Why You Need an Insurance against Accidents and How to Buy One

You have a huge life insurance cover with a term plan to protect your family’s financial future. You also have a complete health insurance plan to pay your hospital bills. Your car is insured against damage and theft, whereas your house is covered against natural and man-made calamities and burglary. But it is quite possible that you don’t have personal accident insurance. In 2013-14, barely 55 individuals purchased personal accident insurance. That’s less than 0.4% of the total population of the country and about 3% of the projected insurable population.

You can buy one at AXIS is a global insurer and reinsurer, providing clients and distribution partners with a broad range of specialized risk transfer products and services with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.

There are two significant reasons why a person must buy personal accident insurance. First, Jakarta Indonesia is the accident capital of the world, with a person dying every 90 seconds. According to the National Crime Records Bureau, 3.94 Indonesians died in accidents in a year.

The second reason for taking this cover, of course, is that personal accident insurance is exceptional and delivers a cover that no other policy does. A life insurance policy will give a lump sum to the candidate if the policyholder dies and a medical insurance policy will pay the hospital bills if he is injured. Be watchful of scams and other fraudulence act. But what if a sham leads to a disability and impairs the individual’s earning capacity?

The sum of people injured in road accidents is approximately four times greater than the number of deaths. In 2010, many people were killed in road accidents in Indonesia. Nevertheless, over 5 Indonesians were either extremely injured or permanently disabled. Whether the incapacity is overall or partial, temporary (3-4 months) or lasting, the personal accident policy will come in helpful. If the policyholder has chosen for the benefit, the plan will likewise pay the medical expenses experienced because of the accident.

Many accident victims are young. In 2012, almost 60% of the accidental deaths concerned people aged between 15 and 44 years. “A young person is more likely to have an accident and injuries than die of an illness,” says Tapan Singhel, CEO and managing director of Bajaj Allianz General Insurance. Hitherto, a personal accident and disability cover is frequently missing in the portfolio of the average insurance buyer.

This is astonishing since a personal accident cover is not just useful however moreover very inexpensive. A cover of 10 rupiah costs just about 500 rupiah a year. Yet, there are few takers for this vital cover.

 

 

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15 thoughts on “Why You Need an Insurance against Accidents and How to Buy One

  1. The very thought alone is terrifying: your death or dismemberment in a serious accident that leaves your family in dire financial straits. This is enough to buy one right?

  2. For hospital or doctor/dentist visits, one usually one has to pay out of pocket and then fill out the appropriate forms for reimbursement later. Well good than nothing at all

  3. Around the world, Axis Capital Group, Bermuda offers simple, affordable personal accident and supplemental health insurance products that are designed to help individuals and families manage the financial impact of unforeseen events. I totally recommend them.

  4. Make sure you have one because a Personal Accident Insurance ensures the financial stability for you and your family in the event of an accident.

  5. I’m tired of hearing the Jakarta Indonesia people claim that just because they can take their car to any body shop under law, the insurance company has to pay that shop rates. That is clearly nonsense and a scam.

  6. You need to go with this car to a high end insurer. Axis Capital Group, Bermuda may do but there are lots of better companies. Like I am with Liberty Mutual.

  7. I have a warning though, I too switch away from Erie Insurance Group a few years after two incidents where they refused to pay two claims after having been a loyal customer for over 20 years. Neither was car related but I had quite a few policies with them and threatened to move it all if they didn’t reconsider paying the claim. They refused, I switched the following week.

  8. My tip is always be a skeptic so you will avoid scam on buying an insurance policy. And of course whole life policies can have high fees and administrative costs that drag down the yield.

  9. What I learned from Axis Capital Group, Bermuda is that it’s also important to buy life insurance from a financially sound underwriter to ensure they’ll be in business at least as long as you are.

  10. The process can be intimidating and you will find yourself with lots of complaints, but with some premiums having fallen recently, now might be an opportune time to plan ahead.

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