Having LIC with accident rider. Do still I need to buy PA insurance?

Dear Sir,

First of all I just want to thank you for this community.
I am having LIC with accident rider. Do still I need to buy PA insurance?

Thanks,
Parminder

Personal Accident (PAIP) vs accident riders - If you compare the two options, PAIP has an edge for those covering all the four contingencies—you will get a weekly payout in case of temporary total disability; a facility that riders don’t have. This facility gives you a better income replacement stream too. Also, PAIP’s coverage in terms of age limit is more and the coverage doesn’t end after a claim is made, as is the case with accident riders.

Now which one to choose if you do not need a long-term commitment required in a life policy can take a stand-alone personal accident cover.


Some things need to remember -
1- When you go for a PAIP, opt for a comprehensive coverage of the four contingencies of death, permanent total disability, permanent partial disability, temporary total disability even though you might have the option of covering one, two or three of them. The reason: such a cover provides weekly payouts at one per cent of the sum assured, subject to a ceiling of Rs 6,000, in case of temporary total disability. For this benefit, you have an upper ceiling of Rs 5 lakh or 25 times of monthly salary, whichever is lower.
2- There is also a cap for the overall cover under PAIP, which can be 60-72 times monthly salary, depending on the policy.

Hope now things are clearer to you! If still you have query, please mention here I am ready to help you out.

PA Insurance and PA Rider are two different things -
PA Insurance - is an insurance policy which is designed to provide the acciedent coverage.
PA rider - is an addon benifit in the existing policy that you will receive (double) benefit incase death is happened due to accident

Always take separate PA policy. It is cheap and best policy available in India.