ACCIDENT INSURANCE

Normally it is seen that Life Insurance cover is considered as sufficient to cover the emergencies related to life. But some thought has to be given to the fact that all “accidents do not cause deaths” they may cause disabilities that puts the entire family in a financial burden that sometimes is more dreaded in comparison with the accidental death.

ACCIDENTAL DEATH COVER

This plan works in the same way as in the Term Plan wherein the this plan will get activated in case there is an accidental death of the member insured. The Family will be compensated with the amount of Insurance cover in addition to the other claims in Term Plans taken separately.

DISABILITY COVER

This plan is more popular for the disabilities cover wherein the member gets compensated for the Permanent as well as Partial Disabilities due to accidents. The family is financially disturbed because of the rise in medical expenses of the member disabled as well has to manage the regular expenses that were earlier earned by the member disabled.
The Disability compensation not only helps the family fight financially against the additional expenses but also helps the member recover and stay independent financially.

PERSONAL ACCIDENT INSURANCE

Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurer. There are various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.

An accident does not come knocking at the door. It can happen anytime, anywhere and may result in minor to serious injuries. Any such uncertainty may lead to financial crisis, and that is why it is recommended to buy a Accidental Insurance policy. It will provide the necessary financial assistance to you and your family against accidental death, bodily injuries and disabilities (Partial/ Permanent/Temporary). There are various other rider benefits such as accidental hospitalization cover, Hospital Confinement Allowance, and Medical Expense Cover.

You can secure yourself against accidental death and disability with personal accident insurance.

Alarming Statistics about Accidents in India:

Nearly 1214 road accidents occur every day in India. In recent years people have become more prone to accidents than they would have ever imagined? Here are some stats:

As per the Ministry of Road Transport and Highways, there were 4.64 lakh accidents alone in 2017. And nearly 1.47 lakh people died due to accidents on Indian roads.

And there was a rise of 1.68% in accidents in 2018, as per the recent reports.

TYPES OF PERSONAL ACCIDENT INSURANCE POLICY

 

Accidental Insurance Policies can be further divided into two sub-heads. Here’s a quick rundown of the two variants:

INDIVIDUAL ACCIDENT INSURANCE

This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.

GROUP ACCIDENT INSURANCE

Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.

ACCIDENTAL INSURANCE COVERAGE

You can avail the following coverage benefits with a personal accident insurance policy –

ACCIDENTAL DEATH COVER

An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.

PERMANENT/TOTAL DISABILITY COVER

In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.

PERMANENT PARTIAL DISABILITY COVER

If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.

TEMPORARY TOTAL DISABILITY

In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.

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