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What is Accident Insurance?
Accident insurance is a type of insurance where the policy holder is paid directly in the event of an accident resulting in injury of the insured. The insured can spend the benefit payment however they choose. Accident insurance is complementary to, not a replacement for, health insurance.While accidents and their causes vary wildly, the general definition of an accident is an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. Accident insurers may define accidents differently in their specific policies.
One has to pay a monthly, quarterly or yearly premium that remains the same till the entire policy coverage period. A cash benefit can be availed as reimbursement or direct cash benefit when the policy holder has got a major accidental injury. Compensation is provided if the insured person dies due to accident. The coverage is generally valid even when you are out of the country. No medical check-ups are required prior availing the personal accident insurance policy. It is important to pay the premium in time so that you can enjoy the benefits of this policy. You can also add your family members under this policy.
Accidental temporary disability– It means the policy holder has got severe injuries which have made him/her temporarily disable. In this case, s/he is entitled to get a lump sum compensation for the number of days where s/he is not able to work.
Accidental permanent disability– It means the policy holder has lost one or more limbs due to an accident or one or more parts of his/her body has been dismembered. The insured person is liable to get a certain amount or reimbursement of treatment cost.
Accidental death– On the event of death due to accident, the policy holder’s family gets accidental death compensation.
Medical reimbursement for health complications that has risen from the accident– Many personal accident policies also provide reimbursement for medical complications that has been raised due to an accident, like treatment of mental trauma, and so on.
Accidental Insurance Policy: It’s easy to find people having a life insurance plan and a medical insurance plan but still, in India accidental
1] Benefit post-disability: Under a pure accidental insurance plan, a policyholder can claim compensation for various kinds of disability, which neither his or her medical insurance or life insurance covers.
2] Hospitalisation expenses: Generally, people avoid a pure accidental insurance plan as hospitalisation expenses post-accident is already covered under medical insurance or health insurance plan. But, what in case the hospital bill shoots beyond the limit of their health insurance plan? An accidental insurance policy will be useful in such scenario.
3] Home/Vehicle adaptation: An accident may lead to a kind of disability that forced adaptation or alteration in your home and the vehicle that you use. For example, suppose you can’t move your feet post-accident and you need a wheelchair to move. In such a case, you need to make some alteration at your home and some alterations in your vehicle. If one has a pure accidental insurance plan, these alterations at home and vehicle are covered.
4] Family transportation during hospitalisation: Post-accident, it’s not necessary that one would be hospitalised in a hospital, which is at a walking distance from his or her home. The hospitalisation depends on various variables like the place of accident and type of accident and which hospital suits that kind of accident, etc. So, a policyholder’s family may not be able to choose the hospital where the policyholder would be hospitalised, at least immediately post-accident. In that case, the family members of the policyholder will have to commute a long distance leading to a large amount being spent on transportation. But,these expenses can be claimed under a pure accidental insurance plan.
5] Death claim: In case the policyholder fails to survive the accident, the family members would be eligible for claiming the death cover in a pure accidental insurance plan. This would be in addition to the death cover under his or her life insurance plan and life cover.
Therefore, these top five reasons make pure accidental insurance a must for anybody’s investment portfolio.