Millions of people die in accidents in our country every year, and a large number of people are also injured. At such times if there is no personal accident insurance a very difficult situation arises for the common man. Accident insurance not only helps you pay for treatment in the event of an accident, but also gives you financial compensation for the number of days you can't work with it. Apart from this, if there is any permanent defect in the body, you get a fixed amount according to the type of insurance you have taken. There are many types of personal accident insurance offered by different companies in the market today. It is advisable to take out insurance only after getting the right information about which personal accident insurance is right for you.
Term plan with Accident Benefit
Term plan is the simplest form of insurance. In which if you die your heir receives a fixed amount. Generally, a person who is dependent (e.g., spouse, children, parents) must take out this insurance.
You should also know that now insurance companies cover term plan with accident, critical illness as well as disability. Some of these additional benefits are free of cost.
How much is the premium?
If you are 30 years old, and you do not smoke, you will have to pay a premium of Rs 7,400 per year for term insurance of Rs 1 crore. If you die while the insurance is in force, your heir gets Rs 1 crore.
But if you also take accidental death cover with the term plan, the amount to be received by your heirs can be as high as Rs 1.37 crore. For this you have to pay an additional premium of Rs. 2300 per year. If you take term insurance of Rs 37-40 lakh, the premium will be around Rs 5500.
Health insurance with accidental benefits
Another good option is to combine Accidental Benefit and Health Insurance. Generally, health insurance covers the cost of hospitalization due to an accident or illness.
Just as accident insurance can be taken with term insurance, it can also be combined with health insurance. This type of insurance usually covers partial or complete mishap caused by an accident as well as accidental death.
If you have a partial defect, you can get between 25% and 50% of the amount as per the terms of insurance. In case of permanent malpractice or death, 100 per cent of the amount goes to the insured or his heirs.
Personal accident insurance only
The third option is only personal accident insurance. You can also call it a basic accident policy. In case of accidental death, your heirs get the sum assured. Accidents include not only road accidents, but all types of accidents.
Even in this policy, insurance companies offer different types of add-ons. These include fracture care, air ambulance, the cost of having an attendant, and reimbursement for the number of days you can't work.
Low premium
The premium is determined based on which option you take with the personal accident. In term insurance we have seen that if you smoke the premium goes up. However, this is not the case with personal accidents. Also, its premium is lower as compared to term insurance.
One of the things to keep in mind in personal accident insurance is that the heirs get the sum insured only if they die accidentally. If the death is natural then the amount is not eligible.
Which of the above three insurance should you take out?
According to financial experts, everyone must have health and term insurance. You can also add personal accident insurance along with one of these two insurance as per your requirement.
However, standalone personal accident insurance will be more suitable for you if you want more insurance in case of an accident. It is important to be careful when choosing insurance.
Now online you can easily do any insurance in addition to doing all the research and getting answers to any questions you may have. Claiming is now much easier than before. In addition, you get tax benefits in term insurance and health insurance. You do not want to be frustrated if you cannot get the right pitch so invest in a good capo.
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