In today’s scenario the medical expenses have gone up and it has become a mandatory factor for everyone to have an accident policy insurance. The insurance coverage will be “complete” only when a person has an additional policy along with an accident insurance policy. Which one is that additional policy? What are the benefits one would get by that?
No one can predict how and when an accident would happen. Due to the increasing automobiles numbers, there are chances even for a passerby or pedestrian walkers to meet with accidents. Natural calamities do happen. As too many things happen around us it is necessary to look after the regular expenses along with medical expenses. Hence it is necessary to have an personal accident policy along with a health insurance policy.
Benefits of Accident Policy
The benefits of a personal accident policy insurance can be categorized in three ways. First – Death due to an accident next is permanent physical inability (like losing hand, leg, eye or parts of the body) and the last is temporary physical defects (like fractures) have coverage options in accident insurance policy.
If any fatal incident (death) or permanent disability occurs for a person who has insured under accident policy, a 100% coverage will be provided. For temporary disabilities like fracture, 1% percentage of the coverage amount will be provided as insurance amount every week for a maximum period of 104 weeks. This can be claimed based on the medical certificate produced once after the policy holder is completely cured. The insurance cannot be claimed for natural deaths, self-injury (injuring themselves) and drunk-and-driven deaths. At the same time, when an accident happens while walking on the road or losses due to natural calamities can be claimed for coverage.
For deaths due to accident a 100% claim, for losses of one eye/leg/hand 50% and for permanent disability 100% coverage will be provided.
It is necessary to intimate to the concerned insurance company within 48 hours to 7 days from the time of accident. If the policy holder is lost in the accident the following documents have to be submitted to the insurance company within one month of the incident happened.
- Nomination certificate
- A copy of the FIR from police station
- Postmortem Report
- If admitted to hospital – those details
- Policy holder’s income certificate
The coverage will be provided within two weeks after submitting the necessary documents. Certain percentage of the coverage amount will be provided separately for children’s education and funeral expenses.
It is good to take an accident policy insurance though the premium is less but has all the above benefits.