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Insurance Article

Modern Lifestyle Needs Adequate Insurance Cover

October 12 2017
Adequate Car Insurance Cover

The fast paced modern lifestyle has more scope for accidents, make sure you are suitably protected with accidental insurance

An accident can happen at any time. It doesn’t matter if you’re in office, at home or on the road. The latter is the most dangerous of all. According to the Transport Research Wing of the Ministry of Road Transport & Highways, 1,50,785 people lost their lives in a road accidents and 4,80,652 accidents took place in 2016.

These figures translate to 17 deaths every hour – a terror-inducing thought every time you decide to travel by road. The accelerated pace of life and the need to finish everything ahead of time has added to the problem. The alarming statistics also put into perspective the growing need for coverage from accidents.

A personal accident insurance policy is designed specifically for unexpected situations and offers comprehensive protection. Here are some of the reasons why opting for accidental insurance is in your best interest, but first let’s get to know the types of accident insurance.

Types of Accidental Insurance Policies

There are two ways a person can opt for accidental insurance:

Standalone

Most of the insurers offer accidental insurance as a standalone product. It covers accidental contingencies and provide compensation to the insured in case of permanent total disablement, permanent partial disablement, accidental hospitalisation expenses and death (sum insured paid to nominee).

Rider

Accidental insurance can also be brought in the form of a rider. The basic benefits are the same as a standalone policy, with the exception of the fact that it will be coupled with another form of insurance such as health or motor. Insurers also tend to offer more coverage for lower premiums when two of their policies are bundled together.

The Benefits

Accident insurance provides different levels of protection, and the payout from the policy depends on the impact the accident has on the earning capacity of the insured. The most basic of policies give accidental death benefit, total permanent disability benefit and partial permanent disability benefit. For a higher premium, more comprehensive coverage can be bought, which can cover temporary disabilities and even reimbursement of hospital expenses, among many others.

Is it Really Needed?

Nowadays everyone is at risk. Over here, we have given the example of how unsafe our roads are, but an accident can happen anywhere and is not only limited to our roadways. A fall or any other unfortunate accident can result in a disability, and although we cannot stop an accident from happening, we can surely take preventive steps to counteract its negative effects on our finances.

Accidental insurance makes sense even for a person who has health insurance, as it might not be enough to cover the hospitalisation and treatment expenses. A personal accident insurance policy is not expensive, normally a cover of ₹10 lakh is available for as low as ₹1,283*/year. So, don’t run around with risk on your shoulders, insure yourself against any eventuality with accidental insurance today!

Related Article:

What is Group Personal Accident Cover?
Frequently Asked Questions on Personal Accident Insurance

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