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When Should You Consider Buying an Accident Insurance?

According to The Times of India, Indian roads claim close to 16 lives each hour while several more sustain minor to severe injuries which may lead to handicaps.

Now, if you’re a working adult you may have already bought insurance policies like health, life, motor and home. But there’s another policy that you should add to that list.

We’re talking about personal accident insurance.

You must be wondering why you could possibly need one, considering you already have a medical, vehicular, and a life insurance, right? Here’s why.

In the last year (2014) alone, India witnessed over 4.5 lakh road accidents which took over 1.4 lakh lives and injured around 4.8 lakh people more. Judging by these numbers, there’s no telling when or where you could sustain an accident. Considering the unpredictable nature of Indian roads, the lack of safety norms, and the general population’s affinity to disregard even the basic rules, you would be gambling on your life every time you step out of your house.

Road Accidents India Statistics

Statistics for the number of people killed as compared to the number of accidents.

While we’re talking about road accidents, there are also other areas of employment which too can pose a greater risk of accidents leading to injuries and deaths.

Besides, an accidental insurance policy costs relatively less and helps shield you from the huge medical and other bills an accident can pile on you.

A typical accidental insurance offers coverage against various different scenarios like

  • Accidental death
  • Permanent disability sustained due to an accident
  • Medical expenses
  • Terrorist acts, and
  • Daily hospitalisation costs

Also, having one such policy is extremely beneficial too. Here are a few direct advantages of having a personal accident insurance.

  • Unlike health insurance policies, you wouldn’t need to have any prior tests done when you buy an accident insurance policy. Once you have this, all your accident-related expenses will be covered under this policy. This also reduces the burden on your savings account.
  • An accident can leave you temporarily or permanently unemployed. Under such circumstances, an accidental insurance policy covers a majority of your expenses and also offers financial security for your family. Having one is of extreme importance in case an accident takes your life.

These are just a few advantages of having a personal accident insurance policy.

Now that we have established the basic constructs of an accident insurance policy, let’s move on to the next part.

When to Buy an Accidental Insurance?

Ideally, every adult should have an accidental insurance as soon as they get their first employment. Irrespective of your age or line of work, you should consider buying an accidental insurance. Usually, different lines of employments involve different intensity of risks.

Below is a table that list out the basic risks involved with different areas of employment.

Risk Classes in Employment

If your occupation figures between class 2 and class 3, you most certainly will need to have a personal accidental cover because your chances of sustaining an accident are extremely high, which can even lead to death. To tackle this situation, you’ll need a comprehensive policy which covers almost all the bases.

On the other hand, if your line of work falls under Class 1, having a simple basic cover would work sufficiently for you. But in case, you want to cover yourself against all possibilities, having an extensive policy would pay dividends for you too.

How Much Accidental Insurance Do You Need?

According to rule books, the sum insured for your accidental insurance must be 100 times that of your monthly salary. If, for instance, your monthly salary is about INR 25,000, your sum insured must be at least INR 25 lakh so that it can help you guarantee a stress-free recovery period.

To sum it up, having an accidental insurance is essential in ensuring as painless a recovery track for both you and your family. If you looking for personal accident insurance, check out Personal Protect – a personal accident policy that comes with a sum insured of up to INR 25 lakh and other features like worldwide coverage and minimal documentation.

Image References: Road Accidents in India Statistics

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• Meet the Author • Dr. Lawrence Kindo

I am a Medical Professional with a passion for writing, blogging, playing, computers, and of course patient care. My writing in this medical blog will reflect my passion, and you are welcome to be a part of this venture. This medical blog is a tribute to all the great medical pioneers, and to the ultimate source of wisdom, God.

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