Are you looking to plan your finances so that you are well protected against accidental injury? If yes, then an accidental insurance policy is an excellent idea for you. Learn more about what an accidental insurance policy is and what it covers.
A healthy and well-functioning body is a must if one wants to build a career, become successful and take care of the financial needs of one’s family. Yes, insurance options like life and health insurance will allow you to make sure that your health concerns are taken care of and your family’s financial requirements are secure in your absence.
However, in the unfortunate event of an accident, if one becomes permanently or temporarily disabled, then pursuing a career and building up finances can be very difficult. That’s where an accidental insurance policy comes into play. It provides the policyholder financial coverage in case of accidental death as well as disabilities caused due to accidents. Read on to find out more about what else is covered under an accidental insurance policy.
Accidental Insurance – what is covered?
Accidental death
An accidental insurance policy provides a death benefit to the family of the policyholder in the event of the policyholder’s accidental death. Therefore, the policyholder’s family and other people who were dependent on them for their financial security are well protected by accidental insurance.
Permanent total disability
If, as a result of an unfortunate accident, the insured person suffers from a permanent total disability that makes them unable to work, then an accidental insurance cover provides them financial security in the form of payouts, depending on the specific terms of the policy.
Loss of eyesight, loss of limbs, or any other form of disability that cannot be healed and which makes the insured person unable to work can be categorised as permanent total disability.
Permanent partial disability
In the event that the insured person suffers a permanent but partial disability that doesn’t allow them to work to their full capacity, an accidental insurance policy can give them financial protection. It is to be noted that the terms of payment for partial and total disability may vary and one has to read the policy document carefully.
Any injury that causes reduced function can be termed as a partial disability, like partial loss of vision, reduced hearing, carpal tunnel syndrome etc.
Temporary total disability
Fortunately, not all accidents cause permanent damage. If the insured person suffers from a disability due to an accident that can heal after proper treatment, then he or she is eligible for payouts under accidental insurance for the time during which they were disabled. This can help them be financially secure until they can get back on their feet and resume their careers.
Conclusion
Thus, accidental insurance can be highly beneficial to protect oneself from being financially insecure in the case of accidents. It can provide financial backup for children’s education, ambulance cost at the time of accident, loss of employment due to injury and even accidental death. At IFFCO-Tokio, we provide one of the most comprehensive and the best online accidental policy available today.