People these days get sick more often, ever than before. This happens due to pollution, adulteration in food, and of course poor lifestyle choices. Individuals even in their 30s can get cardiac arrest due to stress. This is why large numbers of people are also going for health insurance policies these days. Health insurance is a popular name in the insurance industry but accident insurance is yet to reach the same level of popularity. Let us today try to understand health insurance vs accident insurance.
How health insurance policy is different from an accident insurance policy?
Health insurance is a kind of insurance that offers coverage on medical expenses that take place due to hospitalization. From medical costs to surgical expenses that are carried out during treatment, everything is covered under health insurance. Generally, pre-hospitalization, as well as post-hospitalization charges, are all included under health insurance. Some of the plans, come with even annual preventive health check-ups not only for you but your family as well. Health insurance can be called a comprehensive policy that protects the policyholders against high hospital expenses.
Accident insurance is a bit different from health insurance. An accident insurance policy is an insurance plan that covers the recovery cost in a situation when an accident takes place. Whether you get injured due to an accident or disabled or even you pass away, the accident insurance will provide coverage to your family.
Health insurance plans come with coverage for various types of conditions. Accident insurance plans are much selective and come with limited coverage.
The need for separate health and accident insurance policies
While there are some similarities in both types of insurance plans; you need to understand that these are two different types of policies that will provide you coverage of different kinds. In some of the situations, the health insurance plan might not be able to help you the way an accident insurance policy can. Therefore, to keep yourself and your loved ones covered, you should buy two different policies, one health insurance policy and one accident insurance policy. As a matter of fact, you can buy an accident insurance policy alongside a comprehensive health insurance policy.
Some basic differences between a health insurance policy and an accident insurance policy
Health insurance policies and accident insurance policies sound quite similar and often end up confusing people. Also, most people think that there is no need of putting money in an accident insurance policy since they will never meet with an accident because of which they would need one such policy. However, the fact remains the same that life is uncertain and none of us know what is in store for us in the future. One of the most common ways in which major numbers of people die in India is road accidents. Therefore, it is quite necessary to purchase an accident insurance policy. Let us take a look at some differences between the two.
Claim settlement process
The claim settlement process of accident insurance is different from health insurance. In case of claiming the coverage of accident insurance, the insurer may investigate your accident. They may ask for a copy of the FIR registered with the police or a statement of the doctor who was present during the treatment of the policyholder. However, no such thing happens at the time of claiming coverage from health insurance.
Premiums for the policies
The premiums for comprehensive health insurance are more than the premiums for accident insurance.
Offering coverage for death
A health insurance policy provides coverage only for hospital bills; however, an accident insurance policy provides coverage even if you die in an accident.
These are just some of the points that differentiate a health insurance policy from a personal accident insurance policy. If you want to take a look at the various health insurance as well as accident insurance policies available in the market now, you can visit the IIFL website.
