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Health Insurance or Accident Insurance – Which one to Choose?
May 24, 2023

Accident Insurance vs Health Insurance

Accidents can be a startling experience not just for the injured, but also for the entire family. Any case of hospitalisation can also bring a similar experience. At these times, getting the right treatment is critical and the last thing you should be worrying about is managing funds to pay for these treatments. To stay prepared for these times, signing up for an insurance plan is a good practice. Insurance companies charge premium for the coverage they offer against uncertain and unfortunate events that may happen. There are various plans available from which you can choose. Different situations demand having different policies. But a mishap like accident can be insured using two types, a health insurance policy and a personal accident insurance. So, which is the right one for you? This article breaks down which insurance cover will fit you the best. Let us have a look -

Health Insurance

Health insurance, as the name suggests, provides coverage for the health of the beneficiaries. There are a varied range of ailments that are covered under health insurance plans. Moreover, health insurance plans are not limited to hospitalisation, but also offer financial assistance for other expenses like diagnosis of ailments, ambulance charges, pre and post hospitalisation expenses, etc. Although there is coverage for majority ailments, some of them are excluded which are mentioned in the list of exclusions. You can read the policy exclusion list to know more about it. When purchasing a health insurance plan, the insurer checks for your medical data as well as the family medical history to understand the risk involved based on which premiums are decided.

Personal Accident Insurance

Akin to health insurance plans, a personal accident insurance covers medical and hospital expenses. However, personal accident covers are limited to these expenses. The purpose of a personal accident cover is to provide assistance in times of accidents and not replace the standard health insurance cover in its entirety. A personal accident cover can be purchased as a standalone policy.

Key points of distinction between accident insurance vs health insurance:

Pre-existing diseases:

When comparing accident insurance vs health insurance, there is no coverage for pre-existing diseases in an accident insurance. At the same time, health insurance plans include an ailment that you might be suffering from in its scope after a specified waiting period.

Maternity benefits:

No accident insurance cover offers maternity benefits, but health insurance plans can be customised to include maternity cover too. This comparison of accident insurance vs health insurance helps to shortlist the right insurance policy based on your requirements.

Coverage for accidents:

A standard health insurance policy may not always cover the treatment apart from the hospitalisation, but an accident insurance offers complete coverage for the treatment for an accident.

Types of insurance plans:

Health insurance plans are available in a variety of types like group insurance policy, family floater policy, individual health insurance, etc. On the other hand, a personal accident cover can be purchased on a standalone basis. Thus, selecting the right type of policy is essential to make sure a comprehensive coverage is available for your needs. The IRDAI has recently asked insurers to launch a standard personal accident insurance cover called, Saral Suraksha Bima. The policy provides a sufficient sum insured at affordable premiums. Explore Saral Suraksha Bima policy by Bajaj Allianz. These are some noteworthy points between accident insurance vs health insurance. Based of the above explanation, it can be useful to deduce which is a suitable insurance policy for you and your family.

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