No matter, how many precautions you take (or don’t take), unpleasant surprises like an accident are a reality for most people. The word ‘accident’ essentially means an “unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury.”
While you can’t plan for the “where and when”, you can ensure that you are at least prepared if you ever find yourself in such a situation.
Buying personal accident insurance provides a financial cushion against mishaps, Here we list some of the ways in which these plans protect your interests!
amily Security/ Permanent Disability Cover
As the name suggests, this insurance aids in a complete financial security against accidental risks. In case of a temporary or permanent disability that has occurred in an accident, the policyholder can claim compensation for various kinds of disability. This policy also provides great support as it provides an income which is an added advantage that shields the family from the financial shock of the loss of income in addition to the hospital expenses.
Accidental Death Cover
In case of an unfortunate demise, the benefit provides a sum insured to your family. A standard health insurance policy does not cover this, therefore it is crucial to include this in your health insurance policy. The key advantage here is that you can renew both together when it is at its renewal stage.
Cover against Hospital Treatment and other expenses
There can be a mishap where you will need to be hospitalised due to a personal accident. Dedicated accidental insurance comes in handy in such situations, as it supports reimbursement of your hospital expenses. This insurance also has a lump sum cash benefit that provides a fixed amount on a daily basis for accidental hospitalisation.
Children’s Education Fund
What happens if someone is crippled for life or even loses their life in an accident and they have dependent child /children. A big worry is children’s education would definitely be hampered if the family breadwinner is affected. In the case of this particular cover, it is understood that the children can continue with their education when you aren’t fit to financially support them. A lump-sum amount is given to the family, which in this situation would be a much-required support.
Loan Secure benefit
Buying a new home for your family means providing a better life for them. Sometimes in order to do so, you might have availed a loan. In any case, if an accident leads to an unfortunate demise or permanent disability, this burden of repaying the loan will fall on your family causing additional stress. It is for such situations, that this particular insurance cover would offer vital support. It would help your family repay the outstanding principal loan amount (exclusive of arrears or penalties) and prevent them from falling into a financial crisis.
Elderly Care Benefit
If you have dependent parents, who are more than 65 years of age, they would be completely stranded if you are unable to support them due to an accident. A lump-sum payment will be made to them, in case of your death or permanent total disability. This will ensure that aged parents above the age of 65 years don’t have to face financial struggles when they have no means of earning.
These are not the only benefits that personal accident insurance provides. You will discover all the benefits in detail in the policy documents. To know more about what Chola Ms offers Click Here
Also, you would like to know that this policy covers you for accidents that might happen when you are driving, riding your bike, using public transport (like a train or bus), engaged in an adventure sport* and even when you are on foot (example - falling off the stairs).
This personal accident insurance plan ensures that your family doesn’t go through a financial crisis. And for this security, all you have to do is pay a few thousand rupees a year. Definitely a wise and worthwhile deal right? Check out the premium plans available Right Here!
So why not plan and choose policies that will support you which is much better than taking chances and depending on fate?