Which is a better idea, life insurance with an accident rider add-on or a standalone personal accident insurance policy?
Life Insurance and Health Insurance are insurance products that cover specific eventualities and offer insurance coverage to mitigate the negative financial implications these eventualities have on the policyholder or his / her dependants.
Life Insurance as a product provides financial benefits to the dependants or nominees of a person who has lost their life.
Health Insurance as a product acts as a cushion and mitigates the expenses incurred due to hospitalisation for whatever reason.
Personal accident insurance as a product provides additional coverage for a wider range of possible accidents or disasters that could occur in our day to day lives. A personal accident insurance policy provides for coverage against the loss of limbs or disabilities caused due to accidents while travelling / commuting / in the workplace / due to the dangerous nature of work / due to external situations, etc. This is the insurance product to be purchased by those who wish to create a financially stable environment against all possible eventualities. Buying a separate policy for the same will provide you better cover when compared to taking it as an add-on.
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