You cannot predict an accident, yes, however, if you have a personal accident insurance
plan, you can protect yourself against the financial consequences of an accident.
The newspapers are always full of reports of accidents resulting in death or disability
and some sort of cover against such tragedy is always a beneficial step. An injury
after an accident can wipe out your savings and your future finances may be in peril
if you are disabled -and can even impact your future where your job and livelihood
What are the BENEFITS of a personal accident insurance plan?
- A basic plan will cover against both death and disability due to an accident
and the cover can be further enhanced to give you extended protection.
- The policy covers all kinds of accidents, whether major or minor, ranging
from mishaps such as falling off a bicycle to getting hit by a car
- The premium rates of a personal accident insurance plan are laughably low
-you can get an extremely high coverage by paying a premium in the range of Rs 225
which effectively means that the daily cost of you investing in a personal accident
insurance plan is about 60 paise. Typically, a PA will cost 0.1 % of the coverage
that you get -so for a cover of INR 10,000 you will have to pay about INR 1000 annually.
- It can provide cover against partial, temporary or full disability and
even the loss of livelihood.
Ask your insurer about this policy, as most agents will bundle it with other insurance
plans -given that they get a very low commission from the sale. Thus, for example,
a motor insurance policy will probably have a personal accident insurance plan built
into it, which you can enhance by paying extra. Private insurance companies offer
even better plans though the premiums are obviously higher -however, these are designed
to protect you fully against any mishap that might have far reaching financial consequences.
Research your options carefully before buying and if you already have health and
life insurance, consider investing in a personal accident insurance policy too -simply
add an additional rider to your existing policy. It will be well worth it and the
premium will cost you as much as a box of chocolates would. Fair enough, wouldn't