With today's high medical costs and uncertainty of life, a Personal Accident Insurance Plan is a necessity for almost every individual wanting to …
With today’s high medical costs and uncertainty of life, a Personal Accident Insurance Plan is a necessity for almost every individual wanting to have a secure future. With an uncertain life you never know when the unwanted can happen to you. So like any smart person you should have a good back up plan with you ready. A wise selection of policy helps you win the battle. A little careful planning and research can help you achieve the same easily. These simple and inexpensive actions of yours can ensure a good life for those who are dependent on you even when you are not there.
While it is a need for most, it has always been a tough question as to which is the best to choose.
Some of the main points to be taken care of can be enumerated and explained in detail as below:
The first thing to decide should be the amount of cover needed and the amount of premium you are willing to pay. Online calculators are available that let you calculate you cover amount according to your premium or let you know your cover amount as per your cover amount. So you can easily estimate what is the ideal amount for you. Ensure that you take up a cover amount that can accommodate your estimated expense and the premium should be affordable to you.
Also decide what kind of a policy you need. Various kinds of policies are available in the market. They can include one or more of the following:
- Compensation for total loss of limbs, eyesight etc.
- Permanent Total Disability arising due to some accident
- Accidental Death
Some insurance plans even cover losses due to acts of terrorism. These are pretty relevant as the entire world is facing such problems.
Such plans are mandatory for people who have financial responsibilities of others. In case of an accident, on might not be able to return to work for a substantial time. This can cause serious financial loss to the person. In such a case the Personal Accident Insurance Plan takes care of your financial needs. These can be tax free too, relieving you of the pressure.
Most Personal Accident Insurance Plans cover a range of injuries from accidents. Some plans even provide cash benefits for hospitalization. Most of these plans even have a huge sum paid to your beneficiaries in an event o death.