An accident is an unexpected event. It may get you partially or totally disabled. This might impact your earning ability. It would mean a loss of pay and hefty medical bills. However, Accidental Insurance does not cover suicide, self-injury, war, and so on.
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An Accidental Insurance plan covers the insured, if he/she meets with an accident.
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1. An individual must be in the age group of 18 to 65 years.
2. An accidental insurance plan can be renewed until the age of 75 years.
Accidental insurance can be of four types:
A Basic Accidental Insurance plan pays the sum assured to an insured’s nominee or family if the insured dies in an accident. No coverage is provided for the treatment of injuries related to an accident. Therefore, the premiums of a basic accidental plan are very cheap.
Unlike a Basic Accidental Insurance Plan, a Comprehensive Accident plan covers expenses of treatment and/or hospitalization arising due to accidents.
Individual Accidental policies cover only an individual in case of any accident.
A Group Accident policy is taken by employers for their employees. A group accident plan is available at a low cost. However, this is a basic cover which may not offer benefits of an individual accidental insurance plan.
A person can suffer from three types of disabilities due to an accident:
Based on the type of disability an insured suffers, a Comprehensive Accident Plan pays the entire sum assured or a percentage of the sum assured.
SEE ALSO: How Mutual Funds Work?
Personal Accident insurance covers:
You should avail an accidental insurance policy if:
Class 1: Low Risk (Accountants, lawyers, bankers)
Class 2: Moderate Risk (Drivers of heavy vehicles, contract laborers, professional athletes)
Class 3: High Risk (High risk construction laborers, workers in underground mines, people working with explosives)
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