Key Points
Having said that, we must clarify that a personal accident policy is not an alternative to a term insurance plan, which covers a persons life, and a comprehensive health insurance policy, which covers hospitalisation expenses..
The good news is that personal accident insurance is very cheap, costing as little as Rs.1,125 (plus 18% GST) for a cover of Rs.25 lakh (see graphic)..
In fact, this coverage is what really differentiates a personal accident policy from life and health insurance...
This coverage is similar to that of a medical insurance policy and will pay actual expenses incurred on the treatment of injuries caused by the accident..
We particularly like the personal accident policy from Oriental Insurance Company that charges Rs.4,869 for a fully souped-up cover of Rs.25 lakh (see graphic)..
You might be interested in
Pay just Rs 800 more to upgrade car insurance personal accident cover to all-round 24X7 personal accident
14, Oct, 23It is mandatory to buy a personal accident cover of Rs 15 lakh under car insurance, if you are the owner-driver of a car. It usually costs between Rs 300 and 400. However, there are certain limitations when it comes to compulsory car insurance cover under car insurance. Meanwhile, a standalone personal accident cover protects you from any type of accident around the clock and around the world. The premium for a Rs 15-lakh personal accident cover can range between Rs 800 and Rs 1,200 in a year. Is it a good idea to spend a little extra and buy a separate standalone personal accident cover for a holistic coverage? Read on to find out
Should you opt for travel insurance? Here is all you need to know
06, Jun, 23Experts suggest that travelers may look at the option of taking travel insurance covers considering the potential financial consequences in case of an accident.