Why is it Essential to Invest in a Personal Accident Cover?

The older generations stressed enough on the importance of a life insurance cover but changing times require modifying our insurance needs too. At present, having a life insurance isn’t just enough, you also need medical coverage to take care of your ailments. The soaring cost of healthcare make it a necessary financial buffer for these treatments. A health insurance is the best way to ensure safety for you and your family. Using the various types of health insurance plans, an appropriate medical coverage can be designed for yourself. Among the various plans that are available, there is one insurance over which not many are aware of – personal accident cover.

A personal accident insurance covers the risk of death or disability due to an accident. These plans are offered by almost all general insurance companies but there isn’t much awareness about them. This article enlists the reason why is it essential to invest in a personal accident insurance –

Disability benefit: Not all but some accidents have long lasting impacts some of which may result even in a disability. A personal accident insurance includes coverage for disability and provides compensation for it. Loss of limbs, hands, eyes, all or any one is included in its coverage. Further, disability may be in the form loss of hearing ability, eyesight or even speech. These forms are also included in the policy coverage. Be it a temporary disability or even a permanent disability, both form part of the policy scope. The terms and conditions of the coverage specify the

Hospitalisation expenses: Apart from disability benefits, a personal accident insurance covers the treatment cost like hospital bills and expenses for medicines. Not only that, repatriation charges, cost of funeral process is also included in event of the demise of the policyholder.

Alterations to your home and modifications to your vehicle: If a person faces disability during an accident and yet requires reporting to work, you might need to make a few alternations to your vehicle and even your home. This policy ensures these alterations, if required are part of your policy cover. For instance, the policyholder is confined to wheelchair for a few months after the accident. At such time, your vehicle might require a few modifications as well as your home will require ramps.

Demise of policyholder: Not only disability, but also death is covered by the insurance coverage. The medical insurance in form of personal accident cover pays the dependents or beneficiaries listed in the policy document the amount of compensation. This sum differs according to the type of policy and depends on the terms of insurance cover.

Family transportation: In the event of hospitalisation, if the policyholder is hospitalised at a far-off location from their home, the insurance company reimburses the cost of transportation for your family members. This way, your family need not worry about additional expenses required to commute to the medical facility.

So, now that you know how a personal accident cover can help you take care of financial worries in the event of an unfortunate accident, make sure to add this policy in your financial portfolio. Not only does it provide the required financial assistance, but also fills the gaps left by your health insurance and life insurance products.

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