Advantages of Personal Accident Insurance

The word ‘accident’ brings along so many negative thoughts with it. Whenever an accident takes place, the family of the victim get into a lot of trouble. Road accidents in India have become quite common these days. Such accidents result in minor to severe kind of injuries; not just to one but more persons. In some cases, accidents also cause a lot of damage to the surrounding properties too.
No doubt, such things lead to huge expenses in the form of hospitalization and medical bills. So, if you are totally dependent on your lifelong savings to deal with such unseen circumstances of life, you might end up in big trouble. This is the foremost reason to buy personal accident insurance.
When we talk about accidents, it does not mean we are pointing only towards the road accidents. Accidents can happen even at a work place. For example, the construction sector is more vulnerable to bodily injuries. Even though such jobs come equipped with employer protection coverage, but it is still wise to have an extra backup. The points mentioned below explained why one should purchase personal accident insurance.
5 reasons you cannot ignore

  1. Like we know, accidents may happen anywhere and anytime. You never know what life might take a sudden turn. It is needless to mention that an accident might result in lifelong disability, if not death. In such a situation, it can be very difficult for the family of the victim to keep going. If the breadwinner of the family loses his/her job or ability to work, even for a temporary period, it will be a major issue for his/her family. Fortunately, a personal accidental insurance policy can provide a lot of respite. The coverage can be used in a number of ways.
  2. Peace of mind is another major reason that makes personal accidental insurance policies so important these days. Professionals and businessmen have to travel a lot these days; sometimes even to another country. Usually, in such situations they have to leave their family behind. Now, if anything bad happens during such a situation, the family of the victim might go through a lot of mental stress. But, if the family members know there is a policy active to take care of the expenses, it will surely provide them a lot of relief.
  3. People sacrifice a lot of save their hard earned money. They save money for different reasons, such as marriage, new home, education, etc. So, in case you meet an accident and it leads to temporary disability, or you are unable to work for few weeks/months, it will not affect your savings. Your savings will remain intact, and your personal accidental insurance policy will take care of the expenses.
  4. When people retire from their job, they get a good chunk of money in the form of retirement savings. Until then, they rely on their monthly income for the regular kind of expenses. A major accident during that phase can force you to access your retirement savings before their maturity period. As a result, you entire financial calculations and planning are shattered. So, if you want to avoid such scenarios in your life, you must go for a personal accidental insurance policy.
  5. Last but definitely not the least reason is related to the low cost aspect of this kind of insurance policy. The premiums of personal accidental insurance policies can totally amaze you. For sum assured of 2 lakh INR, the premium can be as low as just 100 INR! Even if you opt for a policy with sum assured as 20 lakhs INR, the premium will be around just 1,000 INR. So, compared to the huge benefit you get in the form of personal accidental coverage, the premium figures are quite nominal.

Hence, those were the top five reasons that make personal accidental insurance policies so important in the present time. As more vehicles are being added to the road, safety is becoming a major issue for the commuters. Likewise, there are many more aspects of life which can be counted among the high risk zones. As a wise person, it is crucial that we must safeguard ourselves and our family members by choosing a personal accidental insurance policy that provides comprehensive protection.
Before you choose a policy, you must compare the premiums and the inclusions in the package. There are many insurance companies in the Indian market at present, and you must not take a hurried decision. Proper comparison will help you end up choosing the most suitable policy for your family. Online comparison tools can make this task a lot easier for you. So, spend a little time on the internet and get your loved ones the best protection from the unforeseen situations.