Posted on April 18th 2018
This article first appeared on DollarsAndSense.sg
When compared to other insurance types such as life and critical illness policies, personal accident plans are generally less well understood by consumers.
In this article, we will explain what exactly personal accident plans are, and how they help give us added protection in our lives.
What Are Personal Accident Plans?
Simply put, personal accident plans are a type of general insurance that provides policyholders with financial support in the event of an unfortunate accident occurring. Payouts are either in the form of a reimbursement basis, based on medical expenses incurred, or a lump-sum payout, depending on the type of injuries sustained.
For example, in the event of a permeant loss of a limp due to an accident, a personal accident plan will provide the policyholder with a lump-sum payout.