personal accident policy is cheaper which has table of benefits costing around 200rs/lac.Life insurance proves to be costlier in terms of premium&in long run.whereas general insurance is short term contract costless too
2007-03-22 18:30:50 · 3 answers · asked by kirupa_shnkr 1 in Business & Finance ➔ Insurance
because accident insurance rarely pays out. you have to die by bodily injuries to receive such payment. its really a complete waste of money. with ordinary life insurance, it pays out no matter how you die.
term insurance is cheapest in the long run.
2007-03-22 19:32:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Cost should not be the sole criteria. This is a very myopic view. Because Life Insurance pays a benefit due to death it is the better choice for protecting loved ones against the devastating loss of income that might occur if a Member dies pre-maturely.
A Personal Accident Policy is a good choice to supplement a life insurance policy -- but because it excludes natural causes, it should not be relied upon as the only protection for your family.
Personal Accident Insurance may be an attractive option when a person
1. enjoys a particularly active lifestyle, and wants additional protection against death or dismemberment from accidental causes.
2. has very active family members, and wants protection against the accidental death or dismemberment of a spouse or dependent child.
3. cannot qualify for life insurance due to recent and substantial medical issues, but still wants protection against death or dismemberment from accidental causes.
2007-03-22 19:31:00 · answer #2 · answered by lamir 1 · 1⤊ 0⤋
Personal accident insurance covers only on death or disability due to accident. And accident need not be a must in every death, but death is certain to everybody. More over you will get some returns on your survival for your oldage.
good luck
If you want more details on insurance contact pnkmurthy@yahoo.com
2007-03-22 18:58:11 · answer #3 · answered by toknowmore 4 · 0⤊ 0⤋