18 December, 2014
The financial risk associated with life is best covered by a term plan, while a health insurance policy offers a perfect cushion against any unexpected hospitalization expenses. At times, however accidents can be so severe that you might actually end up depleting all the health insurance cover. Moreover, such accident can also cause permanent disability and eventual loss of income source.
In such critical situations, you will require something extra than a typical health or life insurance policy. Only a personal accident insurance policy will offer the required extra health cover and reimbursement for partial or total physical disability on account of accident.
There are several covers offered by this unique insurance plan. Here are the top five covers that you should know about while buying this policy.
1) Accidental Death
This is the most important and basic cover offered by this plan. In case of any unfortunate event that causes demise of the insured person, the insurer will paid the entire sum insured amount to the nominee. This can act as an add-on to the sum insured received through a term plan.
2) Permanent Disability - Total or Partial
Sometimes accidents are severe and can leave you with permanent disabilities. Such tragedy can affect a person’s lifestyle and living condition. Assessing the impact of damage caused, insurer will pay off the necessary sum insured amount.
3) Accidental Hospitalization
Accidental hospitalization is best covered by a health insurance plan. However, if the health cover gets exhausted due to extended hospitalization, then you can use the personal accident policy to avail additional coverage.
4) Educational Grant
This is a special cover offered by very few insurers in India. If the insured who has school-going children is affected by an accident, then Royal Sundaram personal accident policy will offer a special educational grant of Rs. 10,000 for continuing education of the children.
5)Transportation of Mortal Remains
This cover is best availed under a travel plan. If the insured passes away during a foreign trip, then the insurance company will offer the nominees a sum of up to Rs. 5,000 to transport the mortal remains of the insured.
Disclaimer: The information provided here is to be taken for reference purposes only and not to be used for any medical, legal or other professional use. For any insurance product, please refer the policy terms and conditions before concluding a sale.
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