You have just finished your meeting at office and rushing home for an early dinner is your main priority. You are riding your two wheeler looking carefully for those potholes and another vehicle hits you from behind. You are rushed to the hospital and find you have a fractured leg. No work for the next few months and no pay.
Worse … Those hefty medical bills
It is now too late to avail a personal accident plan but yes better late than never. You can meet with an accident again and this time you are armed with a personal accident plan.
The family members of the policy holder get a death benefit, if death is due to an accident.
Pays for any temporary, partial or permanent injury you suffer in an accident.
The premium for a basic accident plan or even a comprehensive accident plan is very low.
Special accident plans available to high risk workers, who work in mines, oil rigs and have high exposure to accidents.
If you are between 18 to 65 years of age, then you can avail a personal accidental insurance plan.
Personal accidental insurance plan can be renewed till the age of 75 years.
You pay a premium (money you pay to avail the plan) for a sum assured (money your nominee/family gets if you die in an accident.
The word "basic" denotes a simple plan where your nominee/family gets the sum assured only if you/policyholder die in an accident.
No money is paid for the treatment of injuries related to an accident. This makes the premium of the basic plan very cheap and if you pay a premium of INR 400-500 you can avail a sum assured of INR 8- 10 Lakhs.
But what would happen if you were to suffer a serious accident and be totally disabled. This is why you must avail a comprehensive accident plan.
You have to pay a higher premium in a comprehensive accident plan than in a basic accident plan to avail the same/lower sum assured. Unlike a basic accident plan you get money/sum assured for the treatment/hospitalization for injuries related to accidents.
If you suffer an accident leading to permanent total disability (you are totally incapacitated for life), Temporary total disability (you suffer a broken leg which makes you temporarily disabled for a few months) Permanent partial disability (severed fingers in an accident affect your earning ability).The comprehensive accident plan pays you either the full sum assured or a percentage of the sum assured based on the type of disability you suffer.
If you suffer an accident leading to a temporary total disability (say a fractured hand or a leg) leading to a loss in income as you cannot work, the comprehensive accident plan pays you money to compensate this loss.
You can opt for additional benefits in your comprehensive accident plan. You will have to pay very high premiums for certain benefits in the comprehensive accident plan.
These benefits include modification of your house if you are permanently totally disabled (Your house is modified to enable your easy movement in the house). These plans also arrange for the transport of your family members to attend to you when you are injured in an accident. Blood required for you for the transfusion is also purchased under the plan.
Individual Policy: This policy covers an individual in the event of any accident.
Group Policy: As the term itself suggests, it is not meant for individuals and is taken by employers for its employees. Depending on group size, discount on premium might be offered as well. It is a good incentive/ value added benefit for small organizations as it is available at low cost. However, this is a very basic cover and may not offer benefits like that of individual plan.
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