BANGALORE: Do you have a personal accident insurance? If you will ask this question to anyone they would usually nod their head saying that we have an insurance which covers everything. But it is high time for you to realize that all the insurances are not the same and they do not possess same benefits. Personal Accident insurance is different from a life insurance or a medical insurance. It is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. As a whole PA insurance provides 24-hour worldwide insurance protection.

These days, most often people get lured to many non-life insurance companies that offer feature-rich covers and high sum assured policies. Also many of these policies are really useful and worth buying too. But along with the good features they have some drawbacks which include hefty premiums to pay. It is advisable to go for the main policy first and then go for adding other features.

"Personal accident insurance offering accidental death, permanent total disability, for a sum assured of at least 10 times annual income is a must. Plans with more features can be bought if the budget permits and if an individual needs," said Sanjay Datta, chief underwriting and claims, ICICI Lombard General Insurance. Mukund Seshadri, founder partner, MSV Financial Planners said, "Ideally one should have a feature-rich policy, but most people do not have their finances in place. It is better to buy a basic personal accident insurance cover first" as reported in Economic times.