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Accident Insurance

No matter how careful you are, there's always a chance that an accident can occur. Whether you're taking the bus to work or driving to the grocery, an unforeseen event can happen to you.
Accident insurance provides a cash cover to a policyholder when she or he suffers injuries as a result of an accident. While insurance helps a policyholder pay off hospital and medical bills in case of accident injuries, it provides cash benefits to family members if the policyholder dies in the accident. Accident insurance can help protect your family from financial losses caused by your accidental death, injuries or disabilities caused solely by violent, accidental, external and visible events, as defined in the policy. Personal accident insurance provides 24-hour worldwide insurance protection. It is different from life insurance and medical & health insurance.

Types of Personal Accident Insurance Policies

Under personal accident insurance, the policyholder, if injured, receives cash benefits every month, just like income, for as long as s/he is unable to work due to the accidental injuries. This income is non-taxable and does not exceed the policyholder’s after-tax earnings minus the state benefits s/he can claim. In case of death of the policyholder due to an accident, the family receives a specific lump-sum amount.

There are eight common types of personal accident insurance policies:
Individual: This policy can be taken by any individual. The benefits usually enclose partners and children. It is not as useful for people who love adventurous sports and activities, since some of those activities are not included in this policy.
Children: The purpose of this policy is to provide financial help to parents if they are unable to work or if they incur expenses as a result of an accident.
Group: For company employees as the expenses related to accidents.
Self-employed: Self employed individuals are not eligible for employee benefits, so they are worse off when injured in an accident.
Team: Through a team accident insurance policy, organizers can seek cover for all the members of a sports team.
Professional: Specifically for self employed professionals who have special requirements: sportsperson, actor, lawyer or doctor.
Over 50: For people over 50 years of age, as accidents can cause more grievous injuries to them.
Travel accidents: This policy offers benefits in case the policyholder meets with an accident while traveling.

The types of coverage normally provided under a personal accident policy include:
- Accidental death
- Permanent disablement
- Temporary total or partial disablement
- Medical expenses
- Corrective surgery
- Hospitalization benefits
- Funeral expenses

Be aware of the exclusions of the policy which will not allow you to claim from the insurance company.


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