An introduction to accident insurance and its benefits
Accidents can happen anywhere, anytime. Are you prepared?
We live extremely fast-paced lives with busy schedules and tight deadlines, zooming about to be at the right place at the right time. This lifestyle perpetually leaves us susceptible to accidents.
Accidents, whether major or minor, are unexpected events of life. However, just as wearing a seat belt cushions the blow of an accident, accident insurance minimizes the magnitude of financial damage. It reduces the financial burdens due to accidents by providing cover for hospitalization and some percentage of the sum insured in case of dismemberment.
Here are some usual post-accident scenarios and how accident insurance can help:
Injuries Due To Accident
Various insurers offer a spectrum of policies for loss of use and physical separation of one or both limbs or eyesight. The policies with permanent total disablement offer 100% sum insured, if the individual is unable to work and earn a livelihood in any way. Meanwhile, individuals with permanent, partial or temporary total disablement receive a pre-determined percentage of the sum insured according to the extent of injury.
| Permanent Total Dismemberment |
Permanent Partial Dismemberment |
| Loss of use/Physical separation of both entire hands or foot |
Loss of use/Physical separation of one entire or foot |
| Loss of use/Physical separation of one entire hand and one entire foot |
Loss of use/Physical separation of one eye |
| Loss of use of both eyes |
Loss of use of one or both ears |
|
Loss of use of one more thumbs with fingers with one or more phalanx, loss of metacarpus |
Hospitalization Expenses
With the increasing cost of medical care, accident insurance offers you reimbursement of hospitalization expenses within a week of the accident. However to avail this facility, the policyholder must have stayed as an inpatient for at least 24 hours.
An additional feature provides daily allowance during hospitalization. It is subject to the limit of your coverage within the policy.
Accidental Death
If the policyholder dies during the policy term due to an accident, the insurer is liable to pay the sum insured to the nominees. This sum assists the family of the deceased with necessary financial support after the accident.
Who Should Buy Accident Insurance?
Anyone between the age group 18 to 80 years can avail accident insurance. An individual can also opt for a cover to secure his family, including spouse, children, parents, etc. It guarantees settlement of financial liabilities in case of loss or reduction of income.
Accident insurance is relatively hassle-free as compared to other policies. It does not require you to have medical checkups before taking a policy.
Bottom Line
As mentioned above, there are numerous reasons to buy an accident insurance policy. With extensions and customizable solutions, you can secure your hard-earned money in the time of need.
The annual premiums can be chosen according to extent of coverage and budget needs. The basic plans usually have a wide coverage, with add-ons such as child education support and injury due to acts of terrorism.
However, no insurance policy should be bought without educating oneself about all the terms and conditions. One must discuss the clauses with policy provider and understand terminologies to make a well-informed decision to secure finances. Click here to know more about a comprehensive accident insurance plan.
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