At 26, Kumar was the most prudent person I had ever met. He had a fantastic career graph, with a wonderful wife and two kids at the personal front. Like any other family man, he bought a term insurance to secure his family in his absence. After the birth of his second child, he also bought a comprehensive family floater health insurance. Armed with both these policies, he was confident that his family would always remain safe and secure in case of any emergency.
However, life is unpredictable and takes uneven turns when you least expect. One day while going to the office, his motorcycle collided with a car coming from the other side. The accident left him incapacitated for next six months. While his health insurance policy took care of hospitalization expenses, he had to dig into his savings to meet household expenses. As he was alive, his term insurance also did not help him. Suddenly, reality struck him hard and made him think, is there anything he could have done to avoid the current situation?
There are many people like Kumar for whom coverage means taking health and term insurance policies only. While you may bank on your term insurance in case of death and health insurance in case of medical emergency, you can depend on your personal accident policy in case of any disability.
What it covers
- Accidental death: In the case of death of the policyholder during the policy tenure, the nominee gets the sum insured as mentioned in the policy document.
- Permanent total disablement: If due to an accident, the policyholder has a permanent or total loss of limbs, sights or any other disability, he/she will be paid the sum insured.
- Reimbursement of accidental hospitalization expenses: In the case of a minimum 24 hours hospitalization following an injury, the policyholder can approach the insurer to compensate for the hospitalization expenses.
- Accidental hospital daily allowance: Some insurers give a per day allowance for each day of hospitalization to cover expenses like food, transport, etc.
- Additional features: Along with the traditional benefits, personal accident policies also offer additional benefits like:
- Child education benefits
- Legal and education benefits
- Injury arising due to terrorism activities
How much cover is recommended?
As an accident or disability causes financial losses, therefore, the extent of cover should be able to:
- Maintain the family’s current financial situation
- Deal with financial goals
- Cover expenses, like home treatment, physiotherapy, etc.
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