Looking for a medical insurance that covers accident? Here’s how to choose the right one

Dec 03, 2018 | 11 months ago | Read Time: 3 minutes | By iKnowledge Team

Does your insurance policy cover accidental death? If not, you are in dire need of an accident cover.

The number of increasing road accidents in India should be a reminder for people to drive safe and avoid high speeds. Due to the inefficient traffic management system, and the number of vehicles on the roads, the chances of accidents have tripled in the past few years. Apart from driving safe and carefully, there is very little that can be done by us to prevent accidents.

Suffering major injuries from an accident not only affects your physical and mental health, but also other aspects of your life. In the aftermath of an accident, a person’s financial condition gets affected substantially, whereas, accidents that involve surgery, become a key factor for financial drain. A health insurance can be like an umbrella which can protect you from a financial crunch during medical emergencies.

What is an accident insurance plan?

Medical insurance ranks among the highest selling insurance products. Its wide acceptance is attributed to its modification which further led to the creation of new products. Healthcare insurance products differ based on their cover spectrum, some cover illnesses and disease; on the other hand, there are policies which are specially designed to offer protection, in the event of an accident. Accident insurance plan covers the charges of hospitalization and provides monetary reimbursement, in case of death of the insured.

If you are solely relying on the benefits of an accident insurance plan, then you are making a terrible mistake. Due to the small spectrum, accident insurance plan exposes you to the risk of critical illness and other unpredictable events which are not covered by it. This means that if you contact any chronic illness, while having an accident insurance plan, you might not be eligible for any kind of claim or reimbursement.

There are two ways which can help you avoid such a dilemma:

  1. Healthcare plan with accident rider: A health insurance plan provides overall protection from expenses related to hospitalization and critical illness. With illnesses and other health related issues covered with a health insurance plan, you can add an Accidental Death Rider or a Disability Rider for all round protection. Accidental Death Rider provides cover to the insured if he or she dies in an accident. On the other hand, if you survive the accident, and are left with a partial or temporary disability; disability rider will provide you with the necessary cover. However, this option has a major disadvantage, i.e., you will have to pay a dual payment for the insurance policy and the rider at the same time, which increases the overall cost for protection.
  2. A comprehensive plan with in-built rider: There are some companies that have modified their health insurance policies to provide excellent coverage solutions. Aegon Life’s iTerm plus fits these criteria very well. Apart from benefits like online operation and low premiums, iTerm Plus comes with the perk of built-in riders. The iTerm Plus Plan basically covers critical illnesses and provides accidental death benefit in a single policy, which not only saves you money but gives you the key to a stress-free life and a financially secure future for your family.

The insurance industry is very vast and has many products that cater various needs. It is upto you to choose the right health insurance policy that covers not only one but numerous other aspects as well. For better insights, you can take the help of insurance advisors.

II/Oct 2018/4482


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