Everything You Need to Know About Accidental Insurance Policy

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Everything You Need to Know About Accidental Insurance Policy

Accidental life insurance provides a fundamental guarantee to your family’s security by paying them benefits in case of your demise. Click here to know all about accidental life insurance.

  • Sep 24, 2021

Accidents don’t come knocking at your doorstep. These unexpected events might occur at any time in your life, leading to minor or fatal damages. Hence, such circumstances result in significant financial obligations. Therefore, purchasing an accidental insurance policy is recommended to be better prepared.

India witnesses 415 deaths per day in road accidents which is the highest in the world. This suggests that buying an accidental insurance policy in India holds utmost significance. Unfortunately, people in our country rarely buy these policies which can be attributed to the lack of acknowledgement and awareness.

The Need for An Accidental Insurance Policy

Contrary to popular perception, medical insurance does not cover all losses suffered as a consequence of an accident. Accident coverage is provided on certain healthcare insurances, although it is not as comprehensive as full accident coverage. Even if it is, it only covers health costs and not missed earnings. Accident insurance is designed to protect you against a range of unforeseen circumstances, be it death, disability, or/and bodily injuries.

Everything to know about Accidental Insurance Policy - Infographic

Personal Accident Insurance: A Must

While nobody wants to fall prey to an accident, nobody can predict it either. It happens around us all the time, regardless of how careful people are. However, even though one can’t foresee when or where an accident will occur, you can prepare against the injury of the occurrence. Let’s take a look at how personal accident insurance can help us.

Accidental life insurance

Accidental life insurance provides a fundamental guarantee which ensures your family’s security by paying them benefits in case of your demise. However, do note that no accidental death benefit is paid if the demise is due to natural causes, such as cancer or heart disease. This policy contains a schedule that details the terms and percentages of the various benefits. For example, if you pass away from accidental injuries, the death must occur within a predefined period for benefits to be paid.

Accidental Health Insurance

This can be further segregated into two parts.

Total/Permanent Disability Cover

This insurance benefit compensates you for damages and permanent impairments that prevent you from working. This complete impairment might include the loss of both eyes or loss of limbs.

Temporary/Partial Disability Cover

This insurance benefit compensates you or replaces your pay if you are unable to work for a particular time period due to non-work-related injuries, illnesses, or being bedridden.

Child Education Cover

As a consequence of the covered person’s accidental death or permanent complete disability, the education expenditure of dependent children is covered by the insurance policy.

Advantages Of Investing in An Accidental Insurance Policy

Although the issue of post-accident planning can be emotionally and mentally draining, it is important and does have its benefits. Some of them are mentioned below.

  • Monthly Premium as Per Income & Location
  • Simple Claim Process
  • Medical Expense Compensation
  • Children Education Fund
  • Family Security & Welfare

The idea of being safe rather than sorry is central to this discussion of buying accidental health insurance. This insurance not only ensures the well-being of the insured person’s family but also removes the weight off their shoulders.

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Ref. No. KLI/22-23/E-BB/492


- A Consumer Education Initiative series by Kotak Life

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