Life, health insurance covers in place? Don’t forget personal accident insurance 

NEW DELHI:  During this  Covid 19 pandemic people have realised the uncertainty revolving around daily life and their health. Given the circumstances, planning for an unforseen future has become all the more important to ensure that one is best prepared to deal with any unexpected exigencies that may arise.

Alongside health and life insurances, financial experts believe that people should be equally concerned about putting in place a personal accident insurance policy cover. This type of insurance policy does not only things such as road accidents but also a wide range of other injury-causing accidents ranging from drowning to injuries caused by accidental fires. 

According to insurance executives, this type of cover caters to different kinds of disabilities and events including death, permanent total disability, temporary total disability, and permanent total disability. 
Usually, the policy pays 100 percent of the sum assured in these cases.

“Any person who is an earning member of a family should get a personal accident cover to secure their family’s financial interests.The cover will provide financial help to get access to good treatment,” said S Sanjay Kumar, a personal finance advisor. 

The premium for such types of insurance covers is largely dependent on the person’s occupation and the amount of cover that is chosen. According to insurance executives, the premium for the policy usually depends on how risky your chosen occupation is.

Experts say that such people should, especially, focus on setting in place  a personal accident insurance cover since it can prove to be a huge help in protecting your financial security and giving you a buffer if an unfortunate accident makes you unable to earn or work for a particular time. 

General insurance policies have not grown as well as health and life insurance over the past few months, shows official data from the IRDAI. Gross direct premiums actually fell by 1.7 per cent in the month of October compared to October of last year