It is not always possible to determine one’s fate, hence the risk of a fatal accident is always around. A personal accident insurance policy may not change fate but can certainly reduce the casualties.

The basic insurances that an ordinary man tries to cover are life insurance, health insurance, and critical insurance. Objectively, these insurance policies do cover all the basic requirements of chance and accidents. Life insurance helps pay the family’s financial needs in case of an untimely death. Health insurance helps pay the medical bills in case of a medical emergency. However, there is a third scenario which also needs to be considered. There are also accidents which just injure and impair a person. This in turn stops the person from earning the amount of money that he could have earned before the accident. This is where the personal accident insurance policy comes in. This policy ensures that the buyer is covered in case of personal accidents where injured temporarily or permanently. This goes beyond just a health insurance cover.

Accidents are quite common in today’s context. The roads are getting worse in terms of traffic, and the number of vehicles on the road keeps increasing every year.

• Furthermore, it is statistically proven that it is more likely that a person loses a limb through a personal accident than a shark attack.
• Thus, it is necessary for a person to consider a personal accident health insurance in case they travel by the road.
• These policies cover more than a health insurance, which just covers the medical bills of a person. They offer limited coverage for the period after the accident, which is remarkably better than no coverage. Depending on the term cover, one may get the benefit of the accident or extra payment.
• In most cases this only pays through for a person with a permanent disability, and not for ones with only temporary ailments like a broken bone.

By definition, a personal accident cover encompasses expenses after death, permanent disability, temporary disability, and partial disability. All of these things are quite common as far as chance and probability are concerned. According to the statistics provided by the World Health Organisation (WHO), about 12.5 crore people die due to road accidents, and about 200-500 crore sustain serious injuries. This proves that the probability of suffering from a permanent injury is more than dying in a road accident. So naturally, a person should be more prepared for the injuries, which is why the personal accident insurance is important.

The effects of a personal accident can be varied in nature and intensity. In some cases, the victim might just suffer from a broken bone, or concussion.

These are temporary impairments which do not have much effect in the day to day life of a person.

• However, a victim may also lose a limb or become paralysed due to an accident. This means that the family loses an earning member, and thereby suffers the same financial loss which they would in case of a death.
• A health insurance only covers death, and not permanent injuries, and thereby it is not sufficient.
• A personal accident insurance policy on the other hand covers these things and ensures that the family does not go financially under.

A permanent injury often results in a person losing their job, especially if they are in a field which requires a lot of movement or labour. For example, a field journalist will suffer greatly if they lose the function of their limbs. Similarly, a salesman will also suffer in a similar way. Thus, a personal accident insurance policy becomes as important as a life insurance policy. It makes sure that the family of the victim is not left with zero source of income. Moreover, an impaired person also requires some medical expenses. This is also oftentimes cover by a personal accident cover. Thus, these are the reasons one needs personal accident insurance coverage.