Top 5 Reasons Why Personal Accident Insurance is Vital to the Construction Industry
Updated 15 May 2020
Accidents are unforeseen and often result in severe injuries to one or more persons and sometimes to the property in the surroundings too. Such fatal accidents can cause huge inpatient hospitalization expenses and corresponding medical bills, thereby vanishing one’s lifelong savings.
Those who belong to the construction industry are more prone to bodily injuries, and therefore, personal accident insurance is a must for them. Although they have a backup or the coverage offered by the builder/ contractor/ employer against such injuries, it’s wise to have accidental insurance for safety.
The Need of Personal Accident Insurance
Why do you think that you need a personal accidental insurance policy? You need such an insurance against any kind of personal accident, inclusive of the one that may lead to accidental death. Amongst several plans available online, you need to purchase the best plan that can actually save you a great deal on your medical expenses.
When purchasing personal accident insurance, keep the following key points in your mind:
- Select the plan with the lowest accidental insurance premium payable
- Compare various insurance plans offered the best companies providing health insurance in India
- Select an insurance policy that you can purchase as well as renew online
Do you know that personal accident insurance is indispensable and significant to the construction industry? You may not, but you need to consider adding this coverage into your life to ensure your safety. Sometimes, people think that since they have similar coverage offered by their employer, they do not need to spend any money on this policy. However, extended coverage is always wise to have. Here, have a look at the five reasons why it is so:
- Accidents may occur anytime and anywhere. You never know when you might have one. Needless to say, an accident might lead to a lifelong disability or ever worse, such as a total permanent disability or the death. You might lose your ability to work and subsequently your income too. In such a scenario, accidental insurance coverage is the best you can benefit from.
- Having an accidental insurance is the only way out of unfortunate situations. This is because insurance helps you get the compensation for your loss, typically in the form of weekly allowance or as a good lump sum for disablement. While you cannot prevent such situations and will have to accept your fate, you can ensure financial stability to your family when you are no longer around to support them.
Please Note: In case of demise of a policyholder, his or her immediate family or nominee receives the sum assured along with some additional benefits, which is helpful for them to continue their existing lifestyle without having to fuss over money.
- Suppose in your construction area, a scaffold falls and you get severely injured. Now, if you have accidental insurance coverage, then you will definitely get the compensation. However, the fault should not be yours, but anyone at the construction area or site. You can file a claim with your company as well as with your insurer for additional coverage.
- In case of an accident, you may not be able to work any further and as a result of this, your income stops. In spite of the situation, you will have to bear your medical bills and other household expenses. Where will the money come from? You will have multiple bills every month to pay. A monthly income provided by your insurer can be of immense help in this situation.
- The best part is that you can sleep peacefully at night. Looking for the best medical plans? According to the current legislation, you will get a lump sum payment through the insurance, which is tax-free. Luckily, no medical is required. Though the accidental coverage is strictly subject to your personal accident insurance policy, you can ask for an enhanced protection at an additional premium price. Also, do confirm the age group for which this coverage is available in India.
You May Like to Read: Why should You Buy Personal Accident Insurance Policy
These are five reasons why it should be considered that personal accidental insurance is integral to the construction industry. When you need to purchase one, make sure you compare various plans available online and to make sure you end up purchasing the right plan.
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