Family Accident Insurance

Accident insurance can be of various types and the one, which secures your entire family from any impending danger associated with an accident, is family accident insurance. Family accident insurance policies cover your entire family in case of any mishap. This kind of accident insurance is a very feasible option for the insurance holder, since he/she can secure more than one person with this plan while he/she has to pay off monthly premium for one policy.

There are many types of family accident insurance plans. If any of the family members of the insured person faces an accident and that leads to his or her death, the family will be benefitted with accidental death and dismemberment plan (AD & D). The family will get monetary support from the insurance provider. There are other types of family accident insurance plans as well. For example, Point of Service Plans (POS) and Preferred Provider Organization (PPO) come under the category of affordable insurance plans for family accident policies.

Different insurance companies provide different facilities and benefits to their customers. Internet is the best place, where you can shop around for the best family accident policy. The official websites of the service providers will give you updated and accurate information about an insurance policy, which is very helpful in selecting the right one for you.

Family accident insurance policy is a basic need of every household. It not only buys security for the entire family, but it also reduces mental stress and financial worries. If any family member gets injured due to an accident, the insurance provider will take care of her medical expenses including treatment costs, medicine costs, and charges of hospitalization. On the other hand, if the accident is a severe one, it might restrict the person from working. In this case, the insurance provider will send the cash benefits on a monthly basis to the family. Moreover, if the person dies in the accident, the cash benefits will be forwarded to the family in a lump-sum.

Some insurance providers offer heavy discounts and other benefits with the family insurance. For example, some companies provide education fund for the children of the family. This discount may depend of the number of family members, insured under the policy. Generally, 10 percent education fund is provided for the children if more than two family members are covered by the plan.

Family accident insurance providers: Many insurance companies and bank provide family accident insurance in India. Some of them are mentioned below:

• Apollo Munich Health Insurance: This policy covers an age of group from 5 to 70. They issue the policy for one year. The family can include spouse, under 18 children, and dependent parents.
  
  
• The New India Assurance Co. Ltd: They offer worldwide policy for family accident plans. These plans cover permanent and temporary disablements and death. They offer 10 percent discount of family policies.
  
  
• Bajaj Allianz General Insurance Co. Ltd: This policy covers temporary and permanent disability and hospitalization along with education fund for the children as bonus.

Last Updated on 12/10/2010

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