Four Reasons to Avail Personal Accident Insurance
Life is full of surprises. While many of them will manage to put a smile on your face, a few may be responsible for wiping it away. For such unfortunate events that can cause loss of life and extensive damage, a shield is required. A life insurance plan offers adequate reimbursement to the nominees of the insured, in case the person passes away due to unfortunate event such as accident.
However, what if an accident puts a toll on your health such that you are left with permanent disability. To reduce the financial impact of such untowardly incidents, it is recommended to purchase a personal accident insurance. Here are the top four reasons that will compel you to purchase this policy.
1> Death Cover
A typical term plan will provide substantial amount of life cover in case the insured person passes away. However, if the life cover is inadequate, then this insurance policy will act as a cushion to save your loved ones from any kind of financial pressure in your absence. Thus, you can use this policy for add-on sum assured.
2> Disability Cover
A life insurance plan will offer reimbursement only after the insured person is deceased. What if the insured person is left with permanent disability that prevents him from working? In such case, this policy will offer substantial financial reimbursement to the insured.
3> Accident Hospitalization
Every accident is not severe, but it surely causes injury that require professional medical care. A health insurance policy will take care of hospitalization charges. However, if you exhaust all the sum insured, then this policy will act as an add-on.
4> Child Education Privilege
Accidental death of the bread-winner of a family can benefit it from financial support. Now what if the family comprises school-going children? A personal accident insurance plan will take care of the fees, and will allow the children to continue education.