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​​Pranav Gupta is a medium scale businessman, happily married and has two children - a son studying in class 12th and a daughter in final year of graduation.  He is very much particular about paying all his policy premiums such as motor insurance, health insurance​ and life insurance on time.

Four  years ago he had taken a Personal Accident Insurance policy​ in two  private sector company for the Sum Insured of Rs​. 10 lakh each  for a premium of Rs. 15,000/- to Rs. 20,000/- per annum.  His wife, who wasn’t quite happy about the family’s earnings going into so many insurance policies, used to argue with him calling his investments as a waste of money. She always complained that a sum of Rs. 35,000 every year going in some insurance policy is no use.  However, Gupta chose to ignore his wife’s comments and continued to pay the premium on time.

It was when his family was celebrating his son’s distinction class 12th exams, a shocking news hit the family hard - Gupta, who was driving home to join the celebrations, met with an accident and was now in a hospital. Like a typical Bollywood movie, the scene shifts to the hospital, where Gupta is seen on the OT table and his whole family is waiting for the doctor to respond on his condition. Though the operation was successful, Gupta remained unconscious for. After 2 days, when Gupta gained senses, he was shaken to see one of his leg had been amputed.

Gupta was now permanently disabled and he was suppose to be at home under rest for few months. During his stay at home, his income came down affecting his family’s financial status. At this time he got a great financial help from his personal accident policy, which took care of his hospital bills and his basic needs. He also got a claim for loosing his leg on the basis of permanent disability. The amount helped his son to pursue higher studies. Mrs. Gupta, who all this while had been against putting in money in insurance policies, was now realizing the importance of the policy.

Mrs. Gupta confessed to Mr. Gupta about her ignorance towards importance of personal accident insurance. It was then that Mr Gupta explained her that if in the accident he would have lost his life means, even then his family would be financially stable, because he had a Sum Insured of Rs. 20 lakh which would have helped Mrs. Gupta for their daughter's wedding and even their son's higher education. In addition, the accidental death insurance policy would have also taken care of Mrs. Gupta's financial needs.

Personal accident policy helps in financial loss during accident of a person there are 4 tables which a person can opt for:

  • Table A covers only death,
  • Table B covers death and partially disability,
  • Table C covers death, partial disability, partial and temporary disability,
  • Table D covers death, permanent disability, partial disability and partial permanent disability.

People who truly love their family should definitely buy personal accident insurance policy, because we aren’t aware of what the future is holding for us, but we can at least be prepared for unforeseen events. People who drive their vehicles, specially 2-wheelers, must and should have this personal accident insurance​ policy which will help their family in case of uncertainty.  Even the daily waged individuals should also have a personal accident insurance. It is important to educated people about a personal accident insurance by making them understand the benefits of such policy.

Article by Tulsi Reddy

Read More: Salient Features of Health insurance​​