Term is not enough, buy personal accident insurance cover too: Expert

These policies prove especially useful in case of a disability

The Insurance Regulatory and Development Authority of India (Irdai) recently proposed amendments to regulations to allow lifelong renewability of personal accident (PA) policies. This will come as a relief for senior citizens, who were often deprived of a PA cover as policies ceased after a certain age.

PA policies of different companies, including Saral Suraksha Bima, typically cease after the age of 65-70. Group PA policies cease even earlier. Even the Pradhan Mantri Suraksha Bima Yojana, which pays Rs 2 lakh in case of accidental death and Rs 1 lakh in case of accidental disability, ceases at the age