Today, chances for you to have health, life, and motor insurance are very high since these insurance policies make you feel safe at home as well as at a far-off place. In fact, having at least these insurance policies is mandatory for each one of us. Well, do you have a personal accident insurance cover? You might not feel that having a personal accident cover is as much important as any other insurance. However, there are times when you realize the importance of personal accident cover. In case you do not feel that an accidental insurance in India is mandatory, you probably are a hurried person who needs to re-think over planning a secure future for self and your family. Benefits of Personal Accident Insurance Take a minute out of your busy schedule and reconsider your security when you are going out on the busy roads of different cities of India. Check if your health or life insurance policy includes coverage for a personal accident. If it does, it requires you pay an additional premium. In contrast, if you buy a standalone accident insurance plan, it is available at a nominal premium price. In fact, buying personal accident cover is mandatory for everyone who is a frequent traveler, not only for self to ensure protection in the event of a personal accident but also for their family members, in case one loses his job or source of income due to permanent accidental disability or death. Talking about India, people in metro cities are frequent travelers, especially those who are on jobs. They travel either through their personal source or take public transport buses, autos, etc. Do you think traveling by auto is safe? You would say traveling through your personal car is also not safe that, however, is right. Thus, if you can actually think so, then you must proactively reconsider looking forward to the best personal accident insurance in India. As an option, you can consider taking a term plan along with personal accident cover. This will not only minimize the overall cost but also offer you a greater coverage. Let us see how: Suppose that you take a term insurance plan for self, which on an average costs you around Rs. 300 on a sum assured of Rs. 1, 00,000. Likewise, if you take a personal accident cover, then it costs you around Rs. 100 to 200 on a sum assured of Rs. 1, 00,000. Therefore, a combination of these can actually save you money in the long-term. At the same time, you have multiple options in terms of insurers, based on the coverage offered. For instance, you can avail coverage for partial to permanent total accidental disability, minor injuries like a fracture, burns, etc., which do not require hospitalization since there are no serious injuries. Read More-: Best Health Insurance Companies in India How much coverage do I need? If there is a need for mentioning when you should buy personal accident cover, you can buy it when you think you are able to drive on the roads. In fact, it is recommended for you, spouse, and children too. According to the thumb rule, the coverage should not be less than 100 times your monthly income. Look for the best accidental insurance policy in India at an affordable premium price. Let us show you why: Suppose you have a fixed monthly income of Rs. 20, 000, then you can avail a sum assured of Rs. 20, 00,000 as per your personal accident cover. In case of your unfortunate demise due to an accident, your family gets the sum assured of Rs. 20, 00,000 and can invest this amount in a fixed deposit. This can get your family around 15 to 16 thousand every month to manage their expenses. However, the sum assured varies from company to company. How much will be the payout? The payout is subject to the policy and sum assured. In other words, based on the type of injury you suffered or whether the particular injury is covered by your policy. For instance, if an accident results in the loss of one eye or one limb or both eyes or two limbs or the death ever, an amount equal to 100 percent of the sum assured is payable. In contrast, only half of the sum assured is payable if the policyholder meets an accident that results in loss of one limb or one of the eyes. Read More-: Accidental death and dismemberment insurance In case an accident results in partial or permanent disability, leading to the loss of income, the amount payable to the policyholder is strictly subject to the terms of the company. The same is mentioned in the policy documents too. Should I go with Standalone or Rider option? If you go with a rider option, then you only get limited coverage in the particular event. In contrast, choosing a standalone policy gets you additional benefits like loss of income benefits and more.
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