The one thing you can be certain of is that life is filled with uncertainties. Life has a way of wrecking our carefully crafted plans, which is why you always need contingency measures. Accidents and mishaps can often strike without warning, resulting in disability or the loss of life. Such unfortunate incidents can cause great hardship and distress, not just to the affected individual, but also their family or dependants. As an individual is exposed to various risks such as hospitalisation, accidental disability and critical illness, besides death. It is, therefore, necessary to look beyond pure term cover.
Statistics shows that over 1,200 accidents occur in India each day.One serious road accident in the country occurs every minute and 16 die on Indian roads every hour. Although minor accidents may affect your life temporarily, major accidents can significantly your well-being and that of your family. In such cases certain insurance coverage plans can help you cope with the financial implications of these accidents.
The value of human life cannot be measured, but an accidental health insurance plan can offer some financial relief to the injured or to his or her family. Such policies offer compensation for bodily injuries, partial or complete disability, or death due to any accident. These policies can be divided under two sub-heads:
- Individual accident policy – Offers coverage to individuals covered under the insurance plan.
- Group accident policy – Availed by employers for the benefit of their employees. While helpful, this plan offers basic coverage and may not be as beneficial as an individual policy.
Coverage Available
Most of the accidental health policies offer coverage as discussed below:
- Accidental death up to the sum assured
- Compensation for complete or partial disability of the insured
- Dismemberment benefits in case the insured loses one or more bodily parts, such as hands, eyes, or legs
- Medical costs incurred during the treatment of accidental injuries
Benefits of Accidental Plans
In case of demise or loss of employment due to permanent disability, your family can face severe financial distress, if not covered by an accident policy. Some accidental health insurance benefits include the following:
- Security of your family against financial distress
- Global coverage provided
- Can be availed as an individual or family plan
- Includes child education benefits
- Customizable plans depending on your personal needs
- Simple, quick, and certified claim procedure
- Minimum documentation and no medical tests needed
Factors affecting premium
These types of health insurance plans are not very expensive. Compared to life insurance plans, the premium on these policies is primarily determined by your occupation and is not based on your age. Generally, there are 3 categories under which occupational risks are classified by insurers.
1. Class I – Individuals in this category are employed in occupations that have very low risk of accidents. This means that individuals engaged in sedentary jobs, including professionals like accountants, lawyers, bankers, and doctors fall under this category.
2. Class II – Professionals like machine operators, contractors, people carrying cash, and builders who face medium to high risks fall under this category.
3. Class III – This category includes individuals who are at a high risk. This means that individuals engaged in occupations like mountaineering, mining, journalism, and race car driving would fall into this category.
In the event of the unforeseen, accidental health insurance can truly be a blessing and can help individuals cope and recover from circumstances that might otherwise be unmanageable. Nevertheless, individuals are advised to check the inclusions and exclusions before signing the dotted line.
To see types of health insurance plan, one can refer to HDFC Health. HDFC Health,is an initiative by HDFC Life,to help increase awareness, spread knowledge and enshroud myths surrounding the health insurance sector in India. HDFC Health offers health insurance policies in India that cover individual, family floater, critical illness and cancer care insurance plans.
Disclaimer: We are not associated with HDFC Health. The website link is provided for reference only.
What are the insurance that you have? Do you have accidental health insurance? Do you think it makes sense to go for accidental health insurance?
I have checked the HDFC health you have shared, there no accidental plans as such in the mentioned link.