Buy a term plan and secure your family
The solution is Term Insurance!
However, it is observed that most of the buyers get confused about choosing between personal accident and term insurance. To clear all the ambiguities in this regard, we’ll be shedding a light on personal accident and term insurance and how they differ from each other.
As the old saying goes prevention is better than cure, personal accident insurance does that very same way by providing the much needed financial security in case of an accident leading to death or disability sustained by the policyholder. An accident may jeopardize one’s long term financial stability irrespective of the fact that he or she is salaried or self-employed. Such a misfortunate event affecting the mobility and in turn the flow of income can be a matter of great trouble.
Don’t worry it’s never too late if you are young and looking forward to secure the financial future of your family in such a catastrophic event. You can consider investing in a personal accident insurance plan. Apart from providing financial assistance in case of an accident event, the policy remains as a source of income in case an accident disability leading to loss of income. An important contributing factor that makes personal accident insurance plans a must buy is the affordability; these plans, in general, are quite affordable and budget-friendly.
Conventional term insurance is an integral part of your financial profile. For securing the future of your family a term insurance plan turns out to be a basic necessity. A conventional or traditional term insurance plan offers coverage by providing the nominees of the insured a death benefit during the years when the policy is active. It is very crucial to understand that the policy provides death benefit only if the demise of the policyholder occurs when the policy is still active; in case, the insured survives the policy period then the nominees would not be eligible for any death benefit or payout. There are various perks of buying term insurance, the first one being its affordability and accountability. Term insurance plans are the most basic and purest form of life insurance and therefore usually come with a low premium when compared to other plans.
Both term insurance and personal accident insurance are types of life insurance and differ from each other in various aspects. To be more precise-
In a Nutshell
Now, that you have a sound understanding of both the types of plans, it’s your choice that matters the most. Investing in a term plan is a wise decision, however, if you’re looking to provide financial security to your family whereas you can take safety measures to prevent unfortunate accidents, you should consider both. Bonus point is- personal accident cover can be bought as rider as well.