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Do you need a Personal Accident Policy?

With a modern lifestyle, we have inherited speed as a common denominator for all our activities. We are in a constant state of rush. But as we crack the speed limits, the number of road accidents have also increased.

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If statistics are to be believed, accidents claim more lives than ailments like cancer. In fact, India and China lead the charts in the number of lives claimed during road accidents. In such a scenario, having a personal accident policy comes in handy.

If you were involved in an accident, your life insurance policy could provide for your family in case of death, and your health insurance plan could cover hospitalization expenses. But what will happen if the accident resulted in a disability that would prevent you from carrying out your daily activities?

A personal accident policy always helps as it provides a comprehensive accidental coverage to an individual. Here are the reasons for you to get a personal accident policy:

• Protection against accidental costs – Through a personal accident policy, you cover yourself against those financial losses which may be incurred due to accidental death and disability.

• Wide scope of coverage – Besides protecting against accidental death, a personal accident policy covers all kinds of disabilities– temporary or permanent, total or partial. So whether you fell down the stairs and fracture yourself or faced a severe disability, everything is assured because your personal accident policy will provide coverage in both the circumstances.

• Premiums – The most common reason among people to avoid buying any kind of insurance is an aversion to the attached premium, which involves paying money. Insurance is a product where the benefit you purchase is not felt immediately, but is realized only when the need for it arises. The premiums payable might seem to be a burden but a personal accident policy is comparatively cheap. The premium charged for a cover of around Rs 5 lakhs is usually within Rs 1,000, an amount that we usually spend on a weekend’s movie tickets and popcorn.

Rider or Standalone

A personal accident policy can be taken either as a rider or on standalone basis.

• Rider – Life insurance and health insurance policies offer a personal accident cover rider, which can be attached with the base policy at an additional premium. The rider runs till the end of the plan tenure. In a health insurance plan, you will have to reattach the rider each year you renew the plan to enjoy uninterrupted coverage.

• Standalone Policy – General insurers offer a standalone personal accident policy to cover accidental contingencies. The policy provides coverage for accidental death or disability and for even minor fractures and burns.

The Choice is Yours

The decision to choose personal accident cover as a rider or as a standalone policy rests with you. If you are buying a new life or health insurance policy, you can add the rider for a comprehensive coverage. However, if your chosen policy does not have this rider, you can invest in a standalone plan also. We think that the standalone plan makes more sense because the coverage provided is more exhaustive in nature as compared to a rider. A standalone plan has fewer restrictions and the coverage is determined on the basis of your annual income, which also limits your premium expenditure.

A personal accident policy covers those edges that fall beyond the umbrella coverage of your life and health insurance policies. You cannot prevent accidents, but you can definitely prevent the consequent costs from burning a hole in your pocket.

Get insured with Coverfox

The final decision to choose a personal accident cover rests with you. Scared already? The advisors at Coverfox are just a call away to guide you through the search.

Call our Customer Service Unit on 1800-209-9970 (toll free). You can also email us at help@coverfox.com.

Talk to an expert

Health plans starting at Rs 6 / day

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Aniket Thakker
Written by Aniket Thakker
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.

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