Why is accident insurance the first insurance you should buy?
Most likely, you have already purchased emergency care and health insurance policies, and now you are lucky that you are properly protected.
But before you put your insurance planning on the back burner, you should understand the difference in your insurance portfolio.
Your emergency insurance policy will only pay money to your family if you die.
If you survive, you will get nothing in return. What if, God forbid, you have an accidental disability that also leads to loss of income?
In addition to medical expenses, there will also be other expenses - such as family living expenses, loans, etc. - that you will have to deal with.
However, without income, you will find it difficult to cope with all these expenses. On the other hand, since you are alive, your emergency insurance company will not pay anything.
Consequence: you will need to pay all your medical expenses without financial support from anywhere.
If you are in a hospital after an accident, your health insurance policy will take care of your medical bills up to a certain limit. However, in addition to medical expenses, you may also face a loss of income.
Consequence: you will need to pay the remaining medical expenses, as well as take appropriate measures to recover from financial losses that may result from the loss of income.
So, where is the solution?
Even after purchasing medical and emergency insurance policies, there is a gap in the insurance portfolio that you can only fill with personal accident insurance.
Basically covering all types of disability, here are some of the benefits of purchasing personal accident insurance:
Basic accident insurance covers both accidental death and disability and can be further extended to obtain additional coverage
From minor to major, the personal accident policy covers all types of accidents, from falling down the stairs at home, breaking your arm while playing football to being hit by a car
This is a useful policy because it provides protection against partial, temporary or complete disability and even loss of income
Some of these policies are accompanied by additional features, such as child education benefits, insurance against injuries caused by terrorism, transportation of the remains of the dead, and so on.
Some Terrible Statistics:
In 2015, 400 people per day were killed in road accidents
As a result of natural disasters in 2014 20201 people were killed
In 2014, 29,903 people died as a result of drowning
Over the past six years more than 1.13 million people have died as a result of fires
a total of 27581 Indians were killed in rail accidents in 2014
Last year, more than 200 people were killed in train accidents and 330 were seriously injured
When should you buy and how much coverage is enough?
Remember, accidents can happen even within the four walls of your home, so you need to buy personal accident insurance for 100 times more than your monthly salary.
This means that if your monthly salary is 5000 rupees, then your personal accident insurance should be minimal-50,00,00 rupees.
Do not forget to buy a policy when you are young, because the probability of accidents at this stage of life is high.
How many payouts are available?
It depends on the type of injury and whether the injury is covered or not.
In case of death or loss of two limbs or hands, the insurer pays the entire insurance amount, but in case of loss of one eye or one hand, the insurer pays half of the amount.
How can I declare myself?
In fact, the process of applying for accident insurance is simple, since you don't need to pass medical tests to prove your injury.
Although you must inform the insurer within the agreed time limit, you only need to provide information such as your contact details, a copy of the policy, a brief description of the accident, a medical report, and so on.
As soon as you submit all the necessary documents, your claim will be satisfied.
Is it expensive?
No, no, actually the premium for a personal insurance policy is much cheaper than for an emergency insurance policy.
For personal accident insurance of 5 rupees, you will only have to pay 1482 rupees per year, which is about 123 rupees per day.
In addition, the amount of personal accident insurance does not depend on the age of the applicant, since the profession plays an important role in determining the amount of the insurance premium.
Thus, a 25-year-old crime reporter will pay higher premiums compared to a 50-year-old dentist.
In addition, when you decide to buy a policy online, you will also receive favorable discounts.
With online personal accident insurance policies, the insurer saves administrative costs for policyholders, which are then passed on to insurers in the form of cheaper premiums.
In addition, some insurers offer long-term personal insurance policies for two to three years at a time. Go for such plans and save your money!
Autonomous or rider?
If after reaching this stage you decide to purchase personal accident insurance, the next step is to choose between a full insurance policy and a rider.
It is strongly recommended to use separate personal accident insurance that is more comprehensive than that of the rider.
In addition, a separate policy covers various types of loss, including partial or temporary disability, as well as loss of income, while the rider only covers accidental death and permanent disability.
In addition, you can be insured on your corporate personal accident insurance, but you still need to purchase your personal accident insurance.
Personal accident insurance should be at least 5-10 times more than your annual salary, but your employer's insurance may be less.
In addition, the group personal accident insurance policy will cease to exist when you leave your job. You can also extend your individual accident insurance to also cover your family members.
Remember that while you can't prevent accidents, you can certainly protect it by having proper protection in the form of a personal insurance policy in the event of an accident.
By the way, I hope you have an answer to the question-why is a personal insurance policy the first insurance you should buy?