19 February, 2013
For many investors, life insurance forms the best means of securing their family. But many do not know that plainly counting on a life insurance plan to help in case of an eventuality is not sufficient. Supplementing your life insurance plan with an accident insurance plan will prove helpful. Policy holders normally consider their life cover to be a solution for any kind of eventualities he could encounter. But there are several aspects that are not covered by the policy. Here is where a personal accident insurance will cover up for what is not provided by the latter.
Here’s why you should buy an accident insurance even if you have a life insurance policy -
Cover for death : An accident insurance too offers death benefit in case the insured dies in an accident. The policy offers the entire sum assured to the nominee of the policy. In case the insured already had a life insurance plan, then the sum assured received by the accident cover policy can be an additional support to the family, guaranteeing financial stability. This amount proves extremely beneficial to meet all daily needs and other plans in life.
Cover in case of disability : Accidents don’t always result in death; they may lead to severe injuries that can cause disability. This is a condition that can be difficult to cope with and your financial needs may grow as well. Life insurance has no benefit to support you under such conditions but an accident insurance plan does. It covers permanent total disability, permanent partial disability and temporary total disability. If the insured suffers from total disability, the policy hands over the entire sum assured to the insured. Temporary total disability and partial disability are covered by offering a certain percentage of the sum assured to the insured.
Cover for accident hospitalization : An accident could lead to severe injuries and the hospitalization cost may get difficult to handle. This is why accident insurance plans also offer cover for the hospitalization expenses. This facility is not provided with a life cover.
Support for child education : Sudden death of the bread winner of the house has a major impact on future of the children. An accident insurance plan helps to cope with such a situation as well. The policy offers education fund which is a particular amount dispatched at regular intervals. This helps to reduce the hindrance in the education of your children.
Apart from these benefits an accident insurance also offers many other advantages that compensate for what a life insurance does not cover -
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