Why A Personal Accident Insurance Policy is The First Insurance That You Should Buy?

There is a good chance that you’ve purchased health and term insurance policies. Now you’re happy you’ve adequately covered yourself.

However, before you put your insurance plans on post, it’s important to determine the gaps that exists in the insurance plan.

The term insurance policy you have will provide money to your family only in the event of your pass away. If you do not survive the time limit in which you live, you’ll not receive any compensation. What happens if God forbid, you develop an accident-related disability that causes loss of income , too?

Alongside medical expenses In addition, there are other costs like household expenses such as loan EMIs, household expenses, and so on. These are the expenses you will need to pay for. But, without a steady income, you could be unable to cope with all the expenses. However since you’re living the company that you have a term insurance contract with is not liable for any of the costs.

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Consequence: You’ll have to cover all of your medical bills without receiving any financial aid from anyone.

If an accident occurs and you’re in a hospital and you are admitted to the hospital, your health insurance plan will cover your medical bills to a specified amount. In addition to hospital expenses, it is possible that you could suffer a the loss of income.

The consequence is that you will need to pay for the remaining medical costs and make a an appropriate plan to recover from the financial burden that can result from the losses in income.

What is the best solution?

Even after purchasing health insurance and term insurance there is a gap within your portfolio of insurance that you can fill by purchasing a an individual accident insurance policy.

The majority of insurance policies cover all types impairments, these are a few advantages of buying an insurance policy for personal accidents:

  • An insurance policy for accidents that is basic will cover accidental death as well as disability, and can be extended to provide additional protection
  • from minor or major a private accident policy will cover all types of accidents from falling down a stairway at home, breaking an arm playing football, or being hit by a car
  • It’s a great policy because it provides protection against temporary, partial, or complete disability, and losing income
  • Certain policies come with additional features such as child education allowance as well as protection against injuries through terrorism, transportation of human remains, etc.

Some Horrifying Statistics:

  • 400 road accident deaths per day were recorded in 2015
  • In the wake of natural disasters 20201 people perished in 2014.
  • 29,903 people died due to drowning in 2014
  • More than 1.13 lakh people were killed in fire-related accidents over the these six years.
  • Total of total of 27581 Indians died in railroad accidents in 2014.
  • Over 200 persons have died and 330 seriously wounded in accidents involving trains during the last year.

What is the best time to buy and what amount of coverage is enough?

Keep in mind that accidents could happen even within the four walls of your home Therefore, it is essential to purchase an insurance policy for personal accidents that will at 100 times your salary per month.

That means that, when your salary per month is the sum of Rs 5,000, then your personal insurance for accidents should be at a minimum of Rs 50,00,000.

It is important to get the policy as you are young, as the likelihood of sustaining an accident are very high in this phase of your life.

What is the maximum amount of payout offered?

It is contingent on the kind of injury or disability and whether the injury is covered or not.

If there is a dying or losing two hands or limbs In the event of death or loss of two limbs or hands, the insurer pays the total amount insured but in the event of the loss of just one eye or hand insurance company will cover half of the cost.

The following is the amount offered by the vast majority of insurance companies:

LOSS OF USE/ ACTUAL LOSS BY PHYSICAL SEPARATION OFPERCENTAGE OF CAPITAL SUM INSURED
The sight of both eyes100%
Both hands100%
Both feet100%
A foot and one hand100%
One eye and one hand , or one foot100%

How do I claim?

The claim process of a personal insurance policy is easy since you do not require any medical examinations to prove that you’ve suffered an injury.

Although, it is important to notify the insurance company within the specified time it is not necessary to provide details such as your contact details, a policy copy, the brief of the incident medical report, etc.

After you have provided all required evidence, you claim will be resolved.

Does it cost money?

Not at all actually the cost of a personal accident insurance policy is significantly less than the cost of term insurance.

For a 5 lakh personal accident insurance policy that you have to pay just 1482/year that’s about Rs 123 per day.

In addition, the price of personal accident insurance policy isn’t dependent in the age range of the person applying since it is their occupation that plays a significant role in determining the price.

So, a 25- -year old reporter would have higher costs when compared to a 50 year old dentist.

Additionally, if you choose to purchase the insurance on the internet, you can avail lucrative discounts, too.

When you purchase online individual accident policies the insurance company saves administrative expenses, which is then passed on to policy holders in the form of lower premiums.

Some insurers also offer personal accident insurance plans that last with a period of two to three years all in one time. Consider these plans and save cash!

To calculate the cost of premium the insurers may classify jobs in the following categories:

CLASS 1 (LOW RISK)CLASS 2 (HIGH RISK)CLASS 3 (VERY HIGH RISK)
TeacherVeterinary Doctors
DentistBuildersCircus Performers
AccountantGarage MechanicsProfessional River Rafters

Rider or stand-alone?

If the stage where you’ve made the decision to purchase an individual accident insurance policy then the following step would be to decide between a full-featured insurance policy and rider.

It is highly recommended to purchase a separate individual accident policy that is more extensive than the rider.

Additionally, a standalone insurance policy will cover different types of losses, such as temporary or partial disability with loss of income in contrast, a rider will only cover the death of an accident and permanent disability.

You may also be covered by your company’s personal accident insurance policy, however you must purchase your own personal collision insurance.

Personal accident insurance must be at least 5-10 times your salary per year, however the coverage offered by your employer could be lower.

In addition, the group private accident insurance will end exist once you quit your position. You may also extend your personal accident insurance policy to include family members too.

Although you can’t prevent accidents from occurring but you can certainly prevent the victim by having a suitable security measure in the form of an insurance policy for personal accidents.

In the meantime I’m sure you know the answer to the question of why your personal accident insurance is the most important insurance you must purchase?