Importance of Personal Accident Health Covers

 Importance of Personal Accident Health Covers

Most people avail of life and health insurance plans to protect themselves against financial distress. Life insurance pays the sum assured in case of your premature demise, while a health plan covers medical expenses during hospitalization. However, another important coverage that you must consider is a personal accident plan. It is a policy that reimburses medical costs incurred after an accident. Moreover, it offers compensation in case of death or disability caused due to an accident.

Here are five reasons why you need a personal accident insurance plan:

  1. Disability cover

If the accident causes permanent or temporary partial or complete disability, it may affect your earning capability. Personal accident cover offers disability benefits to compensate for the loss of income.

  1. Hospitalization, treatment, and other expenses

This kind of insurance policy pays for the regular treatment and hospitalization expenses in case of an accident. Additionally, it covers other expenses like funeral costs, ambulance expenses, and repatriation charges.

  1. Lifestyle-alteration costs

In case of permanent disability, you may have to modify your home by including a facility like a wheelchair ramp to help you move with ease. Moreover, you may need to add enhancements to your vehicle so that you can travel to your workplace. A medical insurance plan does not cover these expenses, which is why including a personal accident cover is important.

  1. Education and orphan benefits

In case of your demise in the accident, the insurer pays 10% of the sum insured to your dependent children for their education. Additionally, if you and your spouse both pass away in the accident, your children receive 10% of the sum insured as orphan benefits. These are additional benefits that come with the compensation offered under the personal accident cover.

  1. Family visit

In case you meet with an accident far away from your home, the personal accident plan takes care of travel expenses for a family visit. This plan covers the compassionate costs for domestic as well as international travel while you are in the hospital.

Additionally, you may include riders like coma benefit, burn benefit, adventure sports cover, Equated Monthly Installment (EMI) protect, and loan protect, among others, to procure higher protection. However, these add-ons come at an extra premium, and you must understand this before adding them to your insurance policy. The general cost of personal accident covers differ from one provider to another, so ensure to compare the different options available in the market.

Are you still wondering why you need a personal accident cover when you already have a cashless medical coverage policy? Although there is no doubt about the importance of a health cover, these plans do not cover the above-mentioned benefits. If you do not have personal accident coverage, meeting the expenses to recover from an accident may wreak havoc on your financial stability.

Take action today and add a personal accident cover to your mediclaim to protect your finances from any unforeseen event.

Elyse Sanford