Road accidents… a huge struggle for a family. We can’t expect the situation if a person who is the responsibility of a family is in hospital with injuries. To overcome this along with life, health insurances he also should have personal accident insurance. Why it is needed? Let’s see…
Venkat is working in a software company. His wife looks after the house. He had two children. One day when he returning from the office on his bike he met with an accident. He got major injuries. Unfortunately he lost his right hand. He got surgery for his two legs. It took 6 months to recover for him. But he has no income up to six months. He has claimed both life and health insurance. They paid for his health treatments. Like others he also doesn’t applied for personal accident insurance. It gives troubles to his family.
If you are working for months due to the injury then personal accident policy will help you in this situations.
Along with these…
If policy holder lost his life during accident insurance agencies pay some amount for his children’s education. They pay for treatment when they are in hospital. But you have to ensure whether they will do all this things or not.
How it works?
Accident insurance policy will give benefits in four situations like…
- If policy holder lost his life during accident total insurance will be paid to the nominee.
- Permanent organ failure: In this situations they give 25 percent more amount other than policy. But, it depends on the type insurance agencies.
- Temporary organ failure: benefit will be given according to the percent of damage.
- Some situations like bone fracture, the person can not able to work. In this situations to cover his income policy will be arranged for every week. This will be up to 100 weeks.
What we have to look for?
For who: along with you, you can also apply for your wife and children.
In one policy: you can choose according to your financial stage and your needs. That policy should help you in critical situations like death in accidents or organ failures. The premium will be depend on the type policy you chose.
For how much amount: personal policy depends on your income status. For your monthly income you can get 100 to 120 times the policy amount. It will be different for different agencies. If you don’t get any benefit in a year for the next year they will give 10% cumulative bonus.
How to claim?
You have to inform within 30 days from the date of accident. Each and every document should be submitted to the insurance company. If policy holder dies the nominee should submit the documents.
It is not possible save from the accidents all the time. But if it is unfortunate you have to take care of your family’s financial status.