The Best Personal Accident Insurance Policy in India: Coverage and Benefits
Youngsters these days are very much prone to road accidents leading to death. Life insurance policies, especially term insurance plans cover the risks arising from such a death. Term insurance plans in India come with only death benefit and no maturity benefit,
which means that if the insured dies during the policy term,
the nominee or family receives a lump sum amount as the death benefit (as per
the policy terms and conditions). In contrast, a health insurance policy is
beneficial, in case the policyholder or insured gets hospitalized due to an
accident. The injuries and their corresponding expenses are covered by the
health insurance company.
When someone meets a road accident and goes to the hospital for preliminary treatment, the policy covers the expenses incurred for medication as per accidental insurance in India. In such a case, the insurer is liable to bear the expenses arising from medical treatment at the hospital.
Therefore,
buying personal accident insurance is of utmost importance. Generally, motor
insurance policies do cover owner-driver in case of an accident. In case your
policy does not, you should get one on your own.
What is personal accident insurance?
The term personal
accident insurance refers to coverage offered by an insurer to a policyholder
against injuries to the driver or rider in the event of an accident. This
sometimes even leads to total or partial permanent bodily injuries to even
death. The insurer bears the expenses arising out of the unforeseen event,
including hospitalization, ambulance, doctor & consultation, transportation
(if any) required. The following is a list of benefits offered by best accidental insurance policy in India:
- Permanent partial disability
- Total permanent disability
- Temporary partial disability
- Accidental death
- Hospitalization expenses arising out of the event
- Loss of income risk
|
Accidental
Death Benefit |
Total
permanent disability Benefit |
Permanent
partial disability Benefit* |
|
Up to 100 percent of the
sum assured is given to the family or beneficiary of the policyholder. |
Up to 125 percent of the
sum assured is given to the family or beneficiary of the policyholder, in
case of loss of eyesight or loss of limbs. |
Up to 10 percent of the sum
assured is paid to after a specified time or up to 50 percent of sum assured
is paid in the event of loss of one limb or one eye, or one finger. The
payout is actually subject to disability percentage. |
*The following
table represents the percentage of cover offered by the best personal accident insurance in India in different cases of
disability:
|
Permanent
Partial Disability |
Percentage
of Sum Assured |
|
Total permanent loss of
both the hands (from the wrist onwards) |
100 percent |
|
Total permanent loss of
both the feet (from the ankle onwards) |
100 percent |
|
Total permanent loss of use
of one hand (from the ankle onwards) and one foot (from the ankle onwards) |
100 percent |
|
Total permanent loss of use
of one hand (from the wrist onwards) and total permanent loss of sight in one
eye |
100 percent |
|
Total permanent loss of use
of one foot (from the ankle onwards) and total permanent loss of sight in one
eye |
100 percent |
|
Total permanent loss of
hearing in both ears and speech |
100 percent |
|
Loss of functionality in
all appendages (both hands and both feet) |
100 percent |
|
Total permanent hearing in
both ears |
50 percent |
|
Total permanent loss of one
hand (from the wrist onwards) |
50 percent |
|
Total permanent loss of one
foot (from the ankle onwards) |
50 percent |
|
Total permanent loss of
sight in one of the eyes |
50 percent |
|
Total permanent loss of
speech |
50 percent |
|
Loss of functionality in
one appendage (either hand and foot) |
25 percent |
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