If you are anything like Daffy Duck (Looney Tunes and Merrie Melodies), you definitely need accident insurance cover. However, most people don’t know the difference between an accident cover and a health insurance plan.
A health plan provides coverage for medical bills and hospital charges. The money is usually paid to the medical provider, in case it is among the network hospitals of the insurer. The plan does not solely cater to accidents, but other diseases and medical conditions as well.On the other hand, an accident insurance plan covers a broad range of accidental injuries and death. The money for recovery is usually given to the insured or the family to take care of needs arising out of the accident, injuryor death.
Contrary to the popular misconception, a medical insurance plan does not provide complete coverage against the losses arising out of an accident. Although some health insurance policies offer accidental riders, these are not as beneficial as a comprehensive accident insuranceplan. Even if it is, it only covers hospitalization charges, not loss of income.
An accident policy is designed to cover a number of unforeseen eventualities (although not when there is negligence). Accident plans are annual policies that provide coverage in the event of disability, injury or death; caused by accidental or violent events. This includes situations like road accidents, train accidents, or even a fall in the bathroom.
In case you are faced with disability or are bed ridden for a prolonged period owing to an accident; your family will lose a source of income. Accident insurance cover will ensure that such risks are mitigated and unforeseen eventualities can be managed. So, buying such a policy over and above your health and life insurance plan is highly recommended. When such policies are able to permanently or even temporarily transferthe risk of disability to a third party, isn’t it more than worth the premiums?
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals and corporates.
For individuals, there are products like Car Insurance, Travel Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Crop Insurance and Home Insurance. For SME's and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects Insurance, Engineering Operations Insurance, Liability Insurance, Marine Insurance, Fire Insurance and other Miscellaneous Insurance Solutions.
All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” (formerly known as TI financial holdings limited) and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. CIN : U66030TN2001PLC047977.
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