You must be living in a city, town, village etc., most probably you are salaried class and obviously must be travelling to and fro from home to office for months and years. The chances of natural death or getting hospitalized for some illness are far lower than the chances of meeting an accident these days. You must have term plan for security of your life and health coverage to secure your wealth (not health).  A term plan can only help in death while a health plan helps in case of hospitalization.

So in today’s world more than a Life Insurance and Health Insurance, the first thing which you need is an accidental insurance policy and why not!

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Imagine this:  ‘A’ has already bought an adequate term plan and also a health coverage plan for securing his life. He had recently bought a home through loan.  Unfortunately, while coming from office, he met with a serious accident. Both of his hands got non-functional after the accident. Besides his income stopped, his expense at house, EMI etc. had still to continue.

His term plan could not compensate him because he was not dead. His health insurance plan covered the expenses for hospitalization. But ‘A’ case was not covered in any of his existing insurance policies. At this point of time, if ‘A’ had an Accident Insurance Policy, it might have helped him a lot.

What an accidental insurance policy gives you?

An Accidental Insurance policy covers almost all of them:

• Death: In case of a death due to accident, the policy would pay 100% Sum Assured to the nominee.

• Permanent Total Disablement: This means that in case there is a permanent total disability, in which a person is disabled for life, the SUM assured is paid to the person. Some companies pay around to 125%.

• Permanent Partial Disablement:  A small percentage of SUM assured is paid on weekly or monthly basis. For example – 1% of sum insured is paid every week up to 100 weeks.

• Temporary Total Disablement: This means that for some weeks or months a person is totally disabled and will not be able to work and earn money. Most of the companies pay a part of sum assured, some pay 100% and some pay 50%, there is also a cap like maximum 5 lacs or 10 lacs.
Cost of Personal Accident Insurance Policy

Its costs so less and one can afford easily. You can buy 10 lacs accidental cover for premium ranging from Rs 800 to Rs 1,500 per year depending on the company and benefits. It’s very cheap the premium does not depend on your age, it would be same for 25 yrs old or 50 yrs old rather it would depend on your working conditions and nature of your job.

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