Top Reasons To Buy A Separate Personal Accident Insurance Policy

So, you have a comprehensive health insurance policy that offers wide coverage against unforeseen events, including particular accidents. Yet, did you know that accident coverage in health insurance comes with limitations? Ultimate health insurance programs cover charges related to accidental hospitalisation of the policyholder. On the other hand, a particular accident insurance policy offers wide coverage to the insured and eases internal and fiscal stress during similar unforeseen events. Whereas a few health insurance companies offer specific accident insurance as an add-on cover, others have it as an isolated arrangement. Let’s talk about health insurance and accident insurance in detail.

A healthcare policy is an insurance product that covers the medical charges of the insured. However, it will cover your sanitarium bills, pre- and post-hospitalisation charges, AYUSH treatment, hospitalisation, and more if you opt for a comprehensive healthcare plan. Coverage generally starts after the original waiting period of 30 days. Accidental hospitalisation is covered from the beginning, i.e. the inception date of the policy.

A personal accident insurance policy is a comprehensive insurance that protects against medical charges caused by accidents. Keeping the insured as well as their family in mind, insurance providers have come up with this policy. The policy may cover the following -

Hospital Bills of the Insured

If the policyholder meets with an accident, the insurance provider will cover their hospital bills up to the sum insured.

Accidental Death of the Insured

The insurance company provides the complete sum that is insured to the policyholder’s family.

Permanent Disability of the Insured in an Accident

The insurance company offers benefits based on the sum insured of the particular accident cover if the insured meets with a major accident that leads to permanent disability.

Burns or Broken Bones Due to an Accident

The insurer will compensate the insured if an accident results in breaks or broken bones. The compensation or benefit will depend on the policy’s sum insured.

Road Ambulance Charges

Personal accident insurance policy also covers the road ambulance bills of the policyholder.

1. It Offers an Accidental Death Cover

The primary benefit of a separate personal accident insurance policy is the death cover it offers. In case the policyholder, unfortunately, passes away due to an accident, a personal accident policy offers a lump sum assured to the family or the heirs of the departed person. This can palliate a huge fiscal burden.

2. It Comes in Handy in Case of Permanent Disability

You know that these insurance plans offer a death cover. But not all accidents result in death. Occasionally, victims may be paralysed or suffer other disabilities that may prevent them from leading regular lives. In similar cases of permanent disabilities, depending on the inflexibility of the case, personal accident insurance offers a decided lump sum.

3. It is Also Useful in the Case of Temporary Total Disability

An accident insurance plan not only takes care of permanent disabilities but also can take care of temporary disabilities. In case of temporary disabilities, there may be a loss of income for many months in case the policyholder is unable to head out to work. In similar situations, a personal accident policy helps compensate for this temporary income loss.

4. It makes it Possible to Meet Family Transportation Expenses

Following an accident, the victim may not always be rehabilitated in a place close to home. Depending on where the accident occurred, hospitalisation may occur in another city or state. At similar times, the family of the victim may need to travel to the place of hospitalisation. These costs can frequently be steep, depending on the distance. A critical illness insurance can help meet these charges.

5. It Enables Home or Vehicle Alteration

Permanent or temporary disabilities may require you to alter your home or your vehicle so it can accommodate your new conditions. Depending on the kind of acclimations needed, the costs may be significant and naturally, unanticipated. Some personal accident insurance plans have a personal accident insurance cover that offers the policyholder a cover that takes care of these charges as well.

6. It Helps Meet Medical Costs

Accidents that affect disabilities, whether temporary or permanent and whether partial or total, will be followed by medical costs associated with treatments and care for the victim. Given the rate of affliction and rising hospitalisation charges, it helps to have a particular accident insurance plan in place, because it covers these costs.

7. It Allows Your Family to Meet Their Life Goals

In case of accidental death or disability that results in the loss of the primary source of income for a family, meeting life expectations as per the original timeline may become delicate, if not impossible. But with the sum assured by a particular accident policy, the family of the policyholder need not put their plans on hold and can meet all the essential life expenses as planned.

8. Your Children’s Education Can Remain on Track

Following a disability or death related to an accident, it can be hard for the survivor or the victim’s family to meet significant expenses like the costs of educating the children. This is indeed nay if the victim was the primary or the sole breadwinner for the family. But with the lump sum or the periodic benefits of a particular accident insurance plan, the education of children in the family can remain on track.

9. It Can Take Care of Your Children’s Wedding Expenses

A particular accident insurance plan can also help meet another significant set of charges in the lives of the children of accident victims – the costs associated with their marriages. The benefits can prove to be useful to meet this corner indeed if the policyholder’s earning capability is negatively affected by the accident.

10. It Helps Take Care of Your Dependent Parents

Personal accident plans can also help meet the costs of taking care of dependent members in the family, be it aged parents, children, or partners who have no source of income of their own. This can help sustain their quality of life despite untoward passing, like an unanticipated accident.

Understanding the distinctions between health insurance and personal accident insurance can help you make an informed decision. Each serves unique purposes, ensuring you have comprehensive coverage for various unforeseen events.