Life Insurance, Personal Accident

Benefits of Buying Personal Accident Insurance

No one wants to get into an accident willingly however; the harsh reality that we must accept is that it can happen to anyone at any time. If such a situation does arise, which it could due to the rising number of vehicles in Pakistan it is always good to be prepared. Hence in such a time what comes to your rescue is your personal accident insurance policy.

There are several reasons as to why you should buy a personal accident insurance policy.

Death Benefit:

In this case, in case the insurer’s life is lost the accident insurance provides full compensation to the nominee. The nominee could be their parent, spouse, sibling, or child and this sum provided to the nominee could be beneficial to them to move on ahead with their lives.

Disability Benefits:

Any bodily injury due to which you cannot work, such as losing your eyes or any other sensory organs is 100% insured and compensated for. If part of these is damaged, then there are various compensations for these included in the personal accident insurance policy.

Add on to Health and Motor Insurance:

Insurers should add personal accident coverage in accident insurance. Health insurance acquired does not cover accidents and hence it is vital to include personal accident coverage and car insurance in order to be able to cover for such instances.

Cost-Effective Policy:

Often the premiums of personal accident insurance policies are low and easily affordable. It often depends on the accident insurance plan bought which either then offers a low or high premium. For example, if an individual has bought a plan worth a million rupees then it is also possible for the yearly premium to be Rupees 1000 per year or even less. It all varies according to the plan.

Extra Benefits:

Another benefit that is derived through a personal accident insurance policy is that of extra benefits. They often cover the additional benefits including the cost of the ambulances, OPDs, and accidental hospitalization. Another important aspect of this policy is that it has lifetime renewability proving to be even more useful.

Family Security:

Accident insurance protects the families in most cases making them feel secure. They receive compensation which helps in case of a loss of income. Hence it gives the family financial security and stability.

Child Education Benefit:

In the situation that the insurer dies some personal accident insurance policies cover the cost of their child’s education under their plans. They are liable to pay this amount for the dependent children and need to take care of it accordingly.

Easy Claim Settlement:

Personal accident insurance has a very simple, easy, and hassle-free claim settlement. Only the details and information is required and the process is started as soon as possible without further ado.

No Medical Test and Hassle-Free Documentation:

These policies do not require you to take medical tests and provide a large amount of documentation as a prerequisite. You fill in the form and make the payment online and voila! You are ready with your accident insurance.