Accidental Insurance Plan

• Individual Accidental Policies: Individual Accidental policies cover an individual in case of any accident.

• Group Accident Policies: As the term itself suggests, a Group Accident policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations, and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.

The general process of making a claim is given below:

• Inform the insurer about the accident:

The insurer must be informed about the accident as soon as possible. The insurer may also be informed while the insured is on the way to the hospital. In order to show proof that the claim has been filed with the insurer, the policy number or reference number of the insurer should be communicated.

• Inform the insurer at the time of hospitalization:

Group Accident Policies: As the term itself suggests, a Group Accident policy is not meant for individuals. It is taken by employers for their employees. Depending on the group size, discount on premium may be offered. It is a good value added benefit for small organizations, and is available at a low cost. However, this is very basic cover and may not offer benefits like that of individual accidental insurance plan.

• Inform the insurer at the time of hospitalization:

The insurer must be intimated on the hospital where the insured is undergoing treatment, and the nature of injury.

The insurer must collect and maintain all documents relating to the hospitalization. Bills for Diagnosis, treatment, hospital room rent and so on should be organized and maintained, for ease of claims.

• Fill the claim form.

• Submit the FIR or police report if required

You must have accidental insurance especially if you have availed other loans like a Home Loan, Car loan and so on. This would come in handy for repayment of EMIs, in case of an accident.

The premiums on Accidental Insurance Plans are decided based on the insured’s occupation and not age.

Three categories of occupational risk: