Home Insurance Why personal accident cover is as important as health insurance?
Why personal accident cover is as important as health insurance?

Why personal accident cover is as important as health insurance?

by Altaf

With the constant rise of COVID-19 cases around us, it has become very important to take care of our health. All that we can do in this challenging time is to take the right measures. And along with taking all the necessary precautions, buying a health insurance policy has become equally significant.  

Well, when we think about our health, we only consider health insurance policies. What about the people who meet with accidents on roads. Once an individual meets with an accident, it becomes equally expensive for them to get treatment at the hospital. Therefore, along with a health insurance policy, it is quite important to get accident insurance as well, especially if you regularly drive a car or ride a bike. Now if these two insurances confuse you, here is a comparison of health insurance vs accident insurance.

Significance of Personal Accident Insurance

Personal accident insurance is one of the highly required insurance options that we all must-have. Let us discuss the importance of it.

Disability coverage

Once an individual meets with an accident, it can leave him with a temporary or even a permanent disability. If you have personal accident insurance, you will be able to claim compensation for various types of disabilities. No matter what kind of disability it is, the insurer will compensate for it.

Hospitalization costs

As the policyholder meets with an accident, the insurance company will take care of the costs of hospitalization as well as the medical treatment expenses. Along with this, they also provide coverage for other expenses, which include the repatriation charges, ambulance charges, and if the policyholder passes away then even the funeral expenses.

Home alteration and vehicle modification benefit

If you become wheelchair-bound because of a disability that is the result of an accident, you would require a vehicle with modifications as per your need. This will help you to travel conveniently. You will be able to ask the insurance company for compensation for such expenses as well. Similar to that, you would require some modifications at our home as well, such as setting up the ramps. These expenses will also be borne by the insurance policy.

Death coverage

In case of the demise of the insured due to the accident, the insurer will provide compensation to the family of the policyholder. If the children of the policyholder are young, the insurance company will even take care of their education also. The insurer will give a lump sum to the family of the policyholder on his/her death to the extent of the sum insured; however, a bit of it may change as per the terms and conditions of the policy.

Importance of Health Insurance

Like personal accident cover, health insurance also comes with many advantages. Here are a few of them mentioned below:

Cashless benefit

Once you have a health insurance policy, you do not have to worry about standing in the queue to clear the hospital bills. This will be well taken care of by the insurance company. You can simply get your treatment and walk out of the hospital.

Family floater options

You can get a family floater health insurance policy in which all the members of your family will be covered. You will not be required to buy individual policies for each member of the family. You can save a lot of money. 

Nevertheless, each insurance companies have their own terms and conditions, and whether you are taking a helath insurance policy or a personal accident cover, you must read them patiently. Also, to know more about these policies and even compare them with each other, you can visit the website of IIFL today. 

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