Why Personal Accident Insurance Is a Must-Have Beyond Life and Health Plans

Experiencing news of a major mishap, including an adored one, can be troubling. Such disastrous occasions significantly affect the lives of family members and the victim. Whereas nothing can lighten the torment experienced by families who have lost cherished ones or seen their pain, personal accident insurance offers a ray of trust. This health insurance plan serves as a budgetary back framework, giving numerous benefits to the policyholder and their family, easing their burden to an extent. Personal accident insurance is a protection approach that gives scope to insured individuals if they endure accidental injuries, disability, or death. The medical insurance is designed to cover sudden and accidental wounds or the passing of a policyholder.

1. Accidents Can Happen Anytime, Anywhere

   Accidents don’t give you a warning. Whether you’re driving, strolling, voyaging, or just going about your daily schedule, a mishap could occur at any time. As per the Ministry of Road Transport and Highways, in the year 2023,  India has seen over 1.72 lakh street mishap deaths. These figures are stunning and punctuate the pitfalls we face daily. Group personal accident insurance makes sure one is financially protected against these unforeseen events, furnishing you with peace of mind, knowing you’re covered with the best health insurance in India.

2. Health Insurance Isn’t Enough

   A comprehensive health insurance is needed, but it is not the only protection one has to seek. These insurances do not cover the loss of work days one faces when overcoming a severe injury. A personal accident insurance coverage provides compensation for loss of income, which could be faced by any kind of employed individual.

3. Personal Accident Policy Covers Permanent Disabilities

   A genuine mishap may lead to unending disabilities that can modify your life completely. In cases of loss of limbs, vision, or any other form of permanent disability, certain accident insurance gives a lump-sum instalment to offer assistance to oversee your life changes. This can help with recuperation, and life acclimations, or simply buffer the fiscal impact that similar disabilities frequently bring. 

4. It’s More Affordable Than You Think

   Personal accident insurance is shockingly reasonable, particularly when compared to the potential costs of managing a genuine mishap. For a moderately low premium, you could secure broad scope. This is especially useful when you’re looking for a cost-effective way to include an additional layer of assurance to your existing health and life insurance policies.

5. It Covers Accidental Death

   In the worst-case situation, personal accident insurance gives your family a financial cushion in case of an accidental passing. This gives you peace of mind, knowing your cherished ones will have budgetary support in such troublesome times.

6. Covers a Range of Accidents, Not Just Road Accidents

   Personal accident insurance covers a wide range of mishaps, not merely those that happen on the street. It incorporates wounds from slips, falls, burns, suffocation, and mishaps, domestically or at the office. This enveloping health insurance coverage gives you the adaptability to feel secure, knowing that you're secured for a wide range of mishaps, no matter where they happen.

You can consider the following add-ons for your personal accident insurance:

Home Loan Protection

This cover guarantees that your home advance EMIS is paid in case of a mishap leading to incapacity or death.

Other Loan Protection

Comparable to domestic credit assurance, this cover takes care of other credits like individual credits, car credits, etc., guaranteeing that your monetary liabilities are managed.

Job Loss Benefit

Personal accident insurance gives you a lump sum or monthly payout if you lose your job because of an accident, helping you manage your expenses while you're unemployed.

Medical Expense Cover

This add-on covers restorative costs brought about due to a mishap, including hospitalisation, surgeries, and restoration costs.

Accidental Death Benefit

Gives a whole instalment to your recipients in case of passing due to an accident.

Permanent Total Disability Benefit

Offers a whole instalment if you endure a permanent disability due to an accident.

Temporary Total Disability Benefit

If you are incidentally crippled and incapable to work, it provides a week-by-week or month-by-month installment option.

These add-ons can be obtained by paying an extra premium, improving your monetary security and keeping your mind at peace.

Buying an insurance plan is a tedious task because of the bulk of information available online and the fake promises of insurance agents. To avoid some introductory hurdles while buying a health insurance plan, one should consider the following points:-

Claim Settlement Ratio of the Insurer (CSR)

The claim settlement rate represents the fidelity of the insurer towards its policyholders. The more advanced the CSR, the better the image of the insurer.

Ease of Buying

Currently, people prefer buying programs online. The policy should be fluently available on the internet on the insurer’s website so that policyholders don't have trouble while buying.

Coverage

One should buy a policy which provides maximum benefits at affordable prices. The decoration should be according to the budget allocated for healthcare services.

Network Hospitals

Network hospitals are the list of hospitals under an insurer. One should look for an insurer which has major hospitals under its network, along with many good hospitals which are near the place of the policyholder.

Investing in personal accident insurance is a proactive step towards safeguarding your financial future in the face of unforeseen accidents. By offering coverage for accidental death, disabilities, and medical expenses, it provides crucial support for both the policyholder and their family. Considering add-on covers and choosing the right insurer ensures comprehensive protection, making personal accident insurance an essential component of a well-rounded financial plan.