Accidental Insurance Policy: It's easy to find people having a life insurance plan and a medical insurance plan but still, in India accidental insurance plan holders are very few. There are various reasons for this. One of the major reasons for this is lack of awareness amongst investors and insurance agents showing lesser interest in selling pure accidental insurance plans as commission in pure accidental plans are quite low in comparison to life insurance or medical or health insurance plans. Apart from this, the majority of the medical expenses are already covered under the medical or health plan. That's why people show lesser interest in buying a pure accidental plan and insurers also don't make people aware of the importance of a pure accidental plan.

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On why insurance agents don't sell pure accidental plans, Jitendra Solanki, a SEBI registered investment guru said, "Premium for a pure accidental insurance plan is very low. For around Rs 5-10 lakh accidental cover, the premium is around Rs 1000 while for health insurance or medical insurance the premium is around 6-7 times higher. Since the commission of the insurance agent is the same in health, medical and pure accidental insurance agents either bundle accidental insurance with any of their health or medical plans or dump the idea of selling a pure accidental insurance plan." Solanki said that there are some other benefits that make pure accidental insurance a must.

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Here are the following top 5 reasons that Solanki listed out that makes pure accident insurance plan an important investment of an individual:

1] Benefit post-disability: Under a pure accidental insurance plan, a policyholder can claim compensation for various kinds of disability, which neither his or her medical insurance or life insurance covers.

2] Hospitalisation expenses: Generally, people avoid a pure accidental insurance plan as hospitalisation expenses post-accident is already covered under medical insurance or health insurance plan. But, what in case the hospital bill shoots beyond the limit of their health insurance plan? An accidental insurance policy will be useful in such scenario.

3] Home/Vehicle adaptation: An accident may lead to a kind of disability that forced adaptation or alteration in your home and the vehicle that you use. For example, suppose you can't move your feet post-accident and you need a wheelchair to move. In such a case, you need to make some alteration at your home and some alterations in your vehicle. If one has a pure accidental insurance plan, these alterations at home and vehicle are covered.

4] Family transportation during hospitalisation: Post-accident, it's not necessary that one would be hospitalised in a hospital, which is at a walking distance from his or her home. The hospitalisation depends on various variables like the place of accident and type of accident and which hospital suits that kind of accident, etc. So, a policyholder's family may not be able to choose the hospital where the policyholder would be hospitalised, at least immediately post-accident. In that case, the family members of the policyholder will have to commute a long distance leading to a large amount being spent on transportation. But, these expenses can be claimed under a pure accidental insurance plan.

5] Death claim: In case the policyholder fails to survive the accident, the family members would be eligible for claiming the death cover in a pure accidental insurance plan. This would be in addition to the death cover under his or her life insurance plan and life cover.

Therefore, these top five reasons make pure accidental insurance a must for anybody's investment portfolio.