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Often people are in a dilemma as to which insurance plan to choose in order to ensure that their insurance portfolio is secure. Among several queries, many people are often confused about the difference between Personal Accident and Term Insurance and don’t know if it serves their purpose to invest in both or either. In this article we talk about personal accident insurance and term insurance and how they differ.
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A term insurance has gained a lot of prominence in the past few years. Literally, a term insurance provides life cover for a definite period of time. If the insured person expires while the policy is in place, the nominee will receive the benefit amount.
The perks of opting for a term insurance is that it comes with the benefit of a low premium. This is because there is no maturity benefit associated with a term plan and it only comes with a death benefit. However, there are certain plans that offer a payback on the premiums if the insurance holder survives. Also, you can avail tax benefits as per Section 80C of the Income Tax Act, 1961.
Note: Now that you know that what is term insuranceyou can easily buy a term plan for your loved ones.
Term Plans
Personal accident insurance provides coverage against death by accident or permanent disability arising from an accident. However, personal accident insurances have not gained popularity as yet as very few insurance agents push for selling these.
However, if you are young and looking to secure your insurance portfolio, you should consider investing in a personal accident insurance policy to ensure that you are covered even if you meet minor accidents. And it is even more encouraging that in reality a personal accident insurance is really cheap, so you should not think twice before investing in one.
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A term insurance is widely different from personal accident insurance, as it provides coverage for death arising from any cause, natural or accidental. However, a personal accident insurance offers benefits only when there is death or total permanent disablement, partial permanent disablement and temporary total disablement caused by an accident. It does not take into account death caused by natural reasons.
Also, just as your age is the determining factor for the premium for your term insurance, your occupation is the deciding factor for the premium you pay for personal accident insurance. There are three risk categories: Risk Class 1 covers people who are engaged in managerial work, lawyers, teachers, bankers etc. Risk Class 2 covers people who are engaged in contractual building work, garage mechanics, drivers of light motor vehicles etc. Risk Class 3 covers people who are involved in hazardous professions like people who work in mines, people involved in the installation of high tension wires etc.
You may also like to read : The Best Age to Buy a Term Insurance Plan
Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.
Ideally, investing in a good term insurance policy should be your foremost priority to secure the future of your family. However, if you want to secure your life insurance portfolio and ensure complete protection, then you can buy a personal accident cover additionally. This is primarily because it provides an important security against disability caused by accidents, which your life insurance policy will not cover. Your term insurance will not provide coverage for temporary total disablement or partial permanent disablement and will not pay for medical expenses, which arise out of your accident. Also, if you are involved in high-risk professions then you must consider mixing your life insurance policy with a permanent accident insurance policy to be well covered, that too at a reasonable cost.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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