Accident Insurance
Why Personal Accident Insurance?
Imagine a healthy family of 4 people. The bread winner Ramesh, has life insurance and family floater policy. Suddenly on their way back home, there is an accident and Ramesh has a permanent disability in his legs. Will the life insurance and family floater help? Health insurance is for hospitalization and life insurance compensates death. But, what if there is disability due to accident?
Accident Insurance takes care of these expenses should there be death or permanent disability due to accident.
Let's look at some Accident fats in India
We do not like to hear about all this but
do you know, Indian roads were at their deadliest in 2014 claiming more than 16 lives every hour on average. and these incidents terribly affect finances.
Advantages of Personal Accident Policy:-
The sum assured provided by the personal accident insurance turns as a major support to save you and your family from the economical crisis.
Double indemnity for death/ disability while traveling in public transport
What does the policy cover?
Accidental Death
Accidental death coverage gives compensation on the policyholder’s death caused by bodily injury resulting out of accident and leading into death. The nominee will receive entire sum assured offered by the insurer.
Accidental Disablement
It indicates that the insured person is disabled from work, either wholly or partially.
Accidental Dismemberment
The policyholder’s body part has been dismembered or severed. It clearly means that the insured person loses his eyes, legs or hand, then only the insured person would be eligible to receive a claim under this coverage.
Additional Benefits
Funeral Expenses in case of accidental death Expenses incurred for transportation of policyholder’s dead body from the accident spot to the residence place
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Hospital daily cash allowance for accidental bodily injury FAQs
Personal Accident Insurance provides a financial cover to an individual who had to suffer death / disability / dismemberment due to an accident.
A life insurance covers death and a health insurance covers hospitalization expenses. But if a person suffers a disability in an accident, neither of the two suffices enough to make up for his/her immense loss. That's where personal accident comes into picture and provides a financial cover to the sufferer.
Ideally, it should be 10 times of annual income.
Personal Accident Insurance is open to everyone from the age of 18 years to 65 years.
The best part of this type of policy is that it has hassle free documentation. Fill the complete proposal form with relevant details and sign it . Tick any one plan and attach a cheque or fill the credit card details in the form. It's that simple!