Accident insurance is a policy that compensate the policy holder or his / her nominee. If the policy holder met an accident and due to that accident the policy holder dies his/her nominee gets sum assured amount of the policy from the insurer. Incase the policy holder survives but loses one or more limbs he will be compensated by the insurance company by either 50% or 100% of the sum assurance amount depending on the intensity of loss of the policy holder. If one limb is lost its called partial disability & if more than one limb is lost that is called full disability . 50% of the sum assured is paid for partial and 100% of sum assured is given for full disability . This insurance is called Accidental Insurance . There is no maturity value of such insurance . It only cover the risk of loss due to any accident.
Premium is low High risk cover with low premium Suitable for anybody travels a lot.
Group Accidental Insurance
Accidental insurance can be purchased group wise also. A community where all members are connected to each other by a common link can buy Group Accidental Insurance. Here all the members will be covered by that master policy.
Benefit : A larger section can be insured by paying lesser premium.
No claim is paid due to natural death No maturity value
No health check is required for buying this policy. No waiting period is applicable. Holder with higher age can be covered by this policy.
Difference between Accidental Insurance & Term Insurance
if you have an existing health insurance policy, a coronavirus claim will be handled by the insurance company expeditiously. It will go through a thorough review by the claim review committee and decided if it will be accepted.
Options & Ideas started its journey in 2010. We are working with many reputed organizations all over in india.