A personal accident insurance policy is a product which pays coverage to the policyholders against disability or death due to an accident. It is a very important insurance policy for the people who travel a lot, especially for those who travel every day to go to their workplaces. Nobody wants to get into an accident but it is also true that no one can predict the future and change it. Every year, accidents claim the lives of several unfortunate individuals in the country. So, it is always better to have a backup plan for the financial security of your family and for yourself also.
If you buy a Health Insurance policy then you will get coverage for all sorts of injuries and illnesses but personal accident insurance only provides cover against accidental deaths or injuries. But if you are thinking that a health insurance policy is enough for you then maybe you are mistaken. A health insurance policy will not provide you coverage for death caused due to an accident but personal accident insurance will cover you for any such mishap.
Maybe you have a Critical Illness Insurance policy which covers the medical expenses for critical illnesses like kidney failure, permanent disability, heart attack, cancer, organ transplant, coronary artery bypass surgery etc. However, critical illness insurance does not provide coverage if the person insured passes away within 30 days post diagnosis of critical illnesses.
So, neither a health insurance policy nor a critical illness insurance policy can provide you with the specific coverage which a Personal Accident Insurance policy will offer. As mentioned earlier a personal accident insurance policy is for those who travel a lot. You must buy a personal accident insurance policy if you want your family to be safe from financial worries in your absence or if there is a disability arising from an accident.
You will get accidental death benefits from personal accident insurance and permanent total disability benefit. You will also get partial disability benefits covering mishaps like loss of an eye, nerve damage, knee injury and so on. The premiums of personal accident insurance are lower than a Health Insurance policy because it only covers accidental death and injuries. Personal accident insurance also provides financial security for the family of the policyholder against accidental risks. Some companies also cover education expenses in case of permanent disability or death of the insured.
Furthermore, there is less paperwork and it is very simple to buy a personal accident insurance policy. It doesn't need a medical checkup or diagnosis like a Critical Illness Insurance policy or a health insurance policy does. So, a personal accident insurance policy is very necessary for people who want to secure the future of their families in case of any unfortunate accident resulting in death or disability. If you work in industries like construction, transportation and food delivery services, then you must have a personal accident insurance policy because the chances of accidents are on the higher side in these sectors.
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