Health insurance vs accidental insurance: Benefits that later gives to the policyholder

Health insurance is one of the common insurance plans that an individual takes while making personal finance management for himself and for the family. However, it has been found that very few go for pure accidental insurance. Lack of awareness about the benefits of an accidental insurance plan over health insurance is the major reason for that. Most of the people think that in case of an accident, hospitalisation would be handled under the health insurance plan while in case of death, they already have life insurance (term) and that will provide financial support to their families. 

However, the investment and personal finance experts say a person should go for all means health insurance, life insurance and accidental insurance. Speaking on the additional benefits that a policyholder who has both health insurance and accidental insurance plans, SEBI registered personal finance expert Jitendra Solanki said, "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."

The personal finance expert went on to add that even when a person succumbs to an accident, a pure accidental plan would be an added sum assured, which would help the family members of the deceased to survive. So, health insurance has a limited role and accidental insurance has some other role, which neither of them can replace.