Just imagine that one fine morning, the sole breadwinner of a family wakes up to a deadly illness and he or she cannot go to work anymore. Sounds like a nightmare, right? Well, this is a scenario that can take place anytime and in any of our families but then there are still a number of households in which the personal accident covers are not taken. Now, this is a huge element of concern especially in a country like India because here the population, as well as the rate of an accident, is incredibly high. Many might say that they have a term insurance done but that is only fruitful when the person is no longer alive. But personal accident insurance helps a lot when the person is disabled and is not being able to work.
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Should a personal insurance cover be taken as a cover or a rider?
A rider means that you will have to take the cover with some other form of insurance and in this case, the amount of cover is restricted with the base premium amount. But if you take an individual cover, then there are lesser confinements and better benefits.
What are the policy features that are to be checked thoroughly?
Coverage and Sum Assured
Most of the companies give the best of the covers like permanent total disablement, permanent partial disablement, and temporary partial disablement. Yet there are some companies which gives amazing covers like accidental death benefit or any of these kinds of disablement covers. If you are an NRI, then you can also take these covers but without some of the claim settlements. Also there is a cover known as ‘NRI Personal Protect’ and it gives maximum protection to all the NRIs.
Family Cover and death coverage
Most of the companies gives the best accident insurance personal insurance policy for the entire family so that the spouse and the children can also get the desired o. In case of the death of the life insured, 100% of the sum assured is given to the nominee of the insured person.
Permanent Total Disablement
If in case of an accident an individual loses one or both of their limbs or even loss of sight, hearing or speech, then it is regarded as permanent total disablement. In case of loss of one finger, an arm or a ear is known as permanent partial disablement but in this case, only a percentage of the Sum Assured is given as the compensation- the range of the cover depends on the intensity of the disablement.
