Life is fickle, and anything can happen, anytime!Here is a case ofa 32-year-old Mumbai resident, Gaurav, who was recently promoted to the post of Project Manager with a leading IT firm. Gaurav was passionate about making a mark in his new role. This opportunity offered him not only career growth but also financial security. He was looking for this breaksince a long time. But life had different plans for him. One day while returning home from work Gaurav was hit by a car. The driver ran over his legs making him permanently disabled. Gaurav was devastated when the doctors delivered the news- “We are sorry, but you won’t be able to walk again”.

That was the moment when Gaurav felt that time had stopped. He couldn’t believe that his life and careerhad hit a standstill. Being permanently disabled, now he wasphysically and financiallydependent on this family. To make matters worse, he did not even have an insurance policy that could cover his immobile condition. He felt miserable and helpless!

Gaurav’s case was unfortunate. While, there is little one can do to alleviate the physical and emotional loss after any accident, what you can do is trim the financial loss. Don’t let any accident hamper you financially! If Gaurav had a personal accident insurance policy, he could have minimised his financial losses to a great extent. The insurer wouldhave made a payout to deal with medical and household expenses.

However, despite the number of accidents that happen each year, people ignore the importance of having an adequate accidental insurance policy.

The year 2017 was flooded with accident news- “12 killed in three road accidents in Tamil Nadu”, “7 killed, 14 injured as SUV collides with jeep in Maharashtra’s Latur”, “11 killed after truck hits three-wheeler in Uttar Pradesh”, and so on.

Seventeen people in India die ina road accident every hour. At the same time, almost three injury cases are reported, while another ten incidents are of unreported accidents. These statistics point to the fact that Indian roads are not safe and hence you must always be vigilant and take precautions.

Personal accident insurance is one of the first insurance policies you must invest in as more and more people are exposed to the risk of accidents. Most of you may not be mindful of the gravity of such incidents but certainly cannot deny the magnitude of risk associated with an accidental disability. Imagine how the disability of a breadwinner would result in loss of earnings, and put an additional burden on the family to look after his needs such as special equipment, full-time attendant, modification of home or vehicles, etc.

In such scenarios, accident insurance comes to rescue as itoffers compensation in case of death, total/ partial disability, bodily injuries or mutilation resulting from an accident. It covers road, rail and air accident, injury due to fall or collision, burns, drowning etc.

Personal Accident Insurance Bridges the Gap Created By Health And Term Insurance Policies

If you feel that your health insurance will help, then you must know that health insurance only provides for your hospital bills. Some plans may offer a limited scope for domiciliary expenses (expenses resulting out of asituation where the insured is considered to be hospitalised, even when he is still at home). Also, a term insurance policy will not help as it only comes into effect after the demise of the policyholder. But, a personal accident policy covers theexpenses, which are not paid by your health and life insurance plan. Hence, it acts as a comprehensive insurance cover.

Here are some reasons that make accident insurance the must-buy cover in 2018:

• Accidents can occur anytime

An accident might lead to lifelong disability or even worse, death. In case of disability, you might lose your ability to work, which will affect your income. In such a scenario, accidental coverage can become your saviour.

• Personal accident insurance helps compensate the income loss

This insurancepaysyou for your loss, by providing aweekly allowance or a lump sum amount for disablement. As you cannot prevent such unfortunate situations, you can at least ensure financial stability to your family when you no longer can support them.

• There is a provision for monthly income

Ifdue to an accident, you are no longer able to work; your income will stop. However, the cost of medicines and treatment will always be present, and the household expenses are also there. How will you pay for all these when you are no longer drawing your monthly salary? However, with accident insurance, you can avail the benefit of monthly income provided by your insurer which can take care of all the expenses.

• It can cover your hospitalisation expenses

By purchasing additional coverage, your personalaccidental insurance can be made a comprehensive one which can cover hospitalisation expenses like doctor fees, room charges, diagnostic tests, etc.

• Payment of sum insured

Payout after an accident depends upon the kind of injury you suffer.In case if the accident results in death or permanent disability, 100% of the sum insured is paid, and in the case of temporary or partialdisability, a specific percentage of the sum assured is paid.

Conclusion:

By purchasing a personal accidental insurance, you can save yourself and your family the financial hardships that unforeseen accidents entail. So, choose a plan that provides coverage and enables you to maintain your current lifestyle even when you cannot earn. If you are confused about which one to purchase, run a quick online comparison. Also, do not just go by the premium amount. Consider all the factors, like coverage, insurer’s record, etc.; and make sure you end up purchasing the right policy.

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Life is fickle, and anything can happen, anytime!Here is a case ofa 32-year-old Mumbai resident, Gaurav, who was recently promoted to the post of Project Manager with a leading IT firm. Gaurav was passionate about making a mark in his new role. This opportunity offered him not only career...