All About Accident Insurance Policy

Accidental insurance policy takes care of your family’s financial needs in case of your demise. It provides the necessary financial assistance if you are fully or partially disabled, either permanently or temporarily. This policy is of major importance especially if you are the only earning member of your family.

Here’s what you must know about the accident insurance policy before you sign up -

1.A standalone accident policy covers all types of losses which include temporary disablement, hospitalization and loss of income. You can make a claim if they are victims of any sort of accident like breaking a leg or hand, being involved in a road accident, falling from stairs and so on.

2.The premium for accident insurance policy is same as for individuals across all age groups. Whereas, the primary factor taken into account while deciding the premium for the policy is the income of the individual.

3.This policy costs lower than a term insurance. Unlike, term policy its premiums are not age-specific and let the policyholder enjoys affordable policy rates.

More Read- What is covered under Personal Accident Cover?

4.There are two types of cover available - for individual and for families. You can pick the one most fitting to your needs.

5.The policy also covers accidents occurring on international grounds. Thus, securing your international travels.

However, it must be noted that the policy does not take into account pre-existing disability or injuries, death of the policyholder during childbirth, suicide or self-inflicted injuries, influence of intoxicants, participation in sports activities, mental disorders and criminal acts.

It is thus suggested to opt for an experienced lender to get the policy and to discuss terms with your Relationship Manager of the same.

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