A term life cover[2] provides protection against the financial burden on the policyholder’s dependents in case the insured passes away. | Health insurance[3] plans provide financial aid during medical emergencies to mitigate the expenses incurred. | Personal accident insurance provides coverage for burns, loss of limbs, broken bones, disabilities, etc., resulting from an accident. |
The death benefit is paid out on death. It is paid on maturity if you have opted for it. | The benefit is paid after the hospitalization process. It includes the ambulance charges, pre-and post-hospitalization charges, etc. | This policy pays out the benefits on death, permanent partial or total disability, and temporary total disability. |
You should buy this policy if you are the sole breadwinner of the family. | This plan should be taken by people who are prone to health conditions, etc. | This is the right plan for individuals who may be hospitalized due to their dangerous nature of work. |