Accident insurance policy – Must buy policy for every individual
Accidents are the fact of life. Chances of mishaps happening to ourselves seem almost remote but they could happen at a time when you least expect it. The probability of you met with an accident in India or abroad is very high.
Do you know?
Almost 12 lakh people die in road accidents in India every year. i.e. every ‘ONE’ minute ‘TWO’ peoples dies somewhere in India. Those injured number nearly half a Crore. i.e. almost 50 lakh people are seriously injured every year.
What should you do?
An ordinary life insurance cover falls short of covering all the liabilities. Thus a cost-effective personal accident insurance is advisable that provides a comprehensive cover for all your liabilities.
Many people still think that if they are covered by life and health insurance then why should take accidental insurance? However, the benefits under personal accident plan and life insurance plan differs.
Let’s take an example….
Ajay bought a term plan as soon as he realized the importance of securing his life. He also bought health coverage to secure his wealth (not health). He thought he is very well prepared for his future.
He was as attentive while driving as he was always, but he forgot that accident happens not because you are careless, but because other can be damn careless … While Ajay was taking a u-turn another car slammed into his car which was coming with a high speed.
It was a serious accident and what Ajay never imagined happened! Both of his hands were non functional after the accident. Being a senior programmer in his company, he knew that his future is lost now. This one incident changed his life. While his income stopped, his expenses at house, EMI etc had to still continue.
His term plan could not pay him because he was not dead. His health insurance plan covered only expenses for hospitalization. But Ajay case was not covered in any of his existing insurance policies. At this point of time, if Ajay had an Accident Insurance Policy, it might have helped him a lot.
Many people could obtain significant benefit from a personal accident insurance policy, but unfortunately many of them are not even aware of this fact.
The plan covers risk of
- Accidental Death
- Permanent Total Disability
- Permanent Partial Disability
- Temporary Total Disablement.
If an insured died due to an accident his nominees will get 100% sum insured.
Permanent Total Disablement
Some time a person met with an accident & loses his body parts – may not be able to work in future. In case of permanent total disability 100% sum insured is given to the insured person. It covers:
§ Loss of both hands or both feet or one hand and one foot
§ Loss of a Limb (hand/foot) and an eye
§ Complete and irrecoverable loss of sight of both eyes
§ Complete and irrecoverable loss of speech & hearing of both ears
Permanent Partial Disablement
As the name suggest this benefit is given if someone losses one hand or one leg or even small body part like finger/toe.
Temporary Total Disablement
Sometime it can happen that anyone met with some serious accident but there is no permanent loss. But doctor suggested a complete bed rest of 5 weeks or a complete checkup of any part of the body. This will impact an earning for a small period so in such case accidental insurance compensate for this income loss. Accidental insurance provides weekly benefit of 1% of your sum assured for maximum 100 weeks.
How accidental policy premiums are decided?
Accidental policy premiums do not depend on the age of insured but on his work profile & working conditions. Occupational classification divides people in 2 levels.
Level 1 (normal risk) – this includes people who are in administration functions and work in offices like software engineer, accountants, bankers, doctors etc.
Level 2 (medium risk) – people who are self-employed and working in other than administration nature such as marketing manager, field officer etc.
Premium Chart for Accidental Insurance
|Level 1 (Normal Risk)||Level 2 (Medium Risk)|
|Administrative Working People||‘NON’ Administrative Working People|
|Sum Assured||Annual Premium||Sum Assured||Annual Premium|
|15 Lakh||Rs. 2050||15 Lakh||Rs. 3174|
|30 Lakh||Rs. 3399||30 Lakh||Rs. 5365|
|60 Lakh||Rs. 6095||60 Lakh||Rs. 9742|
|1 Crore||Rs. 9871||1 Crore||Rs. 15882|
– No medical examinations are required to enroll in the plan.
– The minimum and maximum age at entry is 18 to 70 years of age.
Buying a personal accident policy is the best way to prepare you against any eventualities in life. This becomes more important if you are the only earning member in your house and have many dependents.
Don’t wait for any unfortunate incident… Wake UP!
Take Accident Insurance, before it becomes too late…..!
For more details and application form, please feel free to Call at 9962439282