Insurance policies available today cover approximately 50 types of perils and 25 types of risks. Accidents can never be predicted by knowing for whom, when, or how they will occur. These accidents include road accidents, natural disasters, falls, snake bites, rabies, lightning, electric shocks, fires, explosions, etc. Different type of risks include accidental Death, Disability, Medical Expenses, and Weekly Compensation Benefits. Risks such as Children’s education benefits and loan protection plan for repayment of the loan amount are also covered in the event of accidental death of the insured person. Individuals between the ages of 18 and 70 are generally eligible for this policy. It is possible to insure children aged 3 months when insuring family members together.

Insurance based on income

Every individual’s Sum Insured is determined by his or her annual income. You can insure between 60 and 120 times your monthly income. In order to purchase an insurance policy worth up to Rs. 25 lakhs, all that is needed to be disclosed is the source of income. To insure for a higher amount, proof of income needs to be provided. In the event of an accident, the claim amount will be paid regardless of where it occurs. Accident insurance policies are generally designed to cater to the needs of those who have an income. Before taking out a policy, it is imperative to understand the needs of each individual. There are various types of policies available, such as individual, family, and group policies. It is possible to customize group policies in such a way as to avail discounts on the premiums to the members of the group.

In addition to the sum insured and the risks selected, the premium amount is determined considering the occupation of the insured. Typically they fall into 3 categories: low risk, medium risk, and high risk. A higher risk category will result in a higher premium. Individuals and families with no claims are eligible for cumulative bonuses. Consequently, the insurance benefits can be further utilized.

How to make a claim

In the event of an accidental death, a postmortem certificate has to be provided. For disability claims, the treating medical professional must provide a certificate confirming the extent of disability. To claim hospital expenses

incurred due to the accident, all supporting documents should be submitted to the respective insurance companies immediately after discharge from the hospital. The treating doctor must issue a certificate stating the number of days of absence from work to claim weekly compensation.

Accident insurance is becoming increasingly relevant in today’s society. Besides being easy to insure, it also has the lowest insurance rates. There is no doubt that some of the financial losses caused by accidents can be compensated to some extent if individuals, families, groups, and organizations pay special attention to the issue. It is advisable to compare the policies of different insurance companies in India. You may also wish to seek the advice of an insurance professional if you wish to make an informed choice.


Viswanathan Odatt

Mob No. 98957 68333


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