Personal Accident Insurance – A Definitive Checklist
We have all heard about health insurance and term insurance. And many have also bought these insurance products to protect themselves from adverse circumstances. Let’s quickly see how these would benefit you in case you are involved in an accident:
- A health plan will pay for your hospitalization expenses after the accident
- A term plan will pay a large sum to your family in case the accident causes your untimely demise
However, what if you survive the accident but lose the use of your right hand? What if the accident paralyzes you from the waist down? In such scenarios, neither the health plan nor the term plan can replace your income.
In this piece, let’s understand Personal Accident insurance better, which helps in exactly these situations.
Personal Accident Insurance Overview
Personal Accident insurance is a super-affordable insurance plan that takes care of you and your loved ones in the event of an accident. This insurance covers nearly all types of accidents – be it injuries sustained on the road, in a train, or in aeroplanes; work-related accidents; and even domestic accidents like LPG explosions.
Personal Accident Insurance Benefits
As mentioned earlier, a PA cover takes care of you in the aftermath of an accident. Here’s how:
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.
Personal Accident covers can be customized in a manner that hazards that you are exposed to on a routine basis can be covered.
Personal Accident Insurance – When, Where, and How Much?
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. We recommend buying a personal accident insurance as soon as you have a liability on your income.
Standalone vs Rider
This insurance can be bought as a standalone policy or as a rider along with your health or term plans. Both have their own pros and cons – read about them here.
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. Yes, it’s that affordable!
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