the victim is protected in the case of a permanent disability or if a temporary disability develops into a permanent one. Therefore, it is essential to select the best accidental insurance policy in order to stay safe while having financial support at your doorstep as and when required and find the best car and motor insurance services.
Covers hospital and ambulance charges: In certain instances, a person may experience an accident at a specific site, yet he or she might end up being treated in a hospital that is located elsewhere. Under such circumstances, the concerned individual’s accidental insurance will play an important part in covering the transportation expenses, sparing the family from incurring huge expenditure. Moreover, the policy covers a portion of hospital care and post-hospitalization costs, providing the policyholder with much-needed respite. In addition, the affected person gets the best possible coverage for their education, work benefits, and funeral costs.
Personal accident insurance: Solution to uncertainties
Life is undoubtedly God’s most priceless gift, and nothing is more valuable than that. Thus, it is imperative that we as individuals take appropriate measures to safeguard our lives and the lives of our loved ones. With the best accidental insurance policy, the insured and concerned loved ones will be able to derive necessary benefits in the event of extreme occurrences such partial or permanent disability, and sudden death. Thus, if you still have not yet secured a dedicated accident insurance plan, it is advisable to consult with a reputable insurance broker to obtain one without any further delay.