Accidents can occur anytime and anywhere, especially on the road while commuting. In 2018, around 1.51 lakh people died directly from accident related fatalities. The following year 2019 saw 30 lakh new car registrations being done. With so many more vehicles out there, there is a huge need for safe driving, and also for personal accident insurance.
Personal accident insurance is a highly ignored concept in India. This is a trend that needs to change, given the huge benefits that a personal accident insurance policy can hold for you. A personal accident insurance policy covers the policyholder’s medical expenses in the event of an accident occurring by air, rail, road or any other kind of mishaps. It also goes above and beyond to compensate if the policyholder suffers death or any disability due to the accident.
With all these benefits, it is a wonder why there is not much awareness on the benefits of a personal accident insurance policy. This might have something to do with the fact that there are so many myths on personal accident insurance. Let’s take a look at some of the most common myths and unravel the truth behind them for you.
Myth 1: Having life insurance means you can skip the personal accident insurance policy
Truth: Not all life insurance policies cover you in the event of an accident. Most people forget to check on this exclusion when they sign up. The policy might only reimburse the nominee in the event of the policyholder’s passing. However, if you meet with an accident that leaves you with a disability, you might not get compensated by your life insurance plan. On the other hand, your accident insurance policy will cover you so that you can comfortably take a break from working to recover. During this phase of recovery, you can use the coverage offered by your personal accident insurance to pay your bills and keep food on the table.
Myth 2: Purchasing yet another insurance is a hassle
Truth: Quite to the contrary, purchasing personal accident insurance is relatively simple. The provider will not require any medical tests done by the policyholder. Additionally, a single policy can be purchased to cover an entire family. Even if you are busy, purchasing a personal accident insurance policy will only take a few minutes of your time and can be easily done online on the insurance company’s website.
Myth 3: There are few benefits to a personal accident insurance policy
Truth: The wide list of benefits offered by leading personal accident insurance policies will truly put this myth to rest. Apart from offering cover in case of death or disability sustained in an accident, personal accident insurance provides many more benefits such as legal costs, global coverage, and child education cover, among others.
Myth 4: Personal accident premiums are pricey
Truth: The heavy competition between insurance providers has actually ensured that various companies strive to get you the cheapest deals on insurance. This holds true for a personal accident insurance policy as well. So, do not let the fear of price keep you from getting much-needed cover to secure yourself financially from the heavy expenses of an accident-related injury.
Myth 5: The whole family does not need accident insurance
Truth: In cases where people do take accident insurance, they often do so only for the breadwinner who leaves the house to go to work daily. However, accidents do not discriminate and can strike anyone who steps out, from the seniors to the children. It really takes just a few minutes for things to go awry. So, make sure that your whole family is covered.
Life is full of uncertainties; the best that we can do is to be prepared to face them. Being financially prepared is the most important step of all. Huge hospitalization and after-care bills can leave a big hole in your pocket. The right insurance policy will protect your savings from getting exhausted in such an emergency. So, do be sure to take an accident insurance policy to cover yourself and your loved ones. Research a bit and choose the policy best suited to your needs and budget. Stay safe.