Living life in a fast lane has a lot of benefits. But at the same time, the unpredictability of it all can’t be discounted as it leads to unfortunate twists and turns in life. An unfortunate accident can change everything and to help you cope with it, insurance companies have come up with personal accident insurance plans. These insurance plans ensure that you and your family members get adequate financial help to recover from such tragedies.
EasyPolicy.com brings you a descriptive layout to help you understand the nitty-gritty of accident insurance plans.
1) What Is Accident Insurance?
Accidents can occur anytime, anywhere. While driving or travelling in a bus, train or plane or while swimming or due to a burn or any of such external circumstances that you have no control over. To safeguard you and your family members from the impact of such accidents, a personal accident insurance policy is designed so that not only it helps you in getting adequate treatment, but also in the unfortunate scenario of the insured’s death, their family members can get adequate financial assistance. There are a lot of companies offering such products and you can study about them in detail before selecting the one that meets your requirements.
2) What Does It Cover?
Personal accident insurance plans cover accidental death, disability due to accident, medical expenses for the treatment, daily allowance while being hospitalised, accidental dismemberment and even the injuries caused by some act of terrorism! In short, if you are in a mishap and you have personal accident insurance, at least your financial needs will be taken care of.
An accident can lead to scary catastrophic events in one’s life. A life can be lost; the injured can be permanently disabled or might lose limbs or organs vital to live a dignified independent life. In such a scenario, the entire family suffers, especially if the accident victim is the sole bread winner of the family. The financial stability goes for a toss while at the same time the burden of additional medical costs have to be borne by the family member, who may or may not be able to handle the crisis so easily. Keeping this in mind, a personal accident insurance policy offers a host of benefits:
- A massive cover at a lower premium amount, especially if you buy online where the premiums are even lower compared to plans offered offline
- No documentation or loads of paperwork required to be insured
- Legal as well as funeral expenses are covered
- You can have customised personal accident insurance plans as per your needs by omitting the features that don’t work for you or adding some riders that are important at an extra cost
- All medical expenses are taken care of
- Eligible for double indemnity in case of death/disability while travelling in public transport
These are the major benefits one can derive from such an insurance plan so that life goes on smoothly even after an accident.
4) Who Is Eligible?
Everyone, irrespective of age/gender is eligible for an accident cover. The best time to buy the plan is early in your life when you start earning so that you safeguard your employment against such contingencies. With the plan in place, if you meet with an accident, you will get the best medical treatment to recover and get back on your feet. At the same time your family will not feel the financial pinch about taking care of you as well as running the house. A personal accident insurance will not harm ever, but will only help during different stages of life.
5) How Much Is Enough?
There is no value to human life or the organs of the body, but the traditional approach is to get a personal insurance policy worth 100 times of your monthly income. This is to cover hospitalisation expenses, other medical costs and still be left with enough funds to take care of your other obligations and liabilities in life. So if you’re earning, for example, Rs. 20,000 p.m., you should get an insurance cover for at least Rs. 20, 00, 000/-.
When you want something best for you, it is better to get it yourself. Similarly, to get the best deal, find out about the best policy on your own. To do that, search for various personal accident insurance plans online, go through their features, benefits, terms and conditions and only once you have compared them including their premium, decide on which plan to buy. It’ll be time well spent!
Now that you are equipped with the imperative knowledge on accident insurance, do not wait any longer. Invest in personal accident insurance plans immediately to lead a happier and relaxed life. You owe it to yourself as well as your family members!