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Accidental Insurance A Requirement for Every Home

Posted On : 25 April 2023, 1 Years Ago. Health-Insurance
accidental insurance

In India, traffic accidents are frequent. Natural disasters, train mishaps, and accidents brought on by inadequate infrastructure might cause harm or other negative results. Not only many such occurrences cause fatal injuries, but the healing process could take weeks or months. This frequently results in high medical expenses. In such circumstances, accident insurance may be quite helpful.

 

An accident or casualty insurance plan may cover your medical costs and other potential costs after an accident. This covers any necessary emergency care, hospital stays, medical examinations, and additional costs you could incur, such as travel and hotel requirements. In this article, know more about accident insurance in India and how it offers protection against any uncertainty that may lead to a financial crisis.

 

What is Accidental Insurance?

In an accident, accident insurance in India protects the insured. Such a policy may be thought of as an income protection plan where your profession and income determine your maximum coverage and premium costs. The maximum coverage that is often available is 10 times your yearly salary, and the premium costs typically vary by occupation.

 

What is Covered Under it?

Accident insurance is considered supplemental insurance, and it is most useful when combined with a major medical plan. Your accident coverage will cover expenses that your medical plan does not cover, such as copayments and your deductible. Non-medical costs such as mortgage or rent, utility bills, and other daily expenses will also be covered. Personal accident insurance offers the following coverage advantages:

 

Accident Death Coverage

The whole insured amount is paid to the nominee listed in the policy document in the event that the policyholder dies or sustains fatal injuries as a result of the accident.

 

Coverage for Total/Permanent Disability

An accident resulting in permanent impairment or a complete lifetime impairment, such as loss of both limbs, is covered by a defined sum insured amount.

 

Coverage for Partial Permanent Disability

An insured receives a portion of the benefit (up to 100%) if physical harm results in a permanent partial disability.

 

Complete Temporary Disability

If the insured suffers from a temporary complete disability and becomes bedridden, the insurer will provide a weekly allowance to compensate for the lost income. The insured may also utilise this claim amount to settle EMIs in the event of an income loss.

 

Why Choose Accident Coverage?

A little accident may temporarily put a person at risk, but big ones may have a lasting negative effect on the victim's life and general well-being. It is, therefore, essential to purchase reliable personal accident insurance to safeguard oneself from any such undesirable occurrences. An accidental insurance policy is created with the intention of providing some assistance to the victim or a dependent.

 

If an accident results in death, physical harm, incapacity, or mutilation, personal accident cover provides compensation. Compensation is provided in the event of a rail, air, or road accident, drowning, death due to a collision, physical injuries, burns, etc.

 

How Accidental Insurance Works?

An accident or casualty insurance policy offers specified financial rewards for injuries brought on by a covered accident. Your accident coverage should provide you or your beneficiaries with a cash reward, whether the injury happened at work or off, similar to disability insurance. Moreover, you can use the funds however you want—to pay off debt or go on a vacation.

 

Accident insurance in India is a wise investment since it offers comfort in the face of uncertainty. Although family-inclusive personal accident protection is possible, choosing an individual plan is wiser.

 

This is due to the possibility that family-inclusive policies may contain several limits that render the coverage less than ideal compared to an individual plan. One can be prepared for unanticipated scenarios by having adequate coverage. Niva Bupa provides a variety of accident insurance policies from various insurers that may be customised to meet the needs of the consumer.

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