The word “accident” causes so many negative thoughts. Every time an accident occurs, the family of the victim is in great trouble. Road accidents in India have become quite common these days. Such accidents result in minor to severe injuries; not just one, but several people. In some cases, accidents also cause a lot of damage to surrounding properties.
Undoubtedly, such things result in huge expenses in the form of hospitalization and medical bills. So if you are totally dependent on your lifetime savings to cope with such invisible circumstances of life, you could end up in big trouble. This is the main reason for purchasing individual accident insurance.
When we talk about accidents, this does not mean that we are only targeting road accidents. Accidents can happen even in the workplace. For example, the construction sector is more vulnerable to bodily injury. Even if these jobs are equipped with employer protection coverage, it is still wise to have an additional backup. The points mentioned below explain why you should take out individual accident insurance.
5 reasons you can’t ignore
1. As we know, accidents can happen anywhere, anytime. You never know what life could suddenly take. Needless to say, an accident can result in lifetime disability or even death. In such a situation, it can be very difficult for the victim’s family to continue. If the breadwinner loses his job or his ability to work, even for a temporary period, this will be a major problem for his family. Fortunately, an individual accident insurance policy can provide many respites. The blanket can be used in several ways.
2. Peace of mind is another major reason that makes personal accident insurance policies so important these days. Professionals and businessmen have to travel a lot these days; sometimes even in another country. Usually, in such situations, they have to leave their family. Now, if something bad happens during such a situation, the victim’s family could be under a lot of mental stress. But if family members know there is political action to cover the expenses, it will surely bring them much relief.
3. People sacrifice a lot to save their hard-earned money. They save money for various reasons, such as marriage, new home, education, etc. So if you have an accident and it causes temporary disability, or if you are unable to work for a few weeks / months, it will not affect Your savings. Your savings will remain intact and your individual accident insurance policy will cover the expenses.
4. When people retire, they get a good deal of money in the form of retirement savings. Until then, they rely on their monthly income for usual expenses. A major accident during this phase may require you to access your retirement savings before their maturity. As a result, all of your financial calculations and planning are shattered. So, if you want to avoid such scenarios in your life, you should opt for individual accident insurance.
5. The last, but not the least, reason is related to the inexpensive aspect of this type of insurance policy. The premiums of individual accident insurance policies may totally surprise you. For an insured sum of 2 lakh INR, the premium can be as low as 100 INR! Even if you opt for a policy with a sum guaranteed at INR 20 lakhs, the premium will be around INR 1,000. So compared to the huge benefit you get in the form of accidental individual coverage, the premium numbers are pretty minimal.
So these are the top five reasons that make personal accident insurance policies so important today. As more and more vehicles are added to the road, safety becomes a major problem for commuters. Likewise, there are many other aspects of life that can be counted as high risk areas. As a sage, it is essential that we must protect ourselves and our family members by choosing an individual accident insurance policy that offers comprehensive protection.
Before choosing a policy, you need to compare the premiums and the inclusions in the package. There are currently many insurance companies in the Indian market and you don’t have to make a hasty decision. A proper comparison will help you choose the most suitable policy for your family. Online comparison tools can make your job easier. So spend some time on the Internet and offer your loved ones the best protection against unforeseen situations.