Individual Accident Insurance

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Accidents are nothing new to India. It is said that in every two minutes there is an accidental death. Some people lose their hands or legs due to accidents, some encounter permanent disability etc. Accidents are a major cause of worry especially after the influx of numerous personal cars and motorbikes on the roads today. Since life is precious a Disability figures due to an accident far exceed these numbers.

The insurance industry is one of the most booming industries today. The major insurance companies have a diversified product portfolio that suits the needs and requirements of almost all the individuals. One of the most common insurance products today is the Individual Accident Insurance.

An Individual accident insurance policy covers an individual’s expense that arises due to an accident while he/she is traveling. The insured’s family receives a lump sum amount as compensation in the unfortunate event of death. Incase of hospitalization the individual receives free treatment and the expenses incurred to send the patient back are taken off by the travel insurance company

Below is a list of some of the important Individual Accident Insurance policies provided by the important insurance companies in India

ERGO: ERGO by HDFC is among the most popular individual accident policies today. The policy covers the individual from accident not only in India but worldwide. The policy along with covering the individual also covers his/her spouse and children (maximum two)

Key Features of the Policy
  • Any person between the age of 18 years to 69 years can opt for this policy
  • The policy assures a sum of ` 15 lakh to ` 75 lakh.
  • In case of death or permanent disablement due to accident the policy provides 100% of the Sum Insured.
  • If the individual encounters temporary disablement due to accident then the policy pays a weekly benefit up to 12 months
  • If the accident results in broken bones then the policy pays a fixed sum of ` 50,000

Personal Accident Insurance policy: The Personal Accident Insurance policy by ICICI Lombard provides coverage against Accidental Death and Permanent Total Disablement. This individual accident policy by ICICI Lombard is not only restricted to India it covers you against accident occurred in any corner of the globe.

Key Features of the Policy

  • The policy covers individuals between the age of 18 years to 70 years.

  • The policy also covers claims arising out of Terrorism.

  • The policy prvides a customized coverage which allows you to select between ` 3 Lakhs, ` 5 Lakhs,` 10 lakhs and ` 20 Lakhs Sum Insured.

  • In case of death of the insured within the policy tenure the nominee is compensated with the entire insured sum.

  • Individual Personal Accident Plan: The Individual Personal Accident plan designed by Apollo Munich provides superior personal accident coverage to its customers. The plan is one of the most successful insurance products so far. The policy assures its customers that no matter where when and how the accident takes place the Individual would be taken care off.

The policy tenure is for a period of one year and covers people between the age group of 5 – 70 years.

The extraordinary features of this policy is that in case of an accidental death or permanent disability 50% of the sum insured is given to the dependent child

The individual insured can also get medical reimbursements for in- patient treatment in a hospital due to an accident or serious injury.

Last Updated on 15/06/2011

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