The road conditions in many major cities in India present a dismal picture with traffic jams and potholes visible everywhere. Hence, the risks of road accidents are high. A Government report reveals that there were about 1.49 lakh accidents in the year 2018 and about 30 percent of them were fatal ones.
Efforts taken by the Government, for instance in Delhi, towards providing free treatment for road accident victims is certainly positive news. However, the benefits of a personal accident insurance policy cannot be overlooked.
Accidents are unforeseen events that do not come with a warning. So, it is better that one is prepared to face any untoward incident, not just road accidents, with the support of accident insurance that will provide the much-needed financial cushion during emergencies. Such insurance plans are usually affordable and one should make a careful selection to get the maximum benefit.
We explain below the various reasons for buying a personal accident cover and its benefits.
A personal accident can change a person’s life. While dealing with the loss of a loved one or looking after someone who becomes disabled due to an injury, it really becomes difficult to handle the financial burden of paying for medical expenses, especially for an average salaried person. A Mediclaim policy with an accident cover comes to the rescue in such situations by providing a range of cover like accidental hospitalization cover, permanent or temporary disability cover, etc.
Personal accident plans are relatively affordable compared to other types of life and health insurance policies. It is important to opt for such plans if you are one of those people facing high occupational risk, for example, an industrial worker. By choosing such an insurance policy, you are minimizing the impact on your savings at the time of an emergency. The premium amount generally depends on the occupation of the policy buyer.
You can either opt for an individual plan or a group personal accident policy. As the names suggest, the former will cover only one person while an entire family can be covered under the latter. Usually, group accident cover is offered by employers to their employees. However, group accident policies may have certain limitations. So, it is essential to check the features before buying.
Whenever you opt for a personal accident insurance cover, do remember to check for the exclusions. For instance, treatment for any pre-existing injury or self-inflicted injury is often not covered. Thus, policy buyers must evaluate their needs, consider the above factors and thoroughly read the policy documents before finally buying an accident insurance policy.
Disclaimer: Underwriting of claims for Accidents is subject to policy terms and conditions.
Published on 21 Sep 2023
Published on 21 Sep 2023
Published on 21 Sep 2023
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