Policy for disaster post accident

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We cannot predict an accident, it can come from anywhere and strike us.  It may result in death, send to hospital or result in permanent disability. While term policy may cater the needs of your dependents and health policy may cover your hospital bill, but an accident may tender you not capable to work.  You may not be in a position to even move.  So, an individual accident policy is also important along with other insurance policies.

Features of this policy:

The following four instances are covered by accident policy…

Death from an accident.

Permanent disability.

Permanent partial disability.

Temporary total disability.

Compensation paid:

·         In case of death from an accident, the nominee is paid the insurance amount as a lump sum.

·         In case of permanent disability, the policy holder is paid the insurance amount and some policies even compensate more than the insured amount and the policy ceases afterwards.

·         In case of permanent partial disability, some part of the insured amount is paid based on the disability incurred.

·         In case of temporary total disability, some part of compensation is paid every week generally for up to 100 weeks or this may per the norms of the company.  Some policies provide more than this.

Renewal:

In case of permanent partial disability and temporary total disability, the policy can be renewed after claim.

Protection to income:

An individual accident policy is some sort of protection to your income.  The amount can be dependent on you income and generally experts suggest about 10 times your yearly income.

Premium depending on occupation:

The insurance companies decide on the premium, coverage based on your occupation.  For example, a flight pilot will have high premium and at the same time a corporate employ will have lesser premium because pilot has more chances of an accident.

With additional features:

Apart from the above, the accident policies are provided with additional features.  As part of these additional features, ambulance charges payment, damages to vehicle and house, EMI payment, children education if loss of income due to accident, and family transportation changes.

These additional features will cost more, therefore please read the policy brochure thoroughly before buying a policy as it has all the details.

At a reasonable price:

A primary accident policy is available at a very reasonable price.  A 10-lakh policy costs from 1500 to 3000 as a premium.  Remember that premium depends on occupation.

Along with other policies:

Individual accidental policy is only for one person and can be taken along with other policies. Prudent to read the policy documentation completely before taking it.  Check if all the above 4 are covered, which are death, permanent disability, permanent partial disability and temporary total disability.