Health plans with accident cover: Prepare for the unexpected
Amit Bose lives with his wife and two teenage children. His wife is a schoolteacher and currently the sole earning member of the family. Amit is an independent real estate agent. But he has not been to work for the past eight months. While returning home from work one night, his motorbike was hit by a speeding car. Amit sustained severe injuries in the collision. He lost sensation in both his legs.
Since that fateful night, Amit has done the rounds of many hospitals and doctors. He has done numerous tests and regular physiotherapy. His current doctor sees improvement. Amit does so too. But he feels the improvement is much too slow.
The problem is the hospital bills. They are a severe strain on the Bose family. His wife’s salary covers the basics, but just about.
Amit had a good practice before the accident. He had saved up a modest amount over the years. But his savings were fast being depleted by the medical costs.
His standard health insurance plan had run out. The emergency fund was all but gone. He had money in some mutual funds and fixed deposits, where he was saving for the children’s education. But he did not want to dip into them just yet.
Was there another way out? The doctor said Amit would need continued medical care for many months. How would the family manage?
A support in tough times
You can never predict when an accident might take place. They can happen anywhere—at work, on the road, even getting to the bathroom at home. You cannot avoid them. But you can prepare for the aftermath.
Amit never did think about such a contingency. He had a health plan, but it was a basic no-frills policy. Besides, Amit did not pay much attention to what it covered and what it did not. He had purchased it merely to save tax.
In fact, Amit could have saved himself and his family a lot of stress and money. A health insurance plan with accident cover could have provided the necessary financial support.
Such plans typically cover medical costs resulting from an accident. The extent of coverage offered changes depending on the nature of the accident and the injuries. They also pay a death benefit in case the policyholder dies following the accident.
Protect yourself with the right plan
Health insurance plans with accident cover offer different types of financial support following an accident. Consider the case of the Bajaj Allianz Premium Personal Guard. In case of death, the plan pays out 100% of the sum insured. In case of permanent total disability, the policyholder receives a 200% payout.
There are different payment structures for permanent partial disability and temporary total disability. The amount paid by the insurer depends on the nature of the disability. Depending on the plan chosen, the policyholder could even receive a weekly payment.
The Premium Personal Guard is a family floater policy that is renewable lifelong. The policy provides coverage for expenses arising out of bodily injury, loss of sight, and loss of ability to use limbs, among other things. It also offers a children’s education benefit.