An Accident Insurance to Cover the Uncertainty of Life
You can never know when a disaster can fall on you and so the best assurance you can give yourself in life is to be prepared for the worst to happen. However just mentally preparedness is not enough to handle crisis, it is better to be financially prepared for the same. Thankfully we have many insurance products available in the Indian markets that allow you to secure your finances in an event of a misfortune. An accident Insurance is one such product that lets you keep yourself insured against all financial needs in an event of a disaster.
Mostly an Accident Insurance covers you against:
- Death in case of an accident of the insured
- Total permanent disability to the insured due to an accident
- Partial permanent disability to the insured due to an accident
Some good policies available in the market also cover you for extra expenses that can come up in the above mentioned cases. For example in case of a permanent total disability good policies cover expenses required in modification in the insured’s house or vehicle to suit his needs and provide comfort caused by the disability. It can also cover the cost of transportation of an immediate family member to the place where the insured has been hospitalized in case the place of hospitalization is considerably far from the hospital.
While any one can get insured against an accident the cover usually depends on the level of one’s income. Family members can also be insured against all types of accidents however the cover for the main person insured is always the highest. The amount if insurance for dependent spouse and children is mostly restricted to a certain amount. One limitation of most accident insurance policies here is the limitation to cover persons working under hazardous conditions.
Most of such policies exclude the following from their policies:
- Mine workers
- People working with high tension electric cables
- Circus personnel
- People engaged in racing and rafting
- Adventure sports professionals
- Military and paramilitary personnel
- Aviation crew and pilots
Most policies also do not give covers to some other cases like the following:
- Suicide and attempts to commit the same
- Accident that happen when the insured is under the influence of drugs
- Accidents that happen when the insured participates in riots, wars etc
- Accidents due to nuclear and radioactive materials
Choosing insurance is hardly a problem these days as most information is available online and one can compare all policies easily. One should always go for a company with a good financial backing and a good claims disbursement history. One can try out online forums to look out for actual consumer reviews. Always choose the policy that gives you a good balance between a good cover and an affordable premium.