Personal Accidental Insurance – Is It Worth Investing?


Personal Accidental Insurance

In the western countries, people give a lot of importance to the personal accident and health insurance policies. Even though the same cannot be said in the case of India, but one thing is for sure that people in this country too have started to realize the importance of such products. People in India these days are more serious about equipping themselves with the benefits of personal accidental insurance. But, is the worth investing? Or, it is just a demand created by the marketing campaigns? Let us find out.

Why personal accidental insurance is a useful investment?

Life has an unpredictable nature; unforeseen situations in life can be either good or bad. While we don’t have to hit the panic button when something really good happens in our life, but we do have to brace ourselves for the horrific circumstances. Accidents are always dreadful, and they bring in a lot of troubles for us and our family members too. 

Road accidents, fire accidents, workplace related accidents, etc. can push your entire family on the back foot. Moreover, if you are the head of your family, or the sole bread earner, things can get even worse for your family members. This is the reason why investing on a personal accidental insurance is so crucial these days. 

When we talk about accidents, it does not necessarily mean death or casualties. Accidents can also lead to temporary or permanent disability. Plus, not to forget the huge hospital bills that the family of the injured party has to deal with. It can be really catastrophic to the family, particularly from the financial perspective. Disability of the breadwinner would also lead to loss of income, which in turn will put an extra burden on the family. 

Hence, rather than putting your family in so much of trouble, when they are already mentally traumatized, it is better to provide them some sigh of relief by taking care of the financial aspect. In this regard, purchasing a personal accidental insurance policy is no doubt the best option available. Once a person reaches adulthood, he/she should immediately start investing on this kind of policy. An effective insurance policy can help cover the following aspects mentioned below.

Benefits you get from this investment

First of all, let us talk about the base cover; i.e. the minimum level of coverage you can expect to get from any personal accidental insurance policy you buy. In this policy, the coverage percentage remains between 5 and 100 percent of the total amount. It depends on the degree of disability that entirely or partly takes away the source of regular income from the insured. In case the insured losses his/her two limbs in the accident, the insurance company will pay 100 percent of the total coverage amount. 

But, if only one limb is lost, it will come under the category of permanent partial disability, and for which the insured will get 50 percent of the total coverage amount. Likewise, there are many categories in this field. Imagine the tsunami of problems you and your family have to face if there is no personal accidental policy to cover you. The policy will pay the insured even if he/she is bed-ridden situation. No doubt, the percentage of pay will come down. In order to avail these benefits, all you have to do is pay a premium of just around 200 INR for every 1 lac of coverage. So, isn’t that a great investment one can go for?

More value-added covers

Apart from the benefits mentioned above, there are many more advantages one can get from these policies. Insurance companies provide value-added covers with the purpose to expand the area of coverage. For example, some policies also bear the cost of transportation of the deceased body. Funeral expenses, cost of hiring an ambulance, MRI, etc. are also covered under the personal accidental insurance policy. 

Nowadays, medical devices and equipment are available for dealing with physical disabilities, such as artificial limbs and arms. These equipment are usually quite expensive. Fortunately, you can also get the cost of these equipment covered under your policy. 

So, by now you have enough reasons to consider Personal Accidental Insurance as a much important investment plan. By making this small investment, you not only protect yourself but your family too. Even when you are hospitalized and there is no other breadwinner in your family, you do not have to worry about the finances. The expenses will be taken care of by your insurance policy. All you have to do is purchase a policy that provides a wide range of coverage, and a hassle-free way of processing claims. Remember, life is always unpredictable, and hence we must protect our loved ones in every possible way. 

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