Life is uncertain anything can happen anytime. Personal accidental insurance plans help you meet the medical emergency requirements arising out of any unfortunate event like accident in your life. It covers the risk financial crisis and provides the best medical services during an unforeseen event like accidents.
So having an accidental insurance plan is the best way to live safe and secure life. There is a wide range of accidental insurance plans available in the insurance market, but it is necessary to know, which one will be the best for you and your requirement. If you are looking for the best plan in the market that suits your requirements, all you need to do is read this article which includes all the important things you should know about personal accident insurance plan. 1.) Accidental Death Plan This is the main motive behind buying a personal accident insurance plan. Almost every accidental plan covers accidental death. Within 90 days from the date of the accidental injuries, arising out of an accident the insurance policy pays the sum assured to the nominee. 2.) Permanent total disability This means the policy also provides coverage, in case of permanent total disability/ unable to work/ not able to earn for the entire life due to disablement. The person who loses the sight or limbs is also eligible for this coverage. The terms and conditions under the policy differ from policy to policy, so make sure you read the detail of the policy carefully, such as inclusion and exclusion of the policy. 3.) Permanent Partial disability This plan covers the certain percentage of the total sum assured under permanent partial disability. In case the policyholder suffers from permanent partial disability due to an accident the amount will be paid to the policyholder or nominee within 90 days of the unforeseen events like an accident. It is only eligible for the person who he or she is suffering for the continuous period of 6 months. In case the person dies before the claim settlement the sum assured will not be paid. 4.) Child Education Benefit It is only applicable when the children are covered under the plan. It pays 5% of the sum assured or Rs. 50000/- whichever is lower in case the policyholder dies or becomes totally permanent disable. 5.) Miscarriage Cover In case the insured person meets an accident that arises the situation of miscarriage, it covers the situation as it pays the certain percentage of sum assured to the policyholder. If the delivery condition arises because of accident it will be covered by an insurance company under your plan. 6.) Funeral Cover In case, the policyholder dies because of the accident the insurer pays an amount of 5000 for funeral expenses. Family and individual both are covered under the plan, for individual it is 100% of sum assured and for spouse it pays 50% and for children, it pays 20%. 7.) Eligibility A person aged between 18 years to 65 years is eligible to apply for this plan and children aged between 5 years to 21 years are covered under this plan. These plans are issued for both individual and family, the family plan includes spouse, children, and dependent parents. 8.) Renewal Make sure you look for the renewal of the policy. It should be a quick and easy method, try to opt for the online medium. Make sure it provides some grace period to renew the policy.
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