Every person has their own priorities in life. While for some folks the topmost priority is family, there are a few people who choose their career over other things in life. The priorities in life keep changing with time. Given that most people lead a very hectic life, there are very few who can balance everything in life and keep all aspects of their life on the same pedestal. There is no harm in having priorities, but when the priorities take over what is important, people need to take a pause. The rush of life makes most people forget about staying secured from accidents. Unforeseen events usually cause a great deal of mental and physical stress. There are some people who get seriously injured due to an accident, while there are some others for whom the accident proves fatal.
Whatever be the nature of the accident, irrevocable damage is caused to the victim and the family of the victim. The high expense attached to medical care and treatment required to nurse a person back to health makes the accident cause a grave financial stress on the family. While some families deal with the costs by selling off property or taking a loan against it, there are some people who simply take a loan from banks or moneylenders. Friends and relatives also pitch in to help lessen the burden. People are not able to deal with these expenses on their own without an accident insurance policy.
A personal accident insurance plan simply means that the person has the ability to get the required medical care without any monetary worries and at the same time can also pay attention to several family troubles that might crop up. When the only person earning in the family gets hurt in the accident, the whole family is left high and dry. The cost of healthcare is comes along with everyday household expenditure. Due to this the family faces quite a bit of financial strain. In additional to all this is the fact that the person earning, can no longer work owing to the aftermath of the accident.
With an accident insurance plan, policy holders can get a lot of benefits that would enable them to sustain their family’s requirements during the phase. Personal accident insurance in India has only recently started picking up pace. There are different kinds of accident insurance plans. The Individual Personal Accident Insurance Plan provides customers with the following benefits:
A lump sum payment is given in case of death or disability owing to the accident
Injuries sustained anywhere in the world are covered
Coverage for the education of dependent children, in case of accidental death or permanent total disablement
Insured individual is provided with a weekly allowance for temporary total disablement
People can also get treatments and healthcare after the accident using the insurance plan so that they do not need to worry about paying for them. The policies are also designed to cover a lot of other expenses that the family of the insured has to deal with.
As is the case with most policies, the Individual Personal Accident Plan also provides policy holders with cumulative bonus at the end of each claim-free year. In case the policy holder suffers from permanent total disability, or meets with a fatal accident, the family transportation is also covered by the plan (in accordance with the policy wordings).
With the lump sum amount, people can cope with any kind of costs after the accident. An accident insurance policy is designed to make certain that after an accident, people are able to cope with the problems.