Why you need an Accident Insurance?
Whether you travel by your own vehicle or public transport – your life and future could come to a grinding halt, in case of an accident.An accident however large or small can have ill effect on your earnings and your power to support your dependants.
What does Accident Insurance cover?
Accident Insurance can cover you against
- Permanent total accidental disability.
- Permanent partial accidental disability.
- Temporary disability.
Permanent Total Disability – is a disability which completely takes away power of earning your daily income from you, say a loss of both hands or both feet.
Permanent Partial Disability – is a disability which partially takes away the power of earning your daily income from you, say a loss of one hand, one eye etc.
How to calculate how much Accident Insurance you need?
Thumb rule would be 60 times your monthly salary. The premium would be higher in case your job has some attached risks. Say a pilot would have a much higher premium than a software consultant.
What is the general procedure/documents required for applying for an Accident Insurance?
- Filled in Proposal form
- Income Proof – Income Tax Returns, Form 16, Salary Slips etc.
- Medical test would not be required.
Points to note:
- While finalizing a policy, please check whether disability is fully covered
- Requires review as per increase in your income.
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