December 17, 2011 2:29 pm
Would you recommend separate PA plan or rider in my existing term plan?
Dear MSP, sample this – you were holidaying in Goa with your family & met in an ordinary accident whiling enjoying the sea. You are injured & temp. total disable.
In the above case – ADDBR rider of term plan ‘ll not pay a single penny.
PAP ‘ll provide the cover as per the sum assured & the %age of disability.
There is more to it. ADDBR of term plan is a one time affair. Once it has been claimed, you can’t renew it. On the other hand, PAP is like your mediclaim or car policy & can be renewed years after years & after multiple claims.
Dear Shreef, taking a separate accidental insurance is much beneficial since benefits are far much higher than taking both the riders (accidental & permanent disability).
A term plan rider will be cheaper by cost point of view .. but it will not be as detailed and comprehensive as a stand alone policy . If you only need a Accidental death and Permanent total disability benefit , then term plan riders will help you .. But more than that will require a seperate accidental plan .
you can read more on the recent article written : https://www.jagoinvestor.com/2011/12/accidental-insurance-policies-in-india.html
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