Personal accident insurance is required

Most people have a lot of knowledge about general life insurance and health insurance plans but their information about personal accident insurance is a bit limited. A normal life insurance policy provides protection from the loss of death and the burden of expenses incurred on hospitalization in a health insurance scheme. But do you know what the purpose of personal accident insurance is?

Suppose a person is physically handicapped in an accident. In this situation, the benefit of life insurance is given only on the death of the dependent (dependent on the victim) and in the health insurance policy, only the cost of hospital expenses is covered. Some life insurance policies also provide personal accident as additional benefits but these additional benefits are not comprehensive. Apart from this, the effects due to accident, such as death, income effects can be serious which can be effective from a few weeks to a few months or even a few years. In this type of situation what treatment can be done in a personal accident policy?

In general, a personal accident policy is an insurance plan that covers any physical damage, such as partial or complete disability or mutilation, in the event of any type of accident, and the loss of direct income loss. Fulfill This policy also compensates the nominee in the event of death of the insured. In addition, it also provides a financial stability to the individual and his family in the event of the insurance holder being temporarily disabled due to an accident and this feature attracts it towards the purpose of any person taking insurance. Despite the many similarities, there are considerable differences between personal accident insurance, general life insurance and health insurance. Like life insurance, the premium for personal accident insurance can vary depending on the business of the insurance holder and not on the basis of his age.

Personal accident insurance is important for every person but it is considered more important for salaried employees living in the city. A salaried employee usually has to move between home and office everyday, for months and years. This type of lifestyle is more likely to result in an accident than to fall ill or die. Despite all kinds of precautions, the accident does happen. This may result in partial mutilation or even death. In this situation, an accident insurance policy is considered as important as a normal life insurance and health insurance.

The best side of personal accident insurance is that its cost is affordable for any person, so it can be easily carried by anyone without putting extra weight on the pocket. A premium of around Rs 3,000 per year can be incurred for the cost of a personal accident insurance (HDFC) of Rs 15 lakh. Now because the premium for personal accident insurance is not determined according to the income of the individual, it will be the same for a 50-year-old person as it may be for a 25-year-old at that time. The premium for personal accident insurance depends on the occupation and nature of the person. In addition, personal accident insurance can also be widely taken as a policy for the whole family.

It is true that personal accident insurance has a very low premium rate, but despite this, people in India still take this insurance plan less. In fact, the features of personal accident insurance have been integrated into life insurance and health insurance. Now, because most people have one or both of these policies, they try to avoid it by considering it as an option for personal accident insurance and considering this insurance as an additional expense. The reason for people taking less of this insurance scheme is also that there is still very little awareness about this insurance scheme in India. Most people identify non-life insurance as health insurance or motor insurance only. Many people need this type of insurance, but they may not even know about this type of insurance plan. People who are aware of this insurance scheme think that they do not need it. Actually, people are very confident about themselves who believe that no accident can ever happen to them. Whereas the truth is that accidents can happen to anyone and anywhere, even if it does not happen to everyone. Therefore, it is necessary to have a suitable personal accident insurance to protect yourself and your family from the consequences of the accident.