Overview of Accident Insurance in India

An accident can place anybody’s life in jeopardy. As accidents takes place all of a sudden, we need to protect ourselves against it financially as well as physically. Insurance companies pays sum assured if the policyholder dies, permanent disability and injuries suffered due to accidents before the policy gets end.

Accident Benefits:

Accidental death.

Permanent Impairment.

Temporary Impairment.

Educational benefit to children.

Transportation expenses of dead body.

Cumulative Bonus of 5% accumulates to the Insured Person for every claim free year.

Extra Benefits:

You can extend the policy to cover Medical Expenses by paying some extra Premium

Risk Features:

People who are interested in accident cover are divided into three risk groups.

Group A–Persons involved fundamentally in administrative functions.

Group B–Persons involved in general work other than what is specifically provided for under Group C.

Group C–Persons functioning in explosives industry, mines workers, high tension electric supply,athletes and occupations of similar risk venture.

Accident riders :

If compared to other life cover riders, the maximum accident cover under riders is 30 per cent of the sum assured. As many life insurance gets end at the age of 65, the coverage from accident riders end with the base policy.

One more crucial thing to be kept in mind is that once the claim is made, whole amount will be paid if the policyholder dies or waived payment in case of permanent Impairment – assume 10 per cent of the rider cover annually over 10 years. If you persist the accident, in many companies, the coverage genuinely ends from the time you acquire the claim.

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