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Insurance Article

Accident insurance saves you from financial setbacks

March 30 2010
Here, the risk of a loss resulting from some kind of uncertainty is transferred from the insurer to the insured. The insurer is the insurance product seller, a company registered under Indian Companies Act 1956, whereas an insured or a policyholder is the buyer of the insurance policy.

For most people, an accident insurance plan has very little (almost none!) value for the simple reason that we do not anticipate any accidents with us. However, not many people even today are able to realize that an accident can take place irrespective of whether it is anticipated it or not. However, a severe accident can have a devastating impact on lives of the person injured and the lives of his or her dependent loved ones.

An accident insurance covers an individual who has been in an accident, against death or specific categories of injuries that may lead to full or partial disabilities. As the name suggests, an accident insurance plan does not cover death caused by prolonged illness, suicide, or other similar factors.

You must carefully read the policy document in order to acquaint yourself beyond all doubts the on causes of death or categories of injuries that are covered under the policy. At the same time, it is important for you to understand what is excluded explicitly or implicitly under the policy terms. In case an event occurs, where the benefits of the policy must be availed, the beneficiary under the policy can claim the insured amount from different insurers at the same time. To elaborate, this plan in general yields insurance benefits, to the beneficiary under the policy, in event of loss of limbs, fingers, sight and permanent paralysis. However, the categories of injuries and amount of insurance are likely to differ, from one insurance carrier to another.

Ordinarily, this plan like any other insurance plan aims at saving the insured from financial stress in case of accidental events. In bad times when time is trying you, even apparently, safe actions such as walking or driving that we are doing routinely could turn out to be disastrous event and create financial setbacks for you and your family. An insurance product like this, which deals in covering the risks resulting from such uncertain accidental events, comes to the rescue. It saves you from breaking down from the ensuing financial crisis which is likely to happen as an accident may leave you unable to perform your professional duties fully or partially.


An accident insurance policy can help you overcome your dependency on luck by planning for such uncertainties. You can transfer such risks to another entity i.e. an insurer by purchasing a policy. An accident insurance plan can be a life-changing product for your survivors in case of unnatural death or permanent disability. <

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