The Need For A Personal Accident Policy

By | 25/11/2016


Life is uncertain. The whole idea of taking insurance is to protect oneself and one’s family from uncertainties and eventualities. A life insurance policy safeguards you against unexpected demise and a health policy includes medicinal expenditure in the event of an illness. The diseases not specified in the documents come under exclusion segment. One is likely to believe that life insurance and health insurance cover all the insurance requirements of an individual, however, this is not true. This IRDA approved plan takes care of events, such as demise and disabilities are a must.

Accidents are undesirable, unexpected and unplanned incidents which may cause physical injury, impairment, and even demise, excluding ones resulting from any self-inflicted act. Such mishaps happen without prior intimation when one is least expecting such an event. They become stumbling blocks in leading a normal life and often compromise the ability to earn a living. Such policies are meant for such situations and plug this important gap in one’s insurance portfolio, which is not adequately covered by a life and health policy. This policy does authorize the insured to avail an extra layer of protection for his or her loved ones if they already have an insurance plan like an endowment policy.

This policy provides financial support to the policy-holder if he or she is disabled due to an accident, irrespective of the magnitude of the mishap. These plans include the insured from impairment, demise, and dismemberment because of a mishap. Both disabilities are included, which usually affect one’s ability to earn at the same level before the accident. A life insurance policy does not typically include such circumstances. Moreover, a health policy or mediclaim only includes medicinal expenditure and does not reimburse expenditure for impairment or demise.

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The best personal accident insurance plans in India help the families and dependent members of the insured cope better with the emotional loss by providing them much needed financial support in times of need when the worst such as demise transpires. In case of impairment, the policy-holder is provided compensation for lost earnings because of an accident. It also brings peace of mind as it guards against the most unexpected events.

Other benefits include hospitalisation, hospital bill payment, compensation of ambulance cost etc.

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