What is Personal Accident & General Insurance?
A Thorough Comparison & Analysis
General insurance is designed to protect valuable items. In certain cases, the insurance company will pay you the guaranteed sum or a negotiated amount to cover some or all of the damage.
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How does personal accident plan work?
Personal accident plan provides financial compensation to policyholders in case of an unfortunate accident. A personal accident plan as its name suggests is specifically intended to protect against accident-related complications, including coverage for injuries, disability or death.
In such a situation, you and/or your family would need financial support to continue to enjoy a similar standard of living, even with your income loss. Even in accidents that are not as serious, injuries can prohibit you from working for a period of time and leaving you with medical bills that you generally can not claim on your health insurance.
It is important to note that policies for personal accidents differ from life and health insurance, as the coverage offered is intended only for injuries and procedures that result from an incident.
In contrast to life and health insurance, which provides coverage regardless of circumstances leading to death, illness or injury, whether accidental or otherwise.
Coverage provided by personal accident plan
In general, here are the types of coverage that you can get from a personal accident plan.
It's also a non-exhaustive list and that your personal accident plans may provide some coverage beyond what's mentioned.
When you wish to buy a personal accident plan, we recommend that you evaluate the areas covered in detail.
Benefits of personal accident plan?
Other than the coverage on accidental death, total and permanent disability, partial or temporary disability and medical expenses.
Personal accident plans have miscellaneous benefits which include weekly income benefit, daily hospital cash benefit, home modifications and benefits for mobility assistance.
For each week you are out of work due to a disability, a weekly income benefit will provide reimbursement. You may also find funeral grants, child guardians and personal liability benefits which may be included.
Lastly, most policies for personal accident plans also provide compensation for infectious diseases (such as dengue, zika, hand foot mouth disease), food poisoning as well as Traditional Chinese Medicine (TCM) treatment etc.
Personal Accident plan is also one of the cheapest protection coverage against accidents in the market.
What is General Insurance?
General insurance is one of the 3 main categories of Insurance and has the most type of insurance coverage, you can find almost every type of insurance from personal to household to business.
General Insurance helps us cover ourselves and the items we value such as our homes, our vehicles and our valuables, from the financial impact of risks big and small – from fire, flood, storm and earthquake, theft, car accidents, travel mishaps – and even from the costs of legal action against us.
In general, insurance works by spreading the cost of unforeseen risks among a large number of people who share similar risks in the same region
If things go wrong, your insurer may either repair or replace products lost or damaged, depending on your policy terms. You may also choose to obtain a cash settlement for the amount of money agreed on in the policy.
Common types of general insurance
General insurance or non-life insurance policies, like automobile and homeowners insurance, offer compensation based on the loss arising from a specific financial event. General insurance is typically defined as any non-life insurance. Examples of General Insurance are below:
See the guides of the General Insurance Association for more detail on the 3 different types of general insurance:
Get your Personal Accident plan comparisons from the top providers in Singapore here!
Personal Accident plan will come in handy when you need extra medical coverage which may include medical costs and
what is not covered by your health insurance.