Accidents have become so common these days, especially in today’s busy life schedule it is the least expected thing that anyone will ever think of happening. No one can plan accidents, but can plan to be prepared financially to handle the situation in a better way. However, due to lower commission the insurance service providers generally do not promote personal accidental covers as they focus on insurance products, which provide them with high commissions. However, personal accident coverage is the missing element in the insurance market as health and insurance covers are dominating the personal accident plans.
What are Personal Accidental Covers?
A personal accident cover comes into play when the insured person passes away or undergoes an accident. Just like other insurance schemes in this insurance also, the insured person has to pay a certain amount of premium based on the scheme and the plan will take care of the rest when the incident occurs.
Is This Cover Important?
If this question arises in your mind, then to bring it to your knowledge, it can be said that even if a person is covered under term insurance or has a mediclaim policy then also a personal accident cover is important. In case if a person dies in a mortal accident, then the insurance cover will possibly pay enough, but what if the accident left her/him partially or completely disabled? The latter situation could lead in temporary or permanent unemployment.
The savings might handle the situation for some time, but certainly, it would not be enough. Therefore, this cover will take care at that time. Personal accident cover will pay for the insured person’s death and take care of the rest in case of partial or permanent disability of the insured.
Personal accident cover act as a safeguard against the loss of income due to the cause of accident. The insured person can get several lakhs of sum insured in return of a few hundred rupees per year. Unlike other insurance plans, personal accident cover is not calculated from the insured’s age as the premium depends on the job category of the same. In other words the higher the risk element of the job the higher the insurance amount.
There are different insurance plans which depend on the impact like permanent or 100% disability or death or temporary disability. In case of permanent disability or death, there is a 100% payout and in case of partial disability different insurance plans cover different areas.
While going for any insurance do have a look on the exclusions or the terms and conditions that apply to your insurance cover as some of the plans does not give covers for partial disability, leaving the insured with no financial back in this condition. The policy holder should know that the accidents like suicide attempts, self inflicted injuries are not included under the covers.
So get a safe life and find the best personal accident insurance cover for yourself.
A personal accident cover comes into play when the insured person passes away or undergoes an accident. Just like other insurance schemes in this insurance also, the insured person has to pay a certain amount of premium based on the scheme and the plan will take care of the rest when the incident occurs.
Is This Cover Important?
If this question arises in your mind, then to bring it to your knowledge, it can be said that even if a person is covered under term insurance or has a mediclaim policy then also a personal accident cover is important. In case if a person dies in a mortal accident, then the insurance cover will possibly pay enough, but what if the accident left her/him partially or completely disabled? The latter situation could lead in temporary or permanent unemployment.
The savings might handle the situation for some time, but certainly, it would not be enough. Therefore, this cover will take care at that time. Personal accident cover will pay for the insured person’s death and take care of the rest in case of partial or permanent disability of the insured.
Personal accident cover act as a safeguard against the loss of income due to the cause of accident. The insured person can get several lakhs of sum insured in return of a few hundred rupees per year. Unlike other insurance plans, personal accident cover is not calculated from the insured’s age as the premium depends on the job category of the same. In other words the higher the risk element of the job the higher the insurance amount.
There are different insurance plans which depend on the impact like permanent or 100% disability or death or temporary disability. In case of permanent disability or death, there is a 100% payout and in case of partial disability different insurance plans cover different areas.
While going for any insurance do have a look on the exclusions or the terms and conditions that apply to your insurance cover as some of the plans does not give covers for partial disability, leaving the insured with no financial back in this condition. The policy holder should know that the accidents like suicide attempts, self inflicted injuries are not included under the covers.
So get a safe life and find the best personal accident insurance cover for yourself.
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