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Why it makes sense to have Personal Accident Cover?

By Finserv MARKETS - Sep 16,2019
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Benefits Of Personal Accident Cover

The faster pace of life has given rise to personal accidents. During sudden deaths, the family members are unprepared financially as well as mentally. To safeguard the needs of your loved, opting for personal accident cover is an excellent solution. It provides adequate coverage by protecting the financial needs of your loved ones.

Before opting for a personal cover, find out the basics about personal accident insurance. Here’s everything one must know about owning a personal accident insurance scheme. Take a look below:

What is a personal accident cover?

Personal accident insurance covers the medical as well as out-of-pocket expenses incurred after an unfortunate event like an accident. Additionally, it provides coverage for partial disability as well as permanent disability. In case of the death of the policyholder, the beneficiaries receive a lump sum amount from the insurer.

Under personal accident insurance, the coverage is categorized into two main types as mentioned below:

  1. Individual accident insurance

It protects an individual from any damages as well as covers his/her medical expenses.

  1. Group accident insurance

It is provided to employees at a lower cost by their employers.

A majority of people in India are unaware of the benefits of a personal accident cover. Hence, they do not consider any additional riders while purchasing a policy. Take a look at the few reasons mentioned below to opt for a personal accident cover:

Why must one have a personal accident insurance scheme?

  1. Covers accident costs

The chances of suffering from multiple injuries and damages are higher during an accident. The accident costs incurred during unforeseen events are generally high. These costs include disability, death, and so forth. With personal accidental coverage, a policyholder can cover his/her financial losses with ease.

  1. Offers wider coverage

As the name suggests, personal accident insurance covers all the causes of accidental death. Besides, it also provides coverage for other circumstances like temporary or permanent disability and partial or total disability. Whether a policyholder breaks a bone or suffers from a disability, he/she is assured with the personal coverage.

  1. Provides cheaper premiums

Life insurance or health insurance charge an additional premium to avail a personal accident coverage. Therefore, a majority of people are under the notion that opting for personal accident cover costs extra. However, this is not the case with a personal accident policy. Under a personal accident cover, the premium charged is comparatively lower.

To sum up, accidents are inevitable. However, the accident costs can be monetarily controlled by availing personal accident coverage. It provides coverage, which even health insurance and life insurance policies fail to provide. However, Bajaj Allianz Health Insurance from Finserv MARKETS acts as a safety net to protect you and your loved one from unannounced emergencies.

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522