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Accident health insurance policy is designed to keep a person away from financial problems that a family has to face, when someone in a family meets an accident. An accident is an unforeseen event that brings numerous health issues in a person’s life. When a person encounters a sudden mishap or meets a serious road accident, he or she comes across several bodily injuries and thus, requires hospitalization for treatment of the same. The payment of the hefty medical bills becomes a matter of concern. In many cases, where disability occurs, there is no way to compensate for the reduced earning or loss of income. This affects overall financial status of a family and lifestyle of other family members too, as they are left with no alternative other than to face financial hardships.

All these issues would have been kept at a bay, if the person would have been insured. If he or she would have accident insurance, the coverage offered would have been able to settle medical bills without any hurdle. Accident insurance policy ensures that a family need not have to suffer on financial grounds, if an earning member of a family meets an accident. One should buy an accident health insurance policy and stay secured; as one never knows at what instant of life he or she would comes across such sudden mishaps.

These products should be chosen after a careful research, as a wrong choice can deprive a person from the required coverage in longer run. Apollo Munich, a joint venture between the Asia’s leading chain of hospitals and Munich Health, new business wing of Munich Re, leading insurer of Germany, has brought a comprehensive accident insurance policy for the Indian citizens. The policy is well thought and designed, looking into health needs of the people after an accident.

Individual Personal Accident Insurance Policy offers several benefits to its customers. A few of the benefits are as follows:

  • Death due to an Accident: In an event of an insured’s death due to an accident, beneficiary, so nominated is entitled to the sum insured amount. This amount of compensation is helpful in carryout the life’s responsibilities, such as child’s education, child’s marriage, payment of debt, if any, survival of loved ones, etc. 
  • PTD, Permanent total disablement: in an event of permanent total disability, an insured is entitled to a certain sum of money, as per the scale provided in policy wordings of the plan 
  • PPD, Permanent Partial Disablement: In an event of permanent partial disablement, a policy holder gets a certain compensatory amount, which depends upon the scale provided in policy wording of the plan. This amount varies with the injuries incurred. 
  • Emergency ambulance coverage: The plan offers cover to expenses incurred on an ambulance used to transfer an insured to the nearest hospital, because of emergency caused due to an accident. 
  • Transportation of mortal remains: One also gets coverage for transportation of mortal remains from the place of an accident or from the hospital to his residency or cremation ground, as per the case may be. 
  • Education funds: If a claim gets accepted under accidental death or permanent total disablement, Apollo Munich pays for 50% of sum insured amount for each dependent child, maximum up to 2 children, if the child is pursuing any education course in an educational institution. 
  • Family transportation: If a claim gets accepted under accidental death or permanent total disablement clause, the company reimburse expenses incurred in transporting one immediate family member to the hospital, subject to the condition that the hospital is located minimum 200kms away from insured’s residency.
  • Temporary total disablement: The company takes care of its customers encountering an accident. An insured suffers from loss of income in case of temporary total disablement. Keeping it in mind, an insurer pays weekly allowance to compensate for the loss of income, because of disablement.
  • Accident medical expenses: An insurer reimburses the medical expenses incurred in the hospital, if claim gets accepted under accidental death, permanent total disablement, permanent partial disablement or temporary total disablement. 
  • Transportation of imported medicines: The plan is designed to ensure complete coverage to insured and his/her family. It even pays for the expenses incurred as freight charges for importing the medicines to India, provided that these medicines are medically necessary and are not available within the country. This benefit is valid only if a claim gets accepted under death or disablement clause.
  • Purchase of blood: IPA policy also offers cover for the purchase of blood through the hospital or blood bank, if claim gets accepted under death or disablement clause.
  • Modification of residence or vehicle: If a claim gets accepted under permanent total disablement, an insured gets coverage for reasonable expenses incurred in modification of residence or vehicle.
  • Accident inpatient expenses: An insured gets coverage for inpatient treatment expenses in case of an accident during the policy period.
  • Broken bones: In an event of broken bones due to an accident, an insured is paid lump sum amount, as per the scale provided in the policy wordings of the plan.

IPA is available in two variants; Standard and Premium. The ‘Premium’ plan offers wider coverage as compared to ‘Standard’ variant. All above mentioned benefits are provided by Premium variant. These benefits are reduced, if a person opts for Standard plan. ‘Premium’ variant can be purchased on payment of a little more premium.
Thus, one should carefully read policy wording and should buy a plan that offers complete coverage.

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