Life is quite unpredictable, and which is the reason why wise people do not mind spending a little on Personal Accidental Insurance policies. There is no doubt that insurance policies like health insurance, home insurance, car insurance, etc. provide an ample amount of protection to our family members too. The importance of personal accident insurance coverage is something we all are aware of.
Road accidents happen every single day, in dozens. The outcomes of the road or any other kind of accidents are usually very horrible and devastating. But, the after-effects can be minimized and handled properly if you are covered by an effective policy. In case you are still finding reasons to buy a personal accident insurance policy, check out the points mentioned below.
Few advantages you cannot ignore
- In the case of death resulting from an accident, i.e. accidental death, the whole amount of the insurance policy is paid to the nominee whose name is mentioned in the policy papers. So, if you are the sole bread earner of your family, it is very important to think from a practical point of view. If a person wants to provide his/her family members the much-needed financial protection even after his/her death, it is quite crucial for him/her to buy a personal accident insurance policy.
- Accidents do not always lead to casualties. Physical injuries are also a part of road, air, fire, and other types of accidents. Physical injuries may also lead to partial or total incapacity of the insurance policy holder. In such cases, the policy holder or the nominee selected by him/her will be eligible to get the entire sum insured under the policy. Permanent total disablement is one of the main reasons why people buy personal accident insurance policy.
- Accidents might also cause permanent disabilities. The insurance holder being the sole bread earner of the family, it certainly becomes vital to find a source of money which can be used for providing adequate financial help the family. Again, up to 100 percent of the whole amount is shelled out to be policy holder or nominee. Basically, the amount of compensation is determined by the extent of incapacity of loss suffered by the policy holder.
- Total disablement of temporary nature can be equally tough situation for any family. In case the insurance policy holder meets an accident, which in turn leads to temporary disability, and he/she is confined to his/her home for a week or two, the insurance policy will cover for the losses. The insured will get a certain amount of money, which can be utilized for meeting the expenses of that particular period.
- Some people think that the coverage of these policies is limited to only certain region or country. In today’s times, you can buy personal accidental policies that provide worldwide coverage. So, even if you are on a foreign trip, you do not have to worry about in case something bad happens. Plus, the process of placing a claim will not get complicated at all.
- Daily allowance is another major advantage offered by these policies. If the policy holder meets an accident and get hospitalized, the insurance company will provide monetary relief to the insured as long as the treatment process goes at the hospital. This is a great way to make sure your family members do not have to worry about the huge hospital bills during such circumstances.
- The premiums associated with personal accidental insurance policies are quite affordable. You do not have to shell out huge premium every month or year to avail the benefits of these policies. Yes, in comparison to other insurance policies like car insurance, health insurance, etc., the premiums are low, because the number of claims placed in this case is not that high. The annual premium of personal accidental coverage can be anywhere between INR 200 and INR 400. Isn’t that really cheap?
So, those were some of the main reasons that make personal accidental insurance policies so useful for the public. Even though personal accidental insurance policy comes bundled with various kinds of products, but it is still better to go for a standalone policy. When you purchase as a standalone cover, you get the advantage of life-long renewability.
In most of the cases, there is no need to go through medical tests or provide documents when it comes to purchasing personal accidental coverage. Plus, you can purchase a single coverage for your entire family, which is a great way to ensure the well-being of the family members. There is no doubt that life gets really harsh if the main member or the sole earner of the family dies or become disabled. In such situations, a Personal Accidental Insurance policy can prove to be your saviour.