Accident insurance is the last thing on anybody’s mind as the need to get an adequate life and health cover is in itself overwhelming. However, experts strongly emphasize that one should not overlook the need of accident insurance. A close review of the features of the accidental insurance also supports the idea.
Covers extensive forms of perils
- An accident insurance covers wide-ranging forms of accidents such as falling from stairs or slipping while taking a bath. Breaking an ankle during any game or even electrocution due to operation a faulty electrical appliance is covered under the scope of accident cover.
Rider versus Standalone policy
- Most of the people opine that buying a life cover with a rider for the accident will be adequate protection against the perils. However, it should be noted that a policy with rider will only extend basic accidental death and permanent disability protection. Conversely, a standalone accident policy will provide a wide range of protection that includes coverage for income loss, hospitalization and even temporary disablement. Moreover, the cost associated with riders is much higher than those of standalone policies. At the same time, the extent of cover in a rider is linked to the sum assured of the base policy, and there is a restriction placed on the maximum amount of cover to be provided under such policies. Such restrictions are not applicable on standalone policies.
Where to buy accident insurance
- An individual can buy accidental insurance along with life or car insurance policy. Banks too offer such insurance if an individual opens an account or receives a credit card. However, the best way to buy an accidental insurance cover is through the Public Sector Unit (PSU) insurance companies that offer the best policies at a reasonable premium amount. A policyholder can also buy an accident cover online, which is being offered by several private insurance players.