Why Having Personal Accident Insurance Is A Need Of The Hour?

Most probably you would have known the person who have met with an accident in the past and lost his life, leaving his family behind with no financial support. Even after seeing such incident, you are still thinking yet to plan for personal accident insurance that can provide you with the coverage against various odds of life, including accidental death, accidental disability and more. The results of accident are not bound to the loss of your life, but they also make a pause on your monthly income, that affects your different expenses, ranging from daily to medical expenses.

Let me tell you the importance of having a personal accident policy in India if you are used to drive during your personal and corporate life. Here’s the best example:

Anil was one of the best performers in his office that maintained its location in sec-144, Noida. He purchased a term plan of 10 lakhs in order to secure his life. He also had an insurance policy to protect its wealth. He was also too busy in investing for his 1 kid in order to secure his son future. His wife didn’t work anywhere, so he was the sole responsible for taking care of all the financial needs of his family.

One day at the eve of Thursday, he left his office to reach home. Because it was the eve of Diwali, so he was in hurry to reach this target destination. He stopped his bike at Agarwal Sweet Corner to buy some sweets and rushed to meet his family with the excitement. On the way, while overtaking a truck, he met with a serious accident. He was brutally injured and lost his two hands during that incident. Nothing seemed to be good for him at that time, since he had realized that his job will be no more now and he had to struggle with managing his different expenses, including daily and medical expenses, EMI, etc.

Good news is that he was alive, but without the hands. His term plan was useless at that time as that could only pay him if he lost his life. He had health cover that paid out all his medical expenses. At that time, if he was covered under a personal accident insurance policy, he didn’t have to go through the mental agony thinking about how he will manage the further expenses related to home and EMIs.