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Accident insurance is defined as an insurance coverage to an insured in an event of personal injury arising out of an accident. These plans are designed to offer the required financial help to people when they meet an accident. There are different types of such accident insurance policies available, but most of them do not offer coverage, as majority of time an accident occurs due to carelessness or due to natural disasters.
Many insurance providers have come up with these plans that could offer the required coverage, but one needs to be very careful in choosing the right product that can offer wide coverage at reasonable rates.
When a person buys these products, he or she never wants to use these plans. Likewise, insurance providers also do not want their clients to meet an accident and use the policy. But, one should not forget that a mishap can occur at any time. Everybody does not have sufficient funds to pay for the medical treatment. Hospital expenses or medical care costs for the treatment of injuries incurred after an accident results in hefty bills, which are difficult to settle. It becomes difficult for a person to spare money for these unforeseen costs. It is at this point of time accident insurance policy offers the required financial assistance and takes away the monetary burden. 
One shall remember that all accident insurance policies are not same. They do not offer the same coverage. Few plans pay only in an event of an insured’s death or disablement. Few pay only for injuries arising out of an accident. Few pay only for monthly expenses of a disabled person and so on. Different plans have different coverage limits. It is therefore advisable to buy a comprehensive accident insurance policy that could offer coverage to an individual’s health needs in an event of an accident. 
One should also look at claim settlement procedure of an insurer, before making the final choice. Market reviews and research can be a lot helpful in this regard. People’s review regarding an insurer’s claim settlement can help a person in making a decision, as many companies do not settle claim on time and augment problems for its customers. It is beyond doubt that everybody meeting an accident needs instant care and immediate funds to seek quality medical care and in such cases, if insurer makes delay in payment, a victim or a family might face further problems. 
A comprehensive plan coupled up with best services or facilities make the best combination. Research has brought out to light that one of the comprehensive accident insurance plans in India is IPA, Individual Personal Accident Insurance Policy, brought by Apollo Munich. This plan offers wide coverage to people at reasonable rates. Moreover, the company is fast enough in settling genuine claims on time. As a result, it has become the popular accident insurance plan in India. 
The plan works on principle of benefit that pays an insured or its beneficiary, lump sum money that depends upon the extent of injuries incurred by an insured in an accident. The plan offers cover to all health needs of a person. This plan is designed to give customers full coverage from all kinds of problems arising after an accident. There are a number of steps that are taken into consideration by product designer to make sure that customers of this product are safe from all kinds of costs after an accident. The policy chiefly gives customers coverage under the following situations:
 
  • Accidental Death [AD] – In an event of death of the insured due to an accident, a lump sum amount is provided to an insured’s beneficiary or nominee, as declared by an insured at the time of policy issuance.
  • Permanent Total Disablement [PTD] – In an event of Permanent Total Disability of the insured due to an accident, a lump sum payment would be provided to an insured subject to the terms and conditions of a policy.
  • Permanent Partial Disablement [PPD] – In case of Permanent Partial Disability of the policy holder due to an accident, a lump sum amount would be given, which depends upon the scale provided in the policy.
  • Temporary Total Disablement [TTD] – The plan also offers policy holders coverage for Temporary Total Disability that is caused due to an accident. 
Besides it, there is coverage for family transportation, transportation of mortal remains (in an event of an insured’s death), emergency ambulance charges, education funds for up to 2 dependent children, inpatient medical expenses, etc. Besides it, there is coverage for broken bones, transportation of imported medicines, purchase of blood, modification of residence or vehicle, etc., as extra benefits with premium variant of IPA. 
Individual Personal Accident Insurance plan is available in two variants—Standard and Premium, each differing from one another with regard to coverage limits. The ‘Premium’ variant offers wider cover as compared to ‘Standard’ variant with the expense of little more amount of premium. Thus, an insured gets complete coverage under the canopy of this plan. 
These plans are designed to keep insured individuals at peace of their minds so that they can enjoy life to the greater extent. A small investment made in these plans offer security against future medical contingencies and gives them more reasons to smile.
The only point that one needs to keep in mind is to make a right choice. One should choose a plan that could offer comprehensive coverage such that there is no financial barrier in seeking quality medical treatment in times of need.
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