Why the best-laid plans also need a Plan B
Everyone likes to believe in their immortality. So did Tapan Biswas.
Tapan was riding his motorcycle to his office. His bike was in perfect condition, he had all the proper riding gear on – helmet, knee pads, gloves etc. Tapan liked to plan for all eventualities but is that enough? His proper planning could not do anything if someone else makes a mistake on the road. This is why even your best-laid plans need a safety net like an individual personal accident insurance.
Accidents can happen to anyone. That is why you should have a security cover. This would ensure that you and your family are in safe hands. Personal accident insurance is much more than just a security cover, though. It is an investment towards a better future and peace of mind.
Here’s why personal accident insurance is a great Plan B:
1. Hospitalisation expenses sorted: Medical bills are the last thing anyone wants to deal with after an accident. The insured person may apply for a daily hospital cash benefit following an accident. The cash benefit would apply if the hospitalisation is for more than four days.
2. Death of the policyholder: There is nothing more shocking than losing a loved one in a sudden accident. At this juncture, it is not easy to grapple with paperwork or finances. A personal accident insurance policy ensures that compensation goes to the surviving kin. That guarantees a secure future for the family of the policyholder in case of death.
3. Income loss: It does not matter whether you are in an accident on duty or off duty. Your insurer will compensate the income loss in both scenarios. Remember, the compensation amount depends upon the defined parameters in your policy.
4. Flexibility: Check your monthly expenditure first. You can choose flexible options with monthly income benefits ranging from Rs 10,000 to Rs 35,000. Get personal accident insurance for a period of five years to 20 years.
5. Guaranteed monthly income: Your monthly income does not depend on market conditions. The amount is guaranteed over the period chosen.
6. Children’s education benefit: A personal accident insurance policy takes care of your children’s education as well. The policy pays an education benefit. This is about 10% of the sum insured or the actual tuition fee charged by the institution, whichever is lower.