#Accidental Insurance Policy Companies & Career opportunity 30 January 2019


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Accidental Insurance Policy Companies & Career opportunity: Insurance is a means of protection from financial loss. It is a type of risk management generally used to create a boundary against the risk of an uncertain loss. So, it’s very important to have an Accident Insurance Policy to cover your loss.  The accidental insurance policies support a huge range of benefits such as coverage against death by accident/total and permanent and total disablement occurring due to various Conditions.

This insurance policy supports various facilities in case of expenses incurred due to accidental hospitalization. They also provide the insured daily expenses in some cases.  Other Good things of these programs are that they provide special coverage through which the insured can select for an amount as per their requirement.

Accidental Insurance Policy Companies & Career opportunity

Accidental Insurance and their Types:

The Accidental Insurance Policies can be distributed as follows:

Individual Accidental Insurance

These policies can be benefited by anyone and mostly benefited by children and partners of the insured as well.  There are some restrictions when it comes to covering a certain kind of activities eg. adventure sports and cover for both death and various forms of disability caused due to the accident.

Group Accidental Insurance

The group accidental insurance policies are normally benefited by Business to cover the accident related expense of their employees. There are different types of policies in the team accidental insurance policies that are used to cover sports teams.

Accidental Insurance Policies & Its Benefits

Today there are various term plans that support financial benefits in case of the death of the insured and the health plans. It is always convenient when insured is hospitalized due to some reason. These plans also offer accident related benefits.

However, Experts believes that benefits available on these plans are not as good as independent accident insurance plans. They think that as most of the insured are salaried persons traveling from one location to another to earn their livelihood which increases the chances of facing an accident are greater than before.

According to them, the present situation constraints that people place more importance on these policies than the life and health insurance policies. These policies are pretty inexpensive as well.

Nowadays, on an average, Accidental insurance cover of Rs.10/- lakhs can be benefited by paying a premium of Rs. 800-1500/- per year. The premium generally depending on the benefits being provided in the plan as well as the company that is providing the same.

Accidental Insurance Policies & Coverage Details

If the insured passes away due to an accident (death) then the accidental insurance policy will pay the total sum assured to the applicant. There are some insurers which provide special facilities such as education bonus for children too.  Basically, there is a specified number in these cases.

If the insured is permanently disabled for life due to an accident then the insurer will receive the total sum assured. There are also some companies that provide additional payment in the following Conditions:

Loss Of :

  • both hands or feet
  •  limb and an eye
  •  hand or a feet

If the insured suffers permanent partial disablement due to the accident then an only certain amount of the sum insured is paid to the insurer and the other sum is paid through a monthly or weekly basis. The situation which is covered are as follows:

Loss Of

  • thumb or index finger
  • sight in one eye
  •  hearing in one ear
  •  one hand

If the insured is completely disabled for a certain period of time and if He/she can not earn then the companies pay a certain percentage of the sum insured. This condition is called as temporary permanent disablement and carry a cap as in a certain upper limit for payment. We listed some the cases under this situation.

  • Fractured limbs
  • Bed rest for the insurer for three months

Additional Benefits of Accidental Insurance Policies

We have provided some of the add on benefits of Accidental Insurance Policy.

  • Some organizations cover losses suffered due to terrorist acts
  • Fifteen days lookup period provided for free
  • Health checkups are not needed
  • Special benefits for claim free years
  • Coverage around the world
  • Family discounts
  • Coverage normally starts from Rs. 5-10 lakhs.

Exceptions in Accidental Insurance Policies

The accidental insurance policies fail to provide coverage in case of death or disability caused due to any of the following situations:

  • Intentional self-injury attempted suicide or suicide
  • Pre-existing physical or mental condition
  • In a drugged or drunk state
  • Crew and pilots of aircraft, member of armed forces, or artists who take part in dangerous stunts.
  • Breaking law with a criminal purpose

How we can buy Accidental Insurance?

Experts in India feels that the insurance buyers like the concept of accidental insurance riders in other policies like the life or health plans. They also feel that such an idea is not a great one as the advantages are not as good as the standalone accidental plans.

There are also some organizations that offer such facilities as part of mutual fund or credit card services. But experts say that such services are a risky proposition because as soon as the mutual fund is discontinued or the credit card is surrendered the insurance facilities cease to function as well.

The Premiums of Accidental Insurance Policy

The premiums of accidental Insurance do not depend on the age of the insurer. The main factors in these policies are the type of job being done by the insurer and the overall working conditions of him. Following are some of the professions that are considered less risky:

  • Doctors
  • Bankers
  • Engineers
  • Accountants

Laborers are generally considered as medium risk scheme. Some professions that are related as very risky are as follows:

  • Underground workers in mines
  • Mountaineers, bungee jumpers, and rock climbers
  • Jockeys and people working in circuses

We hope that our article will surely help you to know about the Accidental Insurance Policies.


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