We have all been advised to opt for term insurance and health plans by friends, coworkers, and even by wider media through ads and promotional SMSes. However, an often-neglected type of insurance cover is Personal Accident insurance.
In this short piece, let’s see why PA cover is as important as these two for the urban Indian.
Why is it necessary to have personal accident insurance?
A term insurance plan will pay out the sum assured to your beneficiaries in the event of your demise and a health insurance cover will take care of your hospitalization bills if you fall ill. But what if an accident leads to some kind of disability, rendering you incapable of working? To ensure your income does not stop or pause, it is important to opt for personal accident insurance cover.
Personal Accident Policy in Various Scenarios
In cases where the policyholder is involved in an accident that leaves him/her temporarily incapable of going to work, this insurance policy pays out a daily/weekly benefit till they resume work.
In cases where the policyholder is involved in an accident that leaves him/her permanently incapable of going to work, the policy pays out the entire sum insured. When the injury is such that the disability is partial, a pre-decided percentage of the sum insured is paid to the policyholder.
In case of the unfortunate death of the insured, the entire sum insured is paid to the beneficiary.
It is recommended that you buy this plan as soon as you begin earning. Personal accident cover is especially important for people who have taken loans because this offers protection towards repayment of the outstanding balance should any mishap occur. When you have a personal accident insurance plan in place, you can be rest assured your loved ones will receive the necessary financial support in emergency situations.
Since accidents cannot be predicted, it always pays to be prepared beforehand. Just as we purchase health and term plans because we know life is unpredictable, a PA insurance should be opted for to ensure a stress-free time in the aftermath of an accident.
A Personal Accident policy with cover of Rs 15 lakhs can be bought by a healthy 30-year-old for close to Rs 3,300 for a full year of protection. It’s that affordable!
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