Accident is one of the unforeseen incidents that bring along with it lots of difficulties for the victim and his/her family members. In several cases, a person becomes disabled for his/her whole life. An accident may ruin the life of a person. It affects a person’s earning capability, which would impact the lives of all family members. At one end, physical bodily injuries play a cruel role and at the other end, the affordability of medical expenses turns out to be the biggest problem. No one can see his/her loved one grappling with pain and in the attempt to make medical treatment accessible, they borrow money from someone or sell off precious assets. These alternatives, which bring money to them, might affect them in longer run. Thus, the best tool to cope with the rising medical expenses is accident health insurance.
This product is designed, keeping in mind the medical needs of a person facing an accident. These products, known as death and disablement plans, work on the principle of benefit. It offers sum insured amount to the nominee, in case of the insured person’s death due to an accident. There is coverage for permanent or temporary disablement (a percent of the sum insured) as stated in the plan’s conditions. Furthermore, the coverage limit, in case of disablement, also depends upon bodily injuries.
Besides death and disablement, the insured is entitled to certain other benefits, which include cover for several bodily injuries, modification of vehicle, inpatient medical treatment, purchase of blood, emergency ambulance charges, family transportation, etc. The lumpsum payment that the insured gets depends upon the extent of injuries incurred and the terms and conditions of the plan. These products are the best way to offer financial assistance to family members, after the insured's death. In addition to this, one of the distinctive features of this product is that it is easily affordable. One can purchase it at the expense of just few hundred or thousand rupees per year. The only point that an individual should keep in mind is to buy the policy from a reputed provider.
Individual Personal Accident Health Insurance plan is one of the well known accident insurance products in India. This plan is available in two variants—Standard and Premium. A person can choose as per his/her healthcare needs and budget. This product offers comprehensive coverage to the insured and his/her family, in case the insured meets with an accident.