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Insurance Article

Think You Don't Need Accident Insurance? Think Again!

July 03 2015
Road accidents claim the lives of approximately 16 children every day in IndiaRoad accidents claim the lives of approximately 16 children every day in India

India's economy is flourishing and with an ever-increasing population, there is a rise in the demand of commodities. Over 19.75 million vehicles were sold in the country last year itself.

With so many people commuting daily, it is not surprising to know that number of accidents in country is on the rise too. India has more vehicle related mishaps, deaths than the most populous country in the world, China. Every year, over 1 lac lives are lost in India due to road accidents.

Some Startling Figures

A recent study by World Health Organization reveals that about 1.3 million people die in road accidents across the world and 20 - 50 million are injured, every year.

According to the Central Road Research Institute, India, a disturbing volume of accident victims belongs to the productive age group of 20 - 40 year olds.
This age bracket is the majority of the earning population and they might have dependent families.

Indian roads are the most dangerous in the world. In a year, India loses more lives in motor accidents than those lost by our country in all the wars put together. With one death occurring every four minutes, India records the highest number of deaths in road crashes in the world. In some states, such as Uttar Pradesh, the situation is even worse, with two road-accident related deaths occurring every minute!

Financial Repercussions

An accident affects everyone related to the victim. Apart from the immense shock and grief due to hospitalization or death due to an accident, the victim's family has to face grave financial repercussions. This is especially true if the victim is the sole earning member of the household.

How Does Accident Insurance Help?

Main features of an accident insurance policy:
  • It covers accidents involving natural calamities, arson, etc. including railway and road accidents
  • People whose job involves commuting long distances including international travel can avail a cover for accident risks
  • You can purchase the policy for your family members; no medical health checkup is required

While accidents by their very nature might not be avoidable, a little planning of resources can help you cope with an unprecedented event.

An accident insurance policy can cover hospital expenses in the event of an accident. The beneficiary nominated by the policyholder receives an agreed amount, i.e. sum assured, if the accident results in death.

What Accident Insurance Covers

Insurance companies offer a wide range of accident insurance policies. One such policy is the Personal Protect insurance policy. This policy covers the insurer for the risks related to accidents on road, on rail, and other transport modes and also when travelling abroad.

If the policyholder meets with an accident and requires to be hospitalized for injuries, the accident insurance policy would cover the expenses within policy limits. Accidents may cause a person to lose a limb, eyesight, sense of hearing or become bed-ridden. Such injuries affect the victim's earnings. Accident insurance compensates the insured person in cases of permanent total disablement.

Who Can Buy Personal Protect Policy?

Accidents can happen on road, on rail, on a flight or while sailing the seas. Consider the following questions:

Do you own a two-wheeler or a four-wheeler? Does your job require you to travel out of town frequently? Do you have family members between the ages 18 to 80, who drive? Do you or your family members commute by rail? Is your locality prone to natural calamities? Are acts of terrorism and vandalism a common threat to your locality or the places where you or your family members work?

If you have answered yes to any of these questions, then you can buy a Personal Protect policy for you and / or your kin, who is above 18 and below 80 years-old. To find out more about accident insurance, click here.

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