Personal Accident insurance cover is not with top financial priority. And there are two factors responsible for this cover. Moreover, no tax benefits connected with it. But agents are not keen to sell it due to low premium involved. In addition, it leads to low commission payable. Hence, check best accidental insurance plan.
Benefits & Sum Assured
Accident insurance covers with option. Due to long list of benefits start with sum assured. So that in case of any incident family is secure financially. And accidental death benefit for total disable. However, partial disable are built in most policies. But in most cases sum assured benefits for non-death is express as percentage.
For example, if one opts for sum assured of Rs 10 lakh in case of death. Due to accident you are eligible to receive 5 percent. But on basic sum assured is given in case of loss of thumb. Hence, check Points to remember when you plan retirement.
However, if you stay alive after accident will get insurance benefits. And with disable you have to live remain life then living cost actually goes up. Hence, you are not only focus on death benefit. But also look at payable in case of disability. Therefore if you loss hand you need to pay 25 percent of sum assured.
If you lost your right hand it means total loss of income. Moreover, you have to shop for larger cover if you find specific conditions for sum assures. And also look at add on benefits. In addition, like child education is Add-ons support. But you can opt for if you have children. Probably, this benefit will help to support education expenses.
Similarly, if you have loan you can take loan on guardian benefit. It helps you take care of EMIs. But remember all these add-ons keep will go up premium. Hence, what is use of personal accident insurance?
Benefit payment method
There are two promises that you come across. First, settle way of claim. And second is weekly benefit option offer by insurance companies. Therefore insurer clearly defines method of settlement of claim. But in one go most insurance policies offer to pay sum assured.
But some offer monthly payment over period of time. And some offer to pay combination of these. Furthermore, monthly payout may work if you offer monthly income for your family. Probably, before opting for mode of settlement claim. You need to decide is insurance taken to house immediate financial liabilities. Or for family running monthly expenses.
In first case, lump sum claim settlement is better option. And secondly you must check on difference in claims payout through both options. But staggered payment provide for healthy rate of return on lump sum amount.
However, Kiran Telang Says you can go for option weekly benefit. Wherein insurer pay fixed sum per week. And set period of disability arise out of accident. Hence, fixed expenses at home or small EMI will be taken care.
Cover of Terrorism
Similarly, these policies have long list of exceptions. And these include self injuries, wars attack. In addition, like sharing in military operation or losses due to alcohol or drugs. Because, some insurer exclude terrorism along with risk related war. Therefore you go for one that cover death due to terrorism
Family insurance cover option
You can opt for family cover option if your family enjoys in outings. But you keep an eye on sum assured. In most cases, spouse gets low sum assures. Such as 50 percent of cover for applicant. Therefore for spouse go for separate policy.
Accidental Hospitalization Cover & Hospital Cash
Hospital cash allowance helps to take care of additional expenses incurred. Due to an accident cover provides accidental hospitalization coverage for hospitalization. However, these are optional covers come at price. But when you are hospitalized due to an accident it is payable.
Hence, personal accident insurance protects you from financial losses. Furthermore, you need to buy personal accident policy.
Finally, see personal accident insurance policy comparison. Therefore check LIC accidental insurance policy. For more details check premium calculator of personal accident insurance. Hence, check best accident insurance cover.