Do you know what is the easiest way to escape accidents in your daily life? Never leave the comfort of your home. But still, you can’t say you are accident-proof because even the four walls of your home can’t protect you against accidental hazards. Accidents can also happen while climbing stairs or preparing dishes for your loved ones.
You are lucky if you don’t need to travel by road or rail for work. Besides escaping the hectic daily commuting, you also avoid the risk of an accident or getting injured. But how many of us are lucky enough to ditch overcrowded trains and buses? Almost every one of us travels long distances every day for work. In this way, in addition to the hazards of traveling, you also have to endure the risk of accidents that may occur during your journey. This is a major concern for people who travel every day.
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| Year | Natural (Accidents due to nature’s force) | Unnatural (Accidents due to human error) | Other (Accidents due to heart attack, poisoning, etc.) | Total | Rate |
| 2011 | 23,690 | 3,67,194 | 0 | 390884 | 32.3 |
| 2012 | 22,960 | 3,72,022 | 0 | 394982 | 32.6 |
| 2013 | 22,759 | 3,77,758 | 0 | 400517 | 32.6 |
| 2014 | 20,201 | 4,61,556 | 114728 | 451757 | 36.3 |
Source: The Times of India
Life is unpredictable. The worst things happen when you least expect it. So, what would happen if you had an accident on your way back home or while playing with friends in the playground? Scary.
The same thought crossed my mind a few days ago. It was just another Monday morning when I was preparing to leave for the office. As the clock struck 8:30, I kissed my two-year-old daughter Pihu, waved goodbye to her and my wife Shalini, and drove to my office. Unlike any other Monday morning, there wasn’t much traffic today, but another car zoomed past me as soon as I reached the highway. I thought the driver might be in a hurry to get to his destination. There was a “Baby-on-board” sticker at the back of the car, which immediately brought a smile to my face as it reminded me of my two-year-old daughter, who has just started calling me “da.” I was lost in my thoughts when suddenly I heard loud horns and tires screeching. The tractor in the other lane had suddenly swerved right and would have hit the car if the driver had not applied the brakes on time. Seeing what unfolded in front of my eyes in a fraction of a second completely shocked me. Soon, a series of questions popped up, like “What if the driver had not applied brake at the right time?” “What would have happened to the baby?” Even worse, what if it was me who met with an accident? Would Shalini be able to take good care of Pihu in my absence?
| Number of road accidents in some of the megacities, 2015 | ||||
| Name of the City | Fatal Accidents | Total Accidents | Killed | Injured |
| Delhi | 1,582 | 8,085 | 1,622 | 8,258 |
| Mumbai | 586 | 23,468 | 611 | 4,029 |
| Chennai | 859 | 7,328 | 886 | 7,320 |
| Kolkata | 412 | 4,347 | 422 | 3,329 |
| Bengaluru | 708 | 4,834 | 713 | 4,057 |
| Ahmedabad | 318 | 1,837 | 328 | 1,722 |
| Surat | 251 | 903 | 257 | 773 |
| Hyderabad | 425 | 2,761 | 425 | 2,382 |
Source: pub photo. Nic. in/
It is imperative to secure oneself against such misfortunes, and buying personal accident insurance is the right step you can take towards it. This insurance policy offers coverage if the policyholder dies or becomes disabled following an accident. Besides paying out after the policyholder’s death, it would also pay in case of permanent or partial disablement. Term insurance would help your family only if you die. Health insurance would only take care of hospitalization expenses; it would not secure your family from income loss. Therefore, buying personal accident insurance that safeguards you against loss of income following an accident is advised.
What does a personal accident cover?
Accidental death benefit: In the case of the policyholder’s death during the policy tenure, the nominee gets the sum insured as mentioned in the policy document.
- Permanent total disability benefit: If, due to an accident, the policyholder has a permanent total disability like loss of limbs, sights, etc., the insurer will pay the sum insured.
- Reimbursement of accidental hospitalization expenses: If at least 24 hours of hospitalization following an accident, the policyholder can approach the insurer to compensate for hospitalization expenses.
- Accidental hospital daily allowance: Some insurance companies offer a per-day budget to policyholders to cover their daily hospital expenses like food, transport, etc.
- Additional features: Here are some of the other benefits that you can enjoy if you have a personal accident insurance policy in India:
- Child education benefits
- Legal and education benefits
- Injuries due to terrorism
How much coverage is sufficient?
Any accident or disability can have both physical and financial impact; therefore, the cover should be sufficient to:
- Ensure the economic well-being of the family
- Deal with financial goals
- Cover medical expenses
How much does it cost to buy a personal accident insurance policy?
The premium of personal accident insurance is decided based on the person’s occupation. It means a 25-year-old airline pilot will pay more premium than a 50-year-old teacher. To compute the bonus, most insurers have divided occupations per the risk involved. Here is an example:
| Class 1 (Low Risk) | Class 2 (High Risk) | Class 3 (Very High Risk) |
| Teachers | Contractors | Airline Pilots |
| Architects | Builders | Journalists |
| Painter | Garage Mechanic | Mountaineers |
| Dentist | Veterinary Doctor | Circus Performers |
A 26-year-old army man must pay around Rs 1397 for a sum insured of Rs 15 lakhs compared to a 36-year-old teacher who must pay nearly Rs 914 for a similar coverage amount.
Which should you pick: A rider or a standalone policy?
It is possible to buy accident cover in the form of a rider and a standalone policy. However, most riders often limit coverage, as they only cover accidental death and permanent disability. On the other hand, a standalone policy offers comprehensive coverage by including different types of losses and accidents, including partial or temporary disablement and income loss.
Moreover, if your employer is offering personal accident insurance, you should also go for an individual policy because the former is not as comprehensive as the latter. An individual personal accident cover can also be customized as per your needs.
Considering the fast-moving life of metropolitan cities, it makes sense to buy personal accident insurance policies, which bridge the gap between life and health insurance policies. Irrespective of where you live and what you are doing, buy a comprehensive personal accident insurance policy. After all, it is better to be safe than sorry.
