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People say that insurance should be bought to secure them from any kind of misfortune that would otherwise be economically overwhelming. In other words, an insurance plan allows people who suffer a loss or accident, to recoup from the aftermath of the misfortune. The plans let the policy holder and his/her family safeguard themselves from everyday risks to their health and financial strains caused by the same.

Accident insurance is a type of insurance plan that compensates the policy holder or his/her family when the former is faced with an accident. However, most accident insurance plans do not cover natural disasters or natural deaths or negligence of the policy holder. The policy also may not cover any activity that the policy wordings state in the exclusions section. For this purpose, reading the plan and understanding it is crucial.

There are many kinds of accident insurance plans available in the market. There are also variants of the various policies available. Even when people have a health insurance policy, accident insurance gives them the comfort of knowing that all kinds of costs after an accident are taken care of by the insurance provider. Accident insurance plans generally function more on the grounds of indemnity insurance. This means that the plans would cover the policy holder depending on the loss they face after an accident. Lump sum payments are made in case of:

  • Accidental Death (AD)
  • Permanent Total Disability (PTD)
  • Permanent Partial Disability (PPD)

There are also weekly allowances that are provided to policy holders under the ‘Temporary Total Disability’ (TTD) clause. Most accident insurance policies also provide coverage for medical care post the accident as well as additional costs thereafter. Loss of income after the accident is also compensated by the insurance policy.

While the benefits of the plans are vast, the investment in them is not as much. When one compares the plan premium against the coverage provided, the former seems a tiny amount. The peace of mind bought with these plans is immense.

Different plans in India have different payouts depending on various factors. The intensity of the accident would drastically alter the amount compensated to the victim. In the event of the policy holder’s death, his or her beneficiaries would receive the payoff to help cope with the expenses of the loss.

Accident insurance does not just cover motor accidents. These plans cover all kinds of policies regardless of how they occur (so long as they have not been faked or deliberately done to get the insurance amount). The Individual Personal Accident Insurance Policies also offer additional protection for the family requirement in the event of the policy holder passing away or getting permanently disabled on account of the accident.

Since accidents can occur anywhere in the world, the accident insurance policies are designed without any geographical limitations. One can use the policy anywhere and at anytime. It is better to stay safe than be sorry later.

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