Health Insurance+Accidental Plan - Here is why this is a must-have combo

Health insurance plans or medical insurance plans have gained traction in India as they help the policyholder to save some taxes under section 80C of the Income Tax Act. However, after some level tax savings become secondary as the health or medical insurance plan is an important part for an individual because it helps you hedge against any medical emergency expenses. Similarly, there are accidental insurance plans but people are not aware of it as they feel accident leads to either hospitalisation or death. In both cases, their health insurance plan and life insurance plan will do the needful, which is not fully correct. As per the investment experts, an accidental insurance plan covers more than what health insurance, medical plan or life insurance plan can cover. They said what health insurance, medical plan or life insurance plan covers is covered ina accidental insurance plan but what an accidental insurance plan covers is not covered by the plans mentioned earlier.

Speaking on the aspects of an accident SEBI registered investment expert Jitendra Solanki said, "An accident may lead you to disability from minor to major levels and in the worst case, the accident can be fatal as well." Solanki said that an accident leading to death is an irreparable loss and no one can fill that gap coming into the family of one's family member. However, the way life insurance gives a sum assured in case of death, accidental insurance plan to promise an assured sum, which would be added for the family members of the deceased. So, one must have a pure accidental insurance plan as it costs very little to have one such plan.

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On additional benefits that an accidental insurance policyholder can have Kartik Jhaveri, Director — Wealth Management at Transcent Consultants said, "An accident may cause minor or major disability too. In such a case, the policyholder having accidental insurance can claim the monetary losses caused the accident like cut in salary due to prolonged illness and hospitalisation. A health or medical insurance plan can help you curtail your hospital expenses, but what about the monetary losses taking place at your workplace?"

On how much it costs to have a pure accidental insurance plan Kartik Jhaveri said, "IT takes around Rs 1000 premium to have an accidental insurance plan with a sum assured up to Rs 10 lakhs."

Standing in sync with Kartik Jhaveri Jitendra Solanki said, "In case of job loss due to an accident, the policyholder can claim for the job loss too. Even in case of loss of minor physical losses like index finger or any other body part that led to leaving at the workplace causing monetary loss is covered under a pure accidental insurance plan."