A personal accident plan provides a peace of mind by taking care of the financial implications. It is a type of general insurance that provides policyholders with financial support in the event of an unfortunate accident occurring. Payouts are either in the form of a reimbursement basis, based on medical expenses incurred, or a lump-sum payout, depending on the type of injuries sustained.
It’s important to note that personal accident plans differ from life and health insurance as coverage provided is only meant for injuries and treatments which arises due to unforeseen events.
Even if you think you are adequately insured, there are still merits to getting a personal accident plan if you wish to enjoy a higher level of insurance protection. Speak to our Financial planning partners to find out more.