Compensation can be paid to you by personal accident insurance, when you are unable to work because of injury or illness which is caused by accident. This insurance aims is to provide financial assistance when you are unable to work due to accident.
In the case life insurance, compensation can be paid for individual's death or other events like terminal illness or critical illness. For this, policy owner has to pay some amount of money in the form of premium at regular intervals.
Difference:
Many accidents may happen in our life and this insurance policy can cover them. Accidental deaths are only covered by this personal accident insurance. Generally medical costs and hospital charges will be paid by this policy. It may depend on the policy. If any individual gets injured because of accident and is hospitalized, then they can be paid for medical charges and hospital charges. This policy is cheaper than the life insurance policy but it is more restrictive policy.
Generally life insurance policy covers any type of death, but it depends on the type of policy. Two types of policies are there - permanent and term insurance policy. Coverage can be provided by the term policy for particular time period, it may be one to five years. If you want to continue this policy, you need to renew this policy. You can be given permanent life long coverage by permanent policy. These two policies can cover the death and medical expenditure. It is important to see which type of insurance it is.
These are differences between the personal accident insurance and life insurance, according to your need you can choose insurance policies after considering all the facts and terms and conditions.
In the case life insurance, compensation can be paid for individual's death or other events like terminal illness or critical illness. For this, policy owner has to pay some amount of money in the form of premium at regular intervals.
Difference:
Many accidents may happen in our life and this insurance policy can cover them. Accidental deaths are only covered by this personal accident insurance. Generally medical costs and hospital charges will be paid by this policy. It may depend on the policy. If any individual gets injured because of accident and is hospitalized, then they can be paid for medical charges and hospital charges. This policy is cheaper than the life insurance policy but it is more restrictive policy.
Generally life insurance policy covers any type of death, but it depends on the type of policy. Two types of policies are there - permanent and term insurance policy. Coverage can be provided by the term policy for particular time period, it may be one to five years. If you want to continue this policy, you need to renew this policy. You can be given permanent life long coverage by permanent policy. These two policies can cover the death and medical expenditure. It is important to see which type of insurance it is.
These are differences between the personal accident insurance and life insurance, according to your need you can choose insurance policies after considering all the facts and terms and conditions.
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