Road accidents are very common that happens any time. You cannot predict such unfortunate situation, but you can surely be prepared for the same. Like we buy a life insurance or a health insurance to live a safe and secure life, Accidental Insurance is also very important for those how drives any vehicle.
This article will share about the benefits of having an Accidental Insurance plan. Before that it is important to know what Accidental Insurance is.
Accidental insurance plan is types of general insurance products which safeguards your family future by offering financial aid, in case you meet with an accident that causes partial disablement or death. This plan can’t bring you back to normal but it will surely help you to cover your financial loss during the time you are unable to work due to injury or partial disablement. Some personal accident insurance plans also providelifetime financial aid to your family and loved ones in case of permanent disability or death.
Benefits Offered Under Accidental Insurance
1.Hospitalization Expenses:Accidental insurance plan offers hospitalisation expenses when you meet any medical emergency due to an accident. This benefit can be availed only if you are admitted to the hospital within 7 days of the accident. The hospitalization should be for a period of 24 hours at least.
2.Temporary Disability:If you are covered against a temporary disability, the accidental insurance planwill bear a lump sum cost every week for a certain period of time. However, the coverage will only be valid if this disability proves to be the reason of not being able to go to your workplace. To avail this coverage, it is mandatory to submit proof of your temporary disability in written on the doctor's certificate. The payment under this benefit will start after two months of the accident.
3.Total Disability: make sure the disability is clearly specified so that no rejection arises at the time of the claim. It has been seen that insurer consider the claim on the basis of level of disability which is measured medically.For example, insurer denied the claim raised bypolicyholder who lost an index finger in an accident was given a certificate of 15 % disability by the hospital because this coverage is offered only in case of total disability.
The insurer would have accepted the claim in case the he had lost his entire hand. Similarly, losing the sight of one eye will not be coveredunder total disability coverage while losing both will bedefinitely. So while buying personal accident insurance plan, make sure you read the exclusions of the policy carefully.
How to Avail These Benefits and Coverage?
You can buy accidental insurance plan both online and offline at nominal premium amount.
1. Rider on a Life Insurance Plan: If you are covered under a life insurance policy, you can buy an add-on cover (rider) with this policy, which will cover you against accident and disability caused by an accident.
2.Standalone Accident Policy: General insurance companies offer accidental insurance plansand disability policiesseparately. These policies provide coverageprotection against the risk of death for a very small amount, and much more than the life insurance policy that you might covered under.
How Much Will It Cost?
On an average it will costs you about 0.1% of the total coverage selected under the plan.
For example, if you have opted for coverage up to Rs 10 lakhs, all you have to pay is Rs 1,000 every year. For women the premium rates of this policy is lower as insurance companies finds lower risks associated with women than men.
Accidental insurance policy is designed to cover all the expenses that might incur, in case you meet with an accident and also provides financial support to your family. Whereas other insurance policies like life insurance plan or health insurance plan only covers hospitalization expenses.