Personal Accident Insurance Policy: Needed With Your Health Insurance Plan

When things can be predicted and calculated in life, there is no problem. This is perhaps the reason one can plan on how to pay a child’s tuition fees or how to cope with the cost of buying a new house or car. But the problem arises when one cannot gauge the future. When it comes to healthcare, this is exceptionally true. One has to have the needed health insurance policy to be able to cope with the treatment costs. Similarly, for an accident, one should have a personal accident insurance policy to handle the expenses thereafter. There is a big difference between accident insurance and health insurance. People should not have a doubt in which one to choose from.

The fact is that there are many people who are unaware of the difference between health insurance and accident insurance is a big problem. One has to be certain that the insurance plan can cover the problem that is likely to arise. The health insurance plan is meant to cover the cost of healthcare that is faced by the family. However, on the other hand a personal accident insurance policy is meant to cover the costs that arise after an accident. The policy basically provides customers with lump sum amounts based on different benefits of the policy.

Most people think that if they have a mediclaim policy, they would not require a personal accident insurance policy. This is not true. People need both of them to be able to deal with the costs that arise after an accident. The Apollo Munich Individual Personal Accident Insurance Policy is designed to cover all kinds of costs—education of dependent children, income loss, cost of modifying the house for medical reasons, additional financial support when the customer is unable to work, etc. The policy wordings and brochures are available on the company website. 

This plan comes in two variants: Standard and Premium, each with a set of benefits for its customers. Both these variants differ from each other with regard to its coverage limits. The sum insured amount ranges from Rs.1 lakh to Rs.50 lakh with Standard variant and from Rs.5 lakh to Rs.500 lakh with Premium variant.  The benefits include death and disablement benefit, which entitles an insured or beneficiary the sum insured amount in an event of an insured’s death or disablement due to an accident. 

In case of temporary disablement, the coverage amount may differ, subject to terms and conditions of the plan. The coverage limits varies with the extent of bodily injuries. In addition to it, there is a cover for emergency ambulance charges, family transportation, transportation of mortal remains, coverage for education funds of dependents, etc. 

The coverage limits increases with Premium variant. It offers coverage for broken bones, purchase of blood, modification of vehicle, transportation of imported medicines and inpatient hospitalization treatment. The plan is well designed, looking into health needs of people meeting an accident. 

Insurance

This plan offers cover to all health needs of a person at the time of an accident. It is one of the well-designed plans that take away the financial burden that family members have to face due to rising medical expenses.

It is advisable that a person should buy a personal accident insurance policy along with heat insurance to have the complete cover.