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Personal Accident

Understanding the Use Cases of Personal Accident Insurance

Just a few years ago, no one had heard of term insurance plans. Similarly, just a few decades ago, health insurance did not enjoy the popularity it does today with the urban Indian householder.

On a similar vein, we at OneInsure believe one of the most important financial instruments you can own is a Personal Accident Insurance policy. But why do we say that? In this short article, let’s see some reasons why.

Fills the grey area left by Term Insurance & Health 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.

The wide range of use cases of a Personal Accident policy

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.

What is OneInsure’s Recommendation?

We recommend all earning urban Indian householders to buy this plan. 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.

The Personal Accident Insurance plan can be bought as a standalone policy or as a rider along with your health or term plans. While these riders tend to be cheaper compared to standalone PA Insurance policies, we recommend you to opt for the latter.

These policies, whether opted for as a standalone policy or as a rider, are highly affordable and have a wide rage of use cases.


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