Uncertainty is one element that is always present in life and it is this uncertainty of anything that makes us take measures to face all kinds of unwanted happenings. The same holds true with accidents which can happen anytime and can upset all your finances and routines. The best is to be prepared for them. Since any such occurrences end you up in a financial mess it is best to be backed up with finances.
Any good personal accident insurance plan can help you in unwanted events like – death, total permanent disability or permanent partial disability. Most of the insurance policies are readily available to any person who is a resident of the country. It can be extended to the spouse and dependent children.
The main purpose of an accident insurance plan is to provide your dependents a financial back up in case you are not there or unable to fulfill their needs. Such claims can be made in one of the following cases:
- Fatal Accident: In an event of a fatal accident when the insured meets death due to the accident, the entire insured amount of the policy is paid to the beneficiary of the policy. This is also known as Death benefit.
- Permanent Total Disability: In an accident where the insured is injured and is rendered totally disabled permanently, the entire sum insured needs to be paid to the insured.
- Permanent Partial Disability: In case the insured meets with an accident which renders him partially disabled, then the money insured can be claimed. But in this case the insured would not get the entire amount but a percentage of it calculated on the basis of policies and the condition of the person.
In case of a death or permanent total or partial disability of the insured an accident insurance policy even provides education grant to dependent children.
In order to understand a good policy one needs to know the basic requirements of ideal policy. Broadly it should cover the maximum risk and should offer hassle free claims and processes. Ideally it should have the following features:
- It should provide instant coverage and should involve the least of processes when it comes to claims
- It should have a worldwide coverage
- It should ideally have Educational Grant as a part of the package
- It should give wider cover like Permanent total disablement, Medical expenses related to accident hospitalization
Any policy that has the above mentioned features can be safely termed as a good policy. Secondly one should consider the financial stability of the Company offering the policy. If a policy meets both of these qualifications it can safely be taken and the insured can rest assured of a good coverage.