How can you prepare for untoward on-road accidents?

Despite the nationwide lockdown in 2020, bought on by the Covid-19 pandemic, an average of 328 Indians lost their lives on the road each day, as per the National Crime Records Bureau (NCRB). India unsurprisingly accounts for the highest number of road-related accidental deaths in the world.

The World Day of Remembrance for Road Traffic Victims - observed annually on the third Sunday in November - is a reminder of the immense changes needed when it comes to driving and road etiquette. While bringing greater awareness and collective change will take time, there is no reason we can't do our bit in making the roads safer for everyone.

Safety First, When On the Road

Driving safe: The essentials 

To begin with, basic driving protocols such as wearing a seatbelt, adhering to speed limits, respecting traffic lights should be second nature. Furthermore, good drivers need to be aware of their surroundings, be respectful of other vehicles and pedestrians with whom they share the road, and conduct periodic maintenance to minimise operational issues.

A safety-first approach can significantly reduce the risk of getting into a road accident and can help save thousands of lives each year. However, the unpredictability of life every time we step out of the door cannot be negated entirely. It is, therefore, essential to safeguard ourselves and our loved ones against any unexpected risk with the right insurance.

Personal accident insurance

There are an estimated 4.5 lakh serious accidents each year on Indian roads. Even though most of them are not fatal, the risk of bodily harm is very high. A disability may diminish your capability to earn in the future, and a personal accident insurance cover provides a financial recourse against just that. A personal accident cover pays a percentage of the sum assured as compensation depending on the severity of the disablement.

Health insurance

A comprehensive health insurance policy with accidental coverage ensures you and your family can get the necessary medical attention at any network hospital in the country. Most health plans now come with a cashless reimbursement which means you do not have to pay out of pocket for treatment costs. Depending on the type of plan, not only are your hospitalisation and treatment expenses covered, but you may also receive financial support in case of permanent total or partial disability.

Life insurance

Loss of life can be devastating for your family and can put them at financial risk, especially if you are the sole breadwinner. Along with putting your family's financial stability at risk, they would also become accountable for loans or liabilities you may have, such as a home loan or car EMIs. A life insurance plan with an accidental death benefit cover can help in such situations. It offers compensation over and above the sum assured and can take care of all the liabilities and expenses. This way, your family can live a financially secure life, as you envisioned.

Wrapping up

Remember, as careful as you may be, not everything is within your control. But you can take various steps to protect yourself and your loved ones through the right insurance products. With IDFC FIRST Bank, you can choose from health insurance, motor insurance, term insurance and more to safeguard your financial future.

Disclaimer

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