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Insurance Article

5 Reasons Why You Should Have a Personal Accident Policy

January 21 2015

Sandeep's Story


While on an outing with his friends, a raging truck rammed into their car. While one of his friends succumbed to serious injuries, Sandeep lost both his limbs.

After the accident, he had to quit his job resulting in significant reduction in family income. Sitting on the hospital bed, he revisited his earlier belief 'Accidents are something that happen to other people'. Sadly he mused about how his life had changed overnight. What he thought could only transpire in reel life was thrust upon him in real life.

A close friend soon offered Sandeep a part-time job from home and told him that had he availed a personal accident cover, the financial predicament could have been avoided.


Many people like Sandeep realize the significance of a Personal Accident Insurance but only when it is too late. This policy offers a practical option to protect your hard-earned savings in case an unfortunate or untoward event befalls. Read ahead to know five reasons why availing one is considered as a prudent choice by financial advisors:

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 to Know
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.

Reason 4: Other insurance is essential, not sufficient

You might have a life and health cover, but these do not compensate you for losing the ability to remain gainfully employed.

Reason 5: Hospital Expenses

Personal Accident Plans can also be made comprehensive. An additional cover that reimburses expenses related to accidental hospitalization like doctor fees, room charges, diagnostic tests, etc. can be availed. Besides, one can also opt for a daily allowance add-on to meet miscellaneous expenses during hospitalization.

Personal Accident policies are available without any health check up online, in a few easy steps. Opt for one to stay ahead of life's unforeseen challenges.

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