Life is unpredictable, and accidents can happen at any time, anywhere and, to anyone without giving prior warnings. At one moment, you might be living it up a comfortable life, and in the next instant, an uncertainty can happen or, you may meet with an accident. The statistics of accidents are high and disturbing in India. Road accidents in India have already claimed the lives of up to 1.5lakhs in 2018. Around 4.6lakhs of accidents have reported in total, with U.P being the state of most registered cases of Accidents. Such Tragedies can make your Family uptight and leave your finances to slip away or uncontrollable. So, accidental insurance is necessary as it provides financial assistance, confinement allowances, medical expenses, and other beneficiaries to the policyholder in case of death or disability due to accident.
There are a lot of Life insurance plans and medical insurance plan policyholders in India, whereas Accidental insurance holders are low compared to above other insurance plans. There are various reasons and, one of the main reasons for this is, due to lack of knowledge and awareness among investors. The Insurance agents don’t show much interest in Accidental Plan because the Commission in Pure accidental plan is less compared to Life insurance and Health Insurance. The Medical covers will already cover under the Medical or Health Plan. So agents won’t provide the information about the importance of Pure Accident Policy and, many people will be less interested in purchasing it.
Reasons why Pure Accidental Insurance is required
Gains post Injury or Disability: Accidents can lead to partial or permanent disabilities or lifelong total impairment. A policyholder can claim coverage for various kinds of disability under the Pure accidental insurance plan, where neither medical insurance nor life insurance covers.
Temporary Disability: If the policyholder sustains a temporary injury, the insurer will reimburse the loss of income in the form of the weekly allowance Medical expenses, Child education care, etc.
Expenses during Hospitalization: Most of the people avoid buying pure accidental insurance because of the Expenses of Hospital bills covered in Health Insurance or Medical insurance plans. But an Accidental insurance plan will be helpful if the hospital bill exceeds beyond the limit of health insurance plan.
Home & Vehicle acclimatization: An accident may lead to disability as an individual is in a wheelchair and, he or she cannot move due to accident and is necessitated to alter the entrance or any part of your home and the Vehicle that policyholder uses. If the policyholder has bought a Pure accidental insurance plan, then these modifications at home and Vehicle are also covered.
Accidental Death claim: Under Pure Accidental Insurance, the family members or nominee specified by the insured will be eligible for claiming the death cover if the policyholder fails to survive the accident.
Family Members can claim the insurance by notifying the Insurer within a particular period of time with the Claim reference number specified in Policy Documents.
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