Should you buy personal accident insurance if you already have life cover?

A standalone personal accident insurance plan is more comprehensive and covers a higher number of accident-related risks as against an accidental death benefit rider available with a term plan

Most of us are aware of the need of purchasing life insurance and health insurance. However, very often one important risk cover is under-represented in most individual portfolios – accident insurance. When asked whether they have bought accident insurance, some immediately point to the accident disability rider they have bought along with their life cover. However, they might have missed considering taking a standalone personal accident cover from a non-life insurance company.

Many of us relate the term accident with accidents arising out of collision of vehicles on the road or transport related accidents. However, it is not always the