Do I need Personal Accident Insurance?

We all agrees that accidents are unexpected, unpredictable, and often can be financially draining. The consequences of an unfortunate accident can be dramatically life changing, not just for you but also for your family.

You should buy a personal accident policy because it plugs an important hole in your insurance portfolio. Firstly, it will provide financial support to the policyholder if he is disabled after an accident. Secondly, the magnitude of the mishap doesn’t matter; even minor ones like falling off a bicycle and breaking an arm, or fracturing a leg while playing football are covered by the policy. If you thought term insurance policies were cheap, wait till you find out about the premium rates of a personal accident insurance.

Notes

1. Premium is based on occupation and not age or health status
2. If you have more than one PA policy, you or your beneficiary will be compensated upon your death or disablement. However, certain claims like medical expenses can only be made from one PA policy. If the medical expenses is more than the sum assured, you may claim the difference from the second PA policy
3. Personal accident cover isn’t a substitute for life insurance, but it can provide a financial safety net for you and your family if you are met with an unfortunate accident that results in your injury, disability or death. It should definitely be used in conjunction with life insurance to be completely secured.