THE MONEY LOOK: Accidentally insurance taken or not?

Monday, January 1, 2024

Accidentally insurance taken or not?

Accident insurance is an absolute necessity today. According to the growing number of accidents, your future may change if you take out accident insurance with Life Insurance.

Anil bought a new car. Driven for the first time on the highway and unfortunately got into an accident. The car was badly damaged and Anil lost an arm. There was car insurance, so I got the money, but millions of rupees were spent on Anil’s treatment and the work was done differently.

It would have been better if Anil had got himself accident insurance along with car insurance. Often we complete life insurance for income tax purposes or from an investment point of view, but either don’t know or don’t care about getting accident insurance.

ALSO VIEW: Emergency funding is your best partner in your difficult time.

Meaning of accident: -

The sudden event harms the body of the person or endangers life.

What is accident insurance: -

Financial insurance of a person in case of an accident.

Accident insurance that is not covered: -

Mental or emotional problems or illness, frustration, suicide, fight, war, or riot situation.

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Who can do it: -

Men and women between the ages of 18 and 65. Many companies include elderly parents and children.

How much can be insured: -

Accidents can be insured from Rs 1 lakh to Rs 15 lakh.

What are the risks covered: -

Accident, burn, fracture, unusual death or lasting incapacity, hospital expenses, and emergency vehicle repayment, etc.

Features of accident insurance: -

Annual Communication: -

Accident insurance is done annually like other insurances.

Maximum Insurance: -

You can get eight or ten times the amount equal to your salary or earnings.

Unemployed family members: -

They are also insured based on income members but their percentage of insurance is less.

Residents outside India: -

NRIs can also take advantage of this policy. Many organizations also provide benefits to non-residents.

Discounts: -

Many companies have discounts for insuring more members or taking online schemes.

Other benefits: -

After paying an extra premium, companies also pay for ambulance charges, medical expenses, family transport, imported medicines, etc.

Increasing Bonus: -

Each company gives different bonuses if there is no claim. Either the sum insured is increased or a certain amount is refunded.

Companies that provide accident insurance: -

Tata AIG Accident Guard, National Insurance, StarHealth Accident, Future General Accident Protection, Bajajalias, Reliance Accident Policy, Apollo Munich, etc.

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What the insurance policy gives you: -

In case of death, the nominee is paid 100%.

Permanent Total Disability: -

In many cases after amputation of hands and feet, visual deficiency or deafness, or quiet, the person is paid 100% (insured). Some companies pay up to 125 percent or 110 percent.

Permanent Partial Disability: -

In case of fracture of a small part of the body of the person like hand or finger, the company returns according to its criteria.

Temporary Total Disability: -

In the event of an accident, if the person is unable to go to work or loses business, a percentage of the sum insured is paid as a benefit of weekly income.

Hospitalization: -

Hospital admission due to an accident is payable but it should be mentioned earlier in the policy.

Education grant: -

In case of death of the sole earner in some accidental accident, up to ten thousand rupees is paid for the dependent children.

Janata Accident Insurance: -

Cheap Accident Insurance. Insurance premium of one lakh rupees for an annual premium

Safety: -

If a person dies in an accident, 100% compensation will be paid. Most are done in teams or organizations.

What to keep in mind: -

You have to take a policy. When adopting the policy, keep in mind your income, age, and occupation. Complete the policy for unemployed members of the household. Fill in the nominee clearly. Pay the policy premium on time otherwise, it may be delayed and you will be deprived of its benefits.

Accident insurance is an absolute necessity today. According to the growing number of accidents, your future may change if you take out accident insurance with Life Insurance.

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FAQ

Is it necessary to take personal accident insurance?

Acquiring personal accident insurance is a prudent and often necessary step in safeguarding one's financial well-being. Life is unpredictable, and accidents can lead to unforeseen medical expenses, loss of income, or disability. Personal accident insurance provides financial protection, offering coverage for medical treatments, rehabilitation, and compensating for income loss during recovery. This insurance acts as a crucial safety net, ensuring that individuals and their families are not burdened by the financial aftermath of an accident. While no one plans for mishaps, having personal accident insurance is a proactive and essential measure to mitigate the potential economic impact of unforeseen events.

How does accidental insurance work?

Accidental insurance operates as a financial safety net, providing coverage in the event of unforeseen accidents. When an insured person faces an accident resulting in injury, disability, or death, the insurance policy pays out a predetermined sum. This payout assists in covering medical expenses, rehabilitation costs, or provides financial support to the insured's beneficiaries in case of a fatal accident. Accidental insurance typically offers coverage beyond traditional health insurance, specifically tailored to address the financial impact of accidents. Premiums are paid regularly, and the policyholder receives compensation based on the terms and coverage outlined in the insurance contract.

How do I claim accidental insurance?

Claiming accidental insurance involves a systematic process to ensure a smooth and timely settlement. First, notify the insurance provider promptly about the accident. Complete the claim form, providing accurate details about the incident, including date, time, and nature of injuries. Attach any required documents such as medical reports, police records, or witness statements. Submit the completed claim form and supporting documents to the insurance company. The insurer then assesses the claim, and if approved, disburses the agreed-upon sum. Timely and precise communication, along with thorough documentation, is key to expediting the accidental insurance claim process.