Differences between Personal Accident Plan and Health Insurance Plan

1. Differences between Personal Accident Plan and Health Insurance Plan

2. Life is filled with eventualities that can cause chaos. Unforeseen events like accidents, medical emergencies can cause a lot of financial and emotional stress. While accidents can get you into legal liabilities, medical emergencies can make you physically and mentally disturbed. The only way to secure your life and save money in such situations is by shopping insurance plans for these events. A health insurance plan not only offers financial aid, but it also provides better options for quality treatment, medical care, etc.

3. On the other hand, in case of accidents, a third party liability insurance plan will only cover you against the legal liabilities and the cost of damages caused to the third party by your vehicle. This plan does not provide any financial aid to the damages that occurred to your vehicle or you. In such scenarios, the personal accident insurance policy comes into play. Remember that a third party liability plan is obligatory for all vehicle owners but it is your responsibility to opt for extra coverage along with the third party liabilities.

4. Most vehicle owners consider the health insurance plan and the personal accident plan to be the same. But there are some differentiating elements that make them unlike. It is important to know these differences as you will understand the plans better and can select accordingly. The following article will put forth the details of these plans by bringing out the prime differences between these two insurance plans. Go through the article so that you can make better decisions;

5. Coverage offered: Personal accident insurance policy will cover you against the medical bills incurred only due to accidental injuries. The accidental injuries may include partial disabilities like loss of a vision, temporary disabilities like fractures or permanent disabilities such as loss of limbs, etc. The health insurance plan will cover you against the medical expenses incurred due to any health conditions that are included in the policy document. It offers coverage for hospitalization, surgeries, dialysis, etc depending on the terms and conditions of the policy.

6. Coverage for Death: No matter how long we ignore death-related talks, we must admit, it is inevitable. It is important to secure your life and the life of your family members with an adequate plan that will help them in your untimely death. The personal accident insurance policy will compensate the nominees with 100% sum insured if accidental death occurs. The health insurance plan will not compensate any amount in case of untimely deaths. To avail of this benefit, you should purchase a separate Life insurance plan.

7. Premium rates: The reason why the health insurance plans cost higher than the accidental coverage plan is that the health insurance plans offer extensive coverage. Since the personal accident insurance policy only covers medical expenses of accidental injuries, the premium amount for these plans is comparatively less. Whenever you are looking forward to purchasing an insurance plan do not get conceded with the personal accident cover and a health insurance plan. Select the plans according to your requirements. But before you make any payment, make sure you have read the policy wordings carefully, understood the inclusions, exclusions, sub-limits of the policies completely. This will save you from unnecessary hassle during critical situations. It is always a great decision to secure your life with a health insurance policy and a personal accident cover as the perils of eventualities are unimaginable. Stay insured, stay safe.

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