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Accidental Insurance Plan

You cannot prevent accidents, but you can prepare for them with a personal accident plan.
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Accidental Insurance Plan

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.

 

Concepts & FAQ's Accident Plan

What is Accidental Insurance Plan?

An accident is an uncertain, unplanned event. It just happens. Soaring medical costs and quality time lost due to not being able to work, prove to be very costly.

An accidental insurance comes into the picture in case of accidents. An accident may get a person partially or totally disabled, impacting his earning capabilities. An Accidental Insurance plan covers the insured in case of an accident.

Accidental Insurance does not cover suicide, self-injury, armed force operations, war and so on.

Features of Accidental Insurance Plan:

  • Accidental Insurance must be renewed each year. It can be renewed every year, just like a Term Insurance and Accidental Insurance Plan.

  • Maximum sum insured depends upon the insurer. Based on your income, some insurers offer 60-100 times your monthly income. Others offer 8 to 10 times your yearly income as a sum insured.

  • Few insurers provide accidental insurance to dependents, but have limitations vis-a-vis sum assured.

  • Currently there are no Income Tax benefits of availing Personal Accidental Insurance. However, the claim amount you receive is not taxable.

Benefits of Accidental Insurance Plan

Accidental Insurance is generally the last policy which people think of. While Health Insurance covers the insured’s unexpected hospitalization costs, Term Insurance helps take care of family’s financial needs in case of the insured’s demise. Term Insurance doesn’t provide financial assistance in case the insured is disabled fully, temporarily or permanently. Accident Insurance has the following benefits:

  • Life Insurance policies offer accident riders. However, these are limited to permanent disability or a basic cover for accidental death up to a certain extent of the sum assured. A standalone personal accident policy covers you for all losses including temporary disablement, income loss and hospitalization.

  • The insurer will pay the insured’s family, in case the insured dies in an accident. The nominee gets 100% of the Sum Assured.

  • A permanent partial disability may result in loss of speech, eyesight, loss of a toe or fingers. The insured receives a percentage of the Sum Assured for a specific time period, or as a lump sum payment.

  • In case of a permanent total disability, the nominee is entitled to make a claim for the total sum assured.

  • In case of a temporary total disability like a fracture, the insurer provides a daily or weekly benefit.

Why buy Accidental Insurance Plan?

Pays a Death Benefit:

The family members of the policy holder get the death benefit, if death is due to an accident.

       

Pays for hospitalization due to Accidents:

Pays for any temporary, partial or permanent injury you may suffer in an accident.

The Plan is Cheap:

The premium for a basic accident plan or even a comprehensive accident plan is very low.

   

Special Benefits:

There are special accident plans available to high risk workers, who work in mines, oil rigs and have high exposure to accidents.

Eligibility for Accidental Insurance Plan:

You should be in the age group of 18 to 65 years.

Personal accidental insurance plan can be renewed till the age of 75 years.

Frequently Asked Questions

What is a Basic Accidental Insurance plan?

A Basic Accidental insurance is a simple plan, where the insured’s nominee or family gets the Sum Assured, if the insured dies in an accident.

No money is paid for the treatment of injuries related to the accident. This makes the premium of the basic plan very cheap and if the insured pays a premium of INR 400 – 500 a year , they can avail a sum assured of INR 8 - 10 Lakhs.

But, what would happen if the insured were to suffer a serious accident and be totally disabled? This is why the insured must avail a Comprehensive Accident Insurance Plan.

What is a Comprehensive Accident Insurance Plan?

An insurer has to pay a higher premium in case of a Comprehensive Accident plan, compared to a Basic Accident plan, to avail the same or lower Sum Assured. Unlike a basic accident plan, the insured also gets money for the treatment and/or hospitalization for injuries related to accidents.

A person can suffer from 3 types of disabilities, caused in an accident. They are permanent total disability, temporary total disability, and permanent partial disability. A Comprehensive Accident plan either pays the insured the entire sum assured, or a percentage of the sum assured, based on the type of disability that the insured suffers.

If the insured meets with an accident leading to a temporary total disability, which causes loss in income (remember he cannot work), a Comprehensive accident plan pays the sum assured to compensate for this loss.

Key factors to consider for Accidental Insurance

Types of Accidental Insurance Plans:

  • Individual Accidental Policies: Individual Accidental policies cover an individual in case of any accident.

  • Group Accident Policies: As the term itself suggests, a Group Accident policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations, and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.

How to Make a Claim on a Personal Accidental Insurance Plan?

The general process of making a claim is given below:

  • Inform the insurer about the accident:

  • The insurer must be informed about the accident as soon as possible. The insurer may also be informed while the insured is on the way to the hospital. In order to show proof that the claim has been filed with the insurer, the policy number or reference number of the insurer should be communicated.

  • Inform the insurer at the time of hospitalization:

  • Group Accident Policies: As the term itself suggests, a Group Accident policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations, and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.

  • Inform the insurer at the time of hospitalization:

  • The insurer must be intimated on the hospital where the insured is undergoing treatment, and the nature of injury.

    The insurer must collect and maintain all documents relating to the hospitalization. Bills for Diagnosis, treatment, hospital room rent and so on should be organized and maintained, for ease of claims.

  • Fill the claim form.

  • Submit the FIR or police report if required

Who Should Buy Personal Accidental Insurance?

You must have accidental insurance especially if you have availed other loans like a Home Loan, Car loan and so on. This would come in handy for repayment of EMIs, in case of an accident.

The premiums on Accidental Insurance Plans are decided based on the insured’s occupation and not age.

Three categories of occupational risk:

Class 1: Low Risk

Class 2: Moderate Risk

Class 3: High Risk

Accountants

Drivers of heavy vehicles

High-Risk Construction Workers

Lawyers

Builders

Workers in underground mines

Bankers

Professional Athletes

Those who work with explosives

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