Life is unpredictable as anything can happen anytime. That is why you need to buy insurance in order to safeguard yourself against any unfortunate situation. Life insurance makes sure that your loved ones accomplish their financial goals even when you are gone.
A medical insurance plan will make sure that you provide a high-quality medical care to yourself and your beloved family. Most of us feel that if we’ve sufficient life insurance and health insurance coverage, our finances as well as financial goals would be safeguarded. In the terms of insurance, it is very important for us to buy an accidental insurance plan for overall insurance protection. An accident can cause partial or total disablement that compromises your income earning ability after the accident. Life insurance won’t provide coverage for this scenario. Health insurance would specifically cover the hospitalization expenses. There would be a gap that isn’t covered. In such particular cases, an accidental insurance plan can be a blessing in disguise. Though such plans offer a limited cover, it is better to have limited coverage than having no coverage at all. What is a personal accident insurance policy? A personal accident policy provides coverage against the damage caused to the insured person in a road mishap. It provides coverage against permanent total disablement, permanent partial disablement and total temporary disablement, death because of an accident. If the policyholder dies or he/she is partially or totally disabled because of any natural illness; then totally or death would not be covered in a personal accident plan. What is considered as an accident? As per the standard definition of IRDA guidelines an accident is an involuntary, unforeseen, sudden event caused by any visible and external means. What is covered in a personal accident plan? Generally, an accident plan provides coverage for the following four major events. 1. Death because of an accident/ accidental injuries. 2. Permanent total disablement because of an accident/ accidental injuries. 3. Permanent partial disablement because of an accident/ accidental injuries. 4. Total temporary disablement because of an accident/ accidental injuries. It is not compulsory that every insurance provider will cover all the four factors mentioned above. You need to read the terms and conditions mentioned in the fine print of a policy very carefully. It will help you to know the particular nature of insurance coverage offered to you. A personal accident policy is defined as a benefit plan which means that on the occurrence of any insured event; the insurer would pay a sum assured which can be full as well as partial based on the plan that you have selected. There isn’t any relation with the hospitalization expenses. It’s in contrast to a regular medical insurance plan, where the hospitalization charges are covered. Related-: Important of Health Insurance policy For instance, if your sum assured is Rupees 10 lakh; at the time of permanent total disablement, the insurance provider will pay Rupees 10 lakh. On the contrary, if there is a case of permanent partial disablement, it might pay you a sum of Rupees 5 lakhs that is 50 percent of sum assured. The payout would be made regardless of the incurred hospitalization expenses. For any queries online click PolicyBazaar Facebook Page
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