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TrustCapital Global Technologies

ACCIDENTAL INSURANCE

TrustCapital Global Technologies

Accidental Insurance

Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurer. There are various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.

Accidental Insurance

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Types of Personal Accident Insurance Policy:

Accidental Insurance Policies can be further divided into two sub-heads. Here’s a quick rundown of the two variants:
Individual Accident Insurance:
This type of policy guards an individual in case of any accidental damage. It covers accidental death, loss of limbs or sight, or other permanent disabilities resulting due to an accident.
Group Accident Insurance:
Group Accident Insurance is taken by employers to get coverage for their employees. Depending on the group size, some insurers also provided a discount on the premium. It is a good incentive/ value-added advantage for small organizations as it is available at low cost. However, this is a very basic plan and may offer limited benefits compared to an individual plan.
Accidental Death Cover
An accident can be both emotionally and financially devastating for the dependent family members. In case of fatal injuries, the entire sum assured is paid to the nominee as mentioned in the policy document.
Permanent/Total Disability Cover
In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder.
Permanent Partial Disability Cover
If bodily injuries, resulting in permanent partial disabilities, then a certain percentage (up to 100%) of the benefit is paid to the insured.
Temporary Total Disability
In case the insured meets with temporary total disabilities and is bedridden, then the insurer will provide a weekly allowance to recompense the loss of income. The insured can also utilize this claim amount to pay the EMIs, in case there is a loss of earnings.

Advantages of Personal Accident Insurance Policy

Imagine a situation, you are hit by a motor vehicle and are permanently disabled? There would be no monthly or annual earnings but bank EMIs, medical expenses, and other expenditure. To deal with such an emergency situation, it is advisable to get a personal accident cover. Here’s a quick rundown of some of the major advantages of buying a personal accident insurance policy:

Family security
No requirement of medical tests and documentation
Substantial coverage at a lower premium
Worldwide coverage
Both individual and family plans are available
The easy and certified claim process
24x7 support service
Legal and funeral expenses are covered
Child education benefit
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Difference between Accidental Insurance & Life Insurance

An accident insurance policy covers loss of life or disabilities resulting due to accidental damage. But a life insurance policy covers the death of a policyholder irrespective of the cause of death. The major differences between accidental insurance and life insurance policies are listed below:

Death Cover
A life insurance policy offers financial benefits irrespective of the reason of death apart from suicidal attempts. An accidental insurance policy will offer compensation in case of accidental death of the policyholder.
Plan Options
There are various plan options in a life insurance policy retirement solutions, death cover, long and short term financial investment goals, etc. But an accidental insurance policy covers loss or damage resulting due to an accident.
Death Coverage Condition
Life insurance policy offers death cover even if the insured dies months or years after the illness. Whereas, an accidental insurance policy offers death cover even if the insured dies instantly or within the specific time frame after the accident. Usually, it is 180 days from the accident.
Partial Disability Cover
If an accidental injury results into partial loss or limb or sight then it will be covered by an accident insurance policy. Whereas, partial disabilities are not covered under a life insurance policy.
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