Does A Housewife Require Personal Accident Insurance In India?

A personal accident insurance policy is an insurance product that covers you against accidental death and disability. The disability sustained could be permanent total, permanent partial, or temporary total in nature. As accidents can occur to anyone of us without warning, having this type of insurance can truly serve to safeguard your finances during such unexpected circumstances. Afterall, an accident can not only lead to heavy medical bills but also result in an inability to work and earn.
These days, people are becoming increasingly aware of the many benefits of having a personal accident insurance policy. Yet, many often mistakenly believe that this plan only benefits the breadwinner who goes out daily to work. The coverage needs of stay-at-home family members are often ignored or kept on the back burner. In this regard, many housewives or stay-at-home moms lack personal accident insurance despite the fact that this coverage can benefit them greatly. In this article, we take you through the benefits that a personal accident insurance plan holds for a housewife and why she would benefit greatly from this kind of a policy.
Coverage for accidental death/ disability
If the policyholder meets with an untimely death due to an accident, the nominee (usually an immediate family member) receives a payout of 100% of the sum insured. If a housewife unfortunately meets with an accident that proves fatal, the situation will truly be emotionally difficult for her spouse and children. Yet, her spouse would need to continue working and unable to stay at home to care for his kids. In this case, the personal accident insurance payout can help the family afford domestic help so that everyone’s needs are met and provided for.
Payouts of varying limits are also made if the insured person suffers from permanent or temporary disability as listed in the policy terms. For instance, if a stay-at-home mom meets with an unfortunate accident in which she loses her eyesight or both her limbs, she receives 100% payout of the sum insured. This payout will go a long way in helping the family afford domestic help or a nurse for the mother. Furthermore, this payout can also be used to pay for certain home modifications or equipment that can make movements easy for her. For instance, she may require a costly wheelchair or need the cabinets lowered so that she can reach out for things. All of these expenses can truly drain out the family savings; having a personal accident insurance policy safeguards you financially during such unforeseen times.
Looking at other benefits
Apart from the benefits listed above, a personal accident insurance plan also offers other benefits such as ambulance charges and reimbursement for clothing damaged in the accident. Moreover, this insurance policy also comes along with a cumulative benefit. This means that each claim-free year sees the policyholder get rewarded with an increase in the sum insured at no extra cost in their premium.
Thus, it is truly beneficial for every member of your household to have personal accident insurance. One never knows when life suddenly takes twists and turns; it is best that we think positively but stay prepared for any eventuality.