by
Almog Ramrajkar
| Sep 26, 2023
Reason 1: Startling Statistics -
India has a very high rate of road accidents. As per a recent report by Road Transport Ministry in India, accidents claim one life every 3.7 minutes in our country! More often than not, accidents occur due to negligent or rash driving. Even if you are a safe driver, you could be at risk due to someone else's callousness.
Whatever the case, families of such victims undoubtedly suffer an emotional loss and are subjected to traumatic conditions. A Personal Accident Insurance policy could lessen their hardship by providing lump sum monetary compensation, in the process averting any financial crunch.
Reason 2: Loss of Earning Capacity -
Certain accidents disable people leading to a complete loss of livelihood. A situation like that can be quite disconcerting especially if you have liabilities like a home loan, children's education or any other immediate financial obligation.
Availing an accident insurance policy can reduce your financial burden to a large extent in case you are permanently disabled.
Reason 3: Nature and Man-made Fury -
Accidents can occur due to nature and man-made calamities too. Be it terrorist attacks, earthquakes, cyclones, etc., such calamitous events leave a trail of devastation. An accidental policy covers accidents that arise from all such eventualities.
Important Points to Know about Personal Accident Policy -
1. An accident policy doesn't cover expenses on account of an illness or a disease. The policy provides cover only against accidents.
2. The policy covers accidental Permanent Total Disability (PTD) on account of dismemberment of limbs, total loss of sight, etc.