The consequences of an accident can be as small as a scratch to as big as death. In case of death various insurance policies will help family to cope up with financial hardship but what about an accident where one looses body parts & that impacts his earning abilities. In such situations accidental insurance can be very helpful. Accidental insurance policy covers the risks which occur after the accident. Accidental Insurance excludes suicides, self injury, armed force operations, war etc.
Features of Accidental Insurance
1. Yearly Contract: Similar to term plan & medical insurance – accidental insurance is also yearly contract that you can renew every year.
2. Maximum Insurance: It depends on your income – some insurance companies give 60-100 times of your monthly income others give 8 to 10 times of your yearly income.
3. For Non Earning Members: Few insurance companies provide accidental insurance to dependents but have limitation in sum assured.
Benefits of Accidental Insurance Policy:
Comprehensive Accidental Insurance policy provides benefits in 4 cases:
a) Accidental Death
If an insured died due to an accident his nominees will get 100% sum insured. So it’s very important to have right nominee in any kind of insurance policy whether accidental or life.
b) Permanent Total Disablement
Some time a person who meets with an accident loses his body parts – may not be able to work in future. In case of Permanent total disability 100% sum insured is given to the insured person. It covers:
§ Loss of both hands or both feet or one hand and one foot
§ Loss of a Limb (hand/foot) and an eye
§ Complete and irrecoverable loss of sight of both eyes
§ Complete and irrecoverable loss of speech & hearing of both ears
c) Permanent Partial Disablement
As the name suggest, this benefit is given if someone losses one hand or one leg or even small body part like finger/toe. For this every insurance company have their own tables – what they will cover & how much they will pay depends upon the age limit of the person as per policy documents.
How do you travel to work? By bike, car? No matter how you travel, cover your risk. Just Give a Missed Call to IndianMoney.com on 02261816111 and learn the importance of accidental insurance.
d) Temporary total Disablement
Sometime it can happen that anyone may meet with some serious accident but there is no permanent loss. But doctor may suggest a complete bed rest of 5 weeks or a complete checkup of any part of the body. This will have an impact on earning for a small period, so in such case accidental insurance can compensate for this income loss. Weekly benefit is normally 1% of your sum assured for maximum 100 weeks. There is also a maximum limit according to your income.
e) Other small benefits
There are few other benefits that one can get from insurance company – few are priced in the premium & for others you need to pay additional premiums. These can be like emergency ambulance charges, education fund for kids, medical expenses, family transportation, imported medicines etc.
How accidental policy premiums are decided
Accidental policy premiums do not depend on the age of insured but on his work profile & working conditions. Occupational classification divides people in 3 levels
· Level 1 (normal risk) – this includes people who are in administration functions and work in offices like accountants, bankers, doctors etc.
· Level 2 (medium risk) – people who are working as labor in the field.
· Level 3 (high risk) – people who work in mines, circus etc will come in the higher risk category.
To choose the best accidental insurance, Just Give a Missed Call to IndianMoney.com on 02261816111You Might Also Like to Read |
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