Personal Accident
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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.
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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.
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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:
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The Indian Premier League has been an emotional journey for players and fans alike, but the best is yet to come. The IPL finals!
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In case of an unfortunate accident, your life can be saved by timely medical assistance and in case of death, financial assistance can help your family recover from dependencies. This makes medical and life insurance for a passenger a marketable feature for cab aggregators in India.
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During peak traffic hours one day, while Mr. Sawant was returning home from work on his bike, he met with a major accident. A large concrete truck that had broken the signal at high speed crashed into his bike, which was flung 15 feet. As Mr. Sawant was lying on the road bleeding, he reflected about his wife and two young children. His final thought before passing out was, “Thank God, I have Personal Accident insurance…”
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On 28 December 2017, a fire broke out at the Kamala Mills Compound in Lower Parel, Mumbai, claiming 14 lives. About three months earlier, a stampede at the Elphinstone Road station resulted in the death of 22 people and injured over 32 others.
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Mr. Joshi, a bank employee, was required to travel to the residence of one of his clients to get a form filled. It was a misty morning when he started on his bike. Unfortunately, midway through, his bike collided with another vehicle and he suffered serious injuries. Although he was quickly taken to the hospital, his injuries were such that one of his legs had to be amputated. Mr. Joshi did not have a personal accident cover. And since he could not work for a significant period of time, his financial situation became very difficult.