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Personal Accident Insurance must cover Uncertain life

Personal Accident Insurance must to cover Uncertain life-(1)

Accidents are very common these days. Whether it’s a simple fracture, a serious burn, or a car accident, serious physical disabilities can arise. When accidents do occur, there are significant costs to treatment and recovery. Also, in the event of permanent disability or death, you will lose the ability to work and lose income. While health insurance covers medical costs associated with accidents, accidental death, and disability are not covered. This is where individual accident insurance comes into play. Here is a complete overview of accident insurance and why you need it.

What is personal accident insurance?

Individual accident insurance is insurance that covers the risk of accidents. If you suffer from any of the contingent liabilities that are covered, the plan pays a fixed rate benefit to help you deal with the financial losses incurred by the contingent liabilities.

Types of personal accident insurance

There are two types of individual accident insurance:

  • Individual personal accident plan

Under this plan, a person is covered by the policy.

  • Group personal accident plan

Under this system, a group of people is affected by politics.

Group insurance is contracted by registered groups to obtain coverage for their members. These groups can be employer-employee groups, banks and their account holders, associations and their members, etc. A single policy is issued that covers all named members of the group.

Characteristics of accident insurance plans

The main characteristics of accident insurance systems are:

  • Those fixed income plans pay a lump sum when contingent liabilities are covered.
  • The premiums are very low. Additionally, premiums paid are allowed as a deduction from your taxable income under Section 80D. You can claim a deduction of up to INR 25,000 if you are under 60 and up to INR 50,000 if you are 60 or older.
  • No medical exam is required to buy the policy
  • The amount insured under the plan depends on your income.
  • Insurance coverage only exists on the basis of a single insured sum. You cannot benefit from floating family insurance.


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