Accidents can happen to anyone anytime. Sometimes you may get minor injuries in an accident. But sometimes you may get serious injuries or even death in an accident.
Sometimes due to an accident, we may also suffer financial losses. To deal with such situations, we must have accident insurance. that sustains us financially.
Read More:- What is Vehicle insurance?
What is accident insurance?
Accident insurance is a contract between the insured and the insurance company. Under this contract, if there is any kind of accident with the insured, then the insurance company provides hospital and medical expenses to the insured. If the insured dies in an accident, the insurance company also provides a cover of a fixed amount as per the insurance of the insured. Which is given to the beneficiary or nominee of the insured.
Accidental insurance is an insurance product sold by insurance companies. In this policy, you are covered in case of an accident. You can buy this type of insurance from different types of insurance companies as per your requirement. After buying the insurance, you have to deposit the premium amount for that insurance. This premium amount can be anything according to the cover of your insurance.
How does accident insurance work?
If a person has been insured for accident, then there is an accident with the insured. Then the insurance company bears the hospital expenses of the insured. But if the insured dies in an accident, the insurance company pays a lump sum amount as cover to the insured’s family or beneficiary.
How does accident insurance work?
Suppose you have bought an accident insurance, that is, you have got your accident insurance done. If you have an accident somewhere due to some reason, then during that accident you will be taken to the hospital and you will be treated there. Now that you have accident insurance, you can get hospital expenses paid from the insurance company. The insurance provider from whom you have purchased accident insurance. You can claim this accident payment in that insurance company. Once your claim is accepted, you will be paid the amount that you incurred in the accident. Moreover, if you die in an accident, the insurance company pays a lump sum amount to your family or beneficiary. It can be claimed by the nominee or beneficiary of the insurance.
What does accident insurance cover?
Accident insurance covers injuries. Such as breakage or loss of a limb, wound, burn, or disability, etc.
In case of your accidental death, a lump sum amount is paid to your nominee or beneficiary as per your insurance cover. Accidental insurance covers the expenses that are not covered by your health insurance. This covers your non-medical expenses such as rent, utility bills, and other day-to-day expenses.
What types of accidents are not covered under accident insurance?
Let us know that what types of incidents (What types of accidents are not covered in accident insurance?) or injuries are not covered in accident insurance?
- Accident insurance policy does not cover suicide or attempted suicide, insanity, venereal disease, and self-injury of any kind.
- Accidents caused due to the influence of narcotics and intoxicants are not covered.
- In the case of a woman insured, an accident occurring during the pregnancy or childbirth of the woman is not covered.
- Accidents caused while the insured is involved in any criminal activities and in violation of any law are not covered.
benefits of accident insurance
- If an accident happens to a person, then under accident insurance, the person is provided with hospital expenses and his treatment expenses.
- If you die in an accident, your family gets financial help.
- Accidental insurance is available to you at affordable rates.
- Accidental insurance also covers expenses that are not covered by health insurance.
- In case of an accident, the insurance company pays for ambulance expenses, hospital expenses, any kind of rent, utility bills, daily expenses, etc.
- In case of accidental death, disablement, or loss of any limb of the insured, the expenses for the education of the dependent children are covered under the policy up to a pre-specified limit.
- Additional benefits are provided to the insured in case the insured is completely disabled in an accident.
- You can take accident insurance for yourself as well as for your family.
- You can customize your insurance as per your requirement.
Why should you take accident insurance?
Everyday many accidents happen in India. And in such a situation, there is always a danger of accident on you. You may be a good driver but sometimes you may become a victim of other’s mistake. In such circumstances accident insurance helps you financially. That’s why you must have accident insurance.
Apart from road accident, many types of accidents can happen. For example, while working in a factory, while working in heavy machinery or many other types of incidents can happen. You can get serious injuries or even die in these types of accidents. In such circumstances, accident insurance helps keep you financially secure.