Benefits of personal accident insurance and health insurance


21 Jul 2023

Read about Benefits of personal accident insurance and health insurance. For more information, check out the health insurance policy from Kotak General Insurance.

A medical condition or accident can occur at any time, and worst of all, they do not come with any sort of warning. Depending on the severity of the condition, it can impact your finances greatly as well. One of the smartest ways to tackle such situations is to invest in a health insurance plan.

The need for a health insurance plan increases several times if you factor in our sedate lifestyle and the cons that it brings along. And the ever-increasing costs of health care do not support the purpose as well. If you want to invest in an accident insurance or a health insurance policy, being aware of the benefits is essential.

Benefits of Personal Accident Insurance Plans:

1. Most insurance providers do not require you to undergo any medical tests for personal accident insurance plans.

2. Personal Accident Plans are fixed-benefit health insurance plans.

3. The process of buying the policy is relatively straightforward as the documentation needed for the same is minimal, unlike what a lot of us think about documentation.

4. The plan offers financial assistance to the family if the insured is injured, disabled, or loses his/her life during an accident.

5. The plan will ensure that the family members continue to lead their lives without compromising their lifestyle, even in the absence of the insured.

6. Quite a few insurance plans do not offer compensation for anything that happens outside the boundaries of India. But accident insurance plans do not have any boundaries and will compensate even if something happens outside India. If you are a frequent traveller, buying the plan would add a lot of value.

7. Some insurance companies offer coverage for expenses pertaining to ambulances. A few of them even go as far as informing the family members about the accident as well.

Benefits of Health Insurance Plans:

1. First and foremost, the plan offers financial assistance for all your medical-related expenses. These include hospitalisation expenses, domiciliary expenses, pre and post-hospitalisation expenses, and ICU charges, among others. Thereby ensuring the best treatment out there for you.

2. Having a health plan allows you to make the most of cashless benefits. On visiting any of the network hospitals for hospitalisation, you need not pay anything out of your pocket for treatment.

3. Quite a few health plans now offer critical illness coverage along with the policy. Critical illness cover is either available as a standalone cover or as an add-on. Given the high cost of treatment for critical illnesses, it is a cover that you should not skip.

4. Investing in health insurance plans has tax benefits as well. Whether you are paying for yourself or your parents, you can avail of tax deductions under Section 80D. The limit of deductions depends on the age of the insured and their parents since senior citizens have access to higher deductions.


Investing in an accident insurance policy and health insurance plan can make a world of difference to your financial planning. You must invest in a health plan, even if your employer is offering you one, as the coverage of the former might not be adequate.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.