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Insurance Article

Kiki Challenge: Another Reminder on the Need for Accident Insurance

July 30 2018
Insurance

Accidents come unannounced, having accident insurance lifts the burden of medical expenses off your shoulders

The Kiki challenge is taking over the streets. People are trying to demonstrate their best juggling skills, dancing off next to a moving car. The screens are filled with goofy clips of people losing balance as they try to get out of a moving car, banging against the car door or simply falling over.

While the videos are a source of amusement, these stunts can prove to be dangerous. Challenges like these are a direct invitation to accidents. Invited or not, accidents happen. These uncalled for accidents also bring expenses like hospitalisation fees that can easily wreck your budget if you do not plan for them in advance. The best way to stay prepared is by opting for accident insurance.

What is Accident Insurance?

Accident Insurance provides a financial cover against the medical and out-of-pocket costs that you might incur after a minor or major injury. A good accidental insurance cover provides cover against emergency treatments, hospital stays, medical exams, etc.

Why Do You Need Accident Insurance?

Accidents not only cause emotional distress but can also bring a lot of financial strain on the injured person or on his/her dependants. Where a minor injury can prove to be an inconvenience, a major one can have major repercussions on the employment front, thus having long-term effects.

Although life is unquantifiable in monetary terms, losing a loved one along with having to deal with an increased financial stress can prove to be almost impossible. This is where an accidental insurance provides a cover to the injured and their nominees to ensure that the finances are taken care of.

Types of Accident Insurance

Accident insurance can be divided into two major sub-categories:

Individual Insurance:

The policies under Individual Insurance provide a cover against injuries incurred by an individual. They also provide cover to the nominee in case of demise.

Group Accident Insurance:

This insurance covers a group of individuals rather than a single person and is largely used by businesses and employers to ensure their employees. Depending on the policy, Group Accident Policy might include minor to major accident cases like impairment, short-term or lifelong injuries and even death.

Scope of Coverage

Accident insurance spans a wide range of coverage, which provides protection against most of the common situations that arise in case of an accident. Here are some of the benefits that accident insurance provides.

Accidental Death

If an accident results in death, within the policy period, the nominee mentioned in your policy is eligible for compensation against the sum insured.

Accidental Hospitalisation Expenses Reimbursement

This is an additional cover which provides compensation if the person is hospitalised for a minimum of 24 hours, owing to the injury, within 7 days of the date of the accident.

Permanent Total Disablement

A per day allowance for your stay in the hospital resulting from the insured event, is covered under this policy. The cover does not exceed 30 days of hospitalisation with a deductible of 1 day.

Loss of use/ Actual loss by physical separation of

Percentage of Capital Sum Insured*

Sight of both eyes

100%

Both hands

100%

Both feet

100%

One hand and one foot

100%

One eye and one hand or one foot

100%

What is Not Covered?

Accident insurance provides comprehensive protection. But, there are still some situations where the policy coverage cannot be extended to (claim not accepted), due to either the unlawful intention of the insured, influence of intoxicants or the reckless nature of the activity. These are known as exclusions, some of these are listed below:Accident insurance provides comprehensive protection. But, there are still some situations where the policy coverage cannot be extended to (claim not accepted), due to either the unlawful intention of the insured, influence of intoxicants or the reckless nature of the activity. These are known as exclusions, some of these are listed below:

  • Suicide, attempted suicide or Intentional self-injury.
  • Injury/injuries existing before the start date of the policy. Coverage also depends upon whether or not that injury was treated, whether medical advice, diagnosis, care and treatment was sought before the policy started.
  • If the person was under the influence of intoxicating substances during the insured event.
  • When a person is engaging in aviation or ballooning. And when they are mounting or dismounting from or travelling in any balloon or aircraft in any other capacity than as a passenger, anywhere in the world.
  • If the event is caused directly or indirectly by venereal disease or insanity.
  • Any claim that arises from the insured committing breach of the law with criminal intent.
  • If the claim comes as a result of war, invasion, act of foreign enemy, hostilities, civil war among others.
  • If the insured event is induced by a nuclear weapon.
  • Claims arising due to Injury/ death caused as a result of childbirth or pregnancy, or in consequence thereof.

The nature of life is uncertain, and anything can come up at any time, mostly during times when we are least prepared for them. Always ensure that you have the upper hand in emergency situations, such as accidents. Avail the protection offered by accident insurance and live a life of peace and contentment.

Related Article:

How To Safely Negotiate Railway Crossings
11 Walking Rules to Keep You Safe

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