There has been a constant rise in the number of accidents that we get to know from news reports. The reasons could be anything from bad roads to an over-speeding vehicle. Your health insurance policy will cover all your hospitalisation expenses that might occur due to any unpredictable circumstances. But, what if there is any disability caused due to the accident that would prevent you from carrying out your daily activities? A personal accident policy could turn out to be very helpful in such scenarios as it provides comprehensive accidental coverage to you.
Now, let’s look into the reasons for buying a personal accident policy:
Protects against accidental costs
You get to cover yourself against all the financial losses that may be incurred because of accidental death and disability, with the help of personal accident insurance.
Offers wide scope of coverage
A personal accident policy not only protects against accidental death but also covers all kinds of disabilities, may it be temporary or permanent, total or partial. Even if you’ve fallen down the stairs and fractured yourself, everything will be assured as your accident policy offers coverage in both circumstances.
Many people avoid buying an insurance policy due to the premiums that need to be paid. When you take an insurance plan, you won’t benefit from it immediately, but only when the need for it arises. Premiums might seem like a burden. However, a personal accident policy is comparatively cheap. The premium charged for a substantial cover is nominal.
You can take a health insurance policy either as a rider or as a standalone policy.
Health insurance policies provide a personal accident cover rider that can be attached with the base policy at an additional premium. A rider runs until the end of the plan tenure to provide uninterrupted coverage.
The general insurance companies offer a standalone personal accident policy to cover accidental contingencies. Coverage is provided by the policy for accidental death or disability as well as for even minor fractures and burns.
It is your decision whether to choose personal accident cover as a rider or as a standalone policy. If you wish to buy a new health insurance policy, you can add a rider for comprehensive coverage. If the policy that you’ve chosen does not have this rider, you can invest in a standalone plan as well.
If we go to see, the standalone plan makes more sense as the coverage offered is more exhaustive as compared to a rider. At the same time, a standalone plan has fewer restrictions and the coverage is determined based on your annual income that also limits your premium expenditure.
A personal accident policy will cover the edges that fall beyond the umbrella coverage of your health insurance policy. Accidents are not in your hands, but you can always prevent the consequent costs from burning a hole in your pocket. Always make it a point to go through the documents of your policy to understand the coverage, insurance claim process and the finer details of your policy.