Health Insurance and Personal Accident Insurance: A Comparison

A good standard of living is judged by proficient insurance plans and a good health plan is a key aspect for any individual and their family. To have a peaceful, tension-free life knowing that your medical bills are covered and your healthcare needs fulfilled is surely something that everyone seeks. 

Health insurance and personal accident insurance policy are vital in any person’s life. However, what often becomes difficult to figure out is what works out best for you, the best accident insurance policy or a health insurance policy. 

This blog will discuss what a health insurance policy is, what accident insurance actually aims to provide and discuss the distinguishing factors between the two.

Health Insurance

Health insurance, in simple terms, means that in case of any medical emergency, a health plan will ensure reimbursement of the medical bill, or the insurance company will cover the entire expenditure. 

The pros of having health insurance do not need elaboration. The purpose it serves itself gives you the reason why it’s so important. 

Some major benefits include:

• Financial security
• Hospitalisation
• Pre and post-hospitalisation expenditures
• Regular Health check-ups
• Deal with any medical inflation
• Protect your savings as well

Now that you know in a nutshell the importance of healthcare insurance, let’s move on to personal accident insurance policy.

Personal Accident Insurance

Accidents are a synonym for unpredictability, and hence a personal accident Insurance policy  is extremely essential, especially in a country like India, wherein reckless road accidents take place every day. Apart from road accidents, there are various other catastrophes that can occur and having personal accident insurance in India becomes crucial.  

Personal accident insurance covers the dire consequences of any accident, i.e., temporary disability, permanent disability and death.

Again the best accident insurance ensures various benefits.

Some major benefits include:

• Weekly payments in case of temporary injury
• Lump sum amounts in case of permanent injury or death
• Also covers daily hospital allowances
• Child education support
• Low cost

Having discussed the need for promising healthcare insurance and best accident insurance, let’s move on to the differences between these two and which one you should opt for. Both policies are equally necessary for any person’s life. 

Healthcare Insurance vs Accident Insurance

In today’s world, with rising prices and rapid advancement in medical services along with increased medical emergencies and casualties, any amount of coverage seems little. Hence it becomes all the more necessary to have both insurances done for you and your dear ones.

In the long run, medical insurance might seem like the better option to any citizen applying for it, however, if we consider the different services provided by healthcare Insurance and accident insurance policy respectively, we will realise the exigency of both. 

The above table gives you an overview as to how both these policies cater to your healthcare needs. Health plans promise coverage for the long run along with the advantage of add-ons as well, an accident insurance policy focuses on various other aspects that are often not covered under health insurance. For instance, one of the major ones is death coverage. You can also check the total coverage an accident policy offers you with the help of a personal accident insurance policy premium calculator.

A good healthcare plan coupled with accident insurance will be a saviour for you in the long run. An accident insurance policy with a promising health policy will undoubtedly deliver all your healthcare requirements. It’s never too late to ensure your and your family’s protection against dreadful incidents that might befall any individual.

FAQs

1. What is the main difference between health insurance and personal accident insurance?

   Health insurance covers a wide range of medical expenses, including hospitalisation, treatment, check-ups, and surgeries due to illness or injury. Personal accident insurance, on the other hand, covers injuries, disabilities, or death caused by accidents.

2. Do I need both health insurance and accident insurance?

   Yes, ideally, both are essential. Health insurance provides financial coverage for general medical needs and illnesses, while accident insurance offers added protection in the event of unforeseen accidents, including permanent or temporary disability and death.

3. What benefits does personal accident insurance offer?

   Accident insurance often provides lump sum compensation in the event of permanent disability or accidental death, weekly payments for temporary injuries, a daily hospital allowance, child education support, and comes at a relatively low cost.

4. Can accident insurance replace health insurance?

   No, accident insurance cannot replace health insurance. It is meant to supplement your coverage by providing financial support during accident-related events, whereas health insurance covers a broader range of medical conditions and treatment costs.

5. Is personal accident insurance necessary if I already have a health plan?

   Absolutely. Even if you have a comprehensive health plan, a personal accident policy ensures you are financially protected against accident-specific outcomes like loss of income due to disability, which standard health insurance does not typically cover.