General

Accident Insurance, a supplement to other insurances

A common question that one asks himself when they get a telemarketer call for accidental insurance coverage is am I not covered for accidents under my health insurance?. There are many insurances out there that cater to your needs; take for example like one insurance specifically covers cancer treatments then there will be another that will keep your business in mind.

There are confusions among consumers as to what is the value of holding Accidental Insurance apart from the main insurance. Are there any studies that prove that having accidental insurance is valuable?. Let’s look deeper into these issues of how insurance works in tandem with other insurance coverages one may have, the cost of holding various policies, and what value they bring to your insurance policies.

An accidental policy can be defined as a policy that will pay benefits as mentioned under the policy agreement for a covered accident. It is wise for buyers of insurance to read their policy in detail as it is a long-term commitment you will be paying insurance for a certain period hence you should know what is covered under it.

Do not go for what the brochure says or the online policy has stated, dig deep, and read the policy before buying one. It will help you understand the cost you are committing to bear as well as what value it will bring to you.

As an insurance policyholder, you should be aware of what type of activities will be covered if you meet an accident and what is exempted under your policy.

Unlike your medical insurance or health insurance, the cost of treatment under accident insurance is not covered under the accidental insurance policy. God forbid if you have an accident, let’s suppose a fracture perhaps by bumping your vehicle on the side pedestrian walking track, your accidental policy will not cover the cost of medical treatment or the surgery cost. Instead, they will pay you a lump sum amount which you will spend on your treatment and your medications.

It does not specifically bear the cost of surgery or medical expenses. Payment received in place of accidental insurance can be used to pay for your ambulance cost or therapy or wheelchair. These expenses can be paid from benefits received from the insurance policy.

The insurance policy provider will not bear all the costs directly. Accidental insurance is added on to your original policy. Different types of policies are not affected by the benefits of accidental policy.  If you own all of these and you meet an accident your insurance provider will pay you as per the outline of accidental policy.

Accident insurance policies supplement the benefits from the other kinds of policies listed above; they don’t replace them. In addition to holding accidental insurance on your own, some of the employers offer supplemental insurance along with your main insurance.

These are counted as additional benefits under the employment agreement. You can request your employer for such insurance if you are working a job with risks of an accident such as working at a construction site or stunt performer etc. People own accidental insurance to avoid bearing the cost of treatment from their savings.

A simple working can help you explain the benefits of holding accidental insurance of a fracture; Cost of treatment at a good hospital for fracture is Rs. 78,000. Medical insurance holders are covered up to Rs. 10,000 with an additional co-insurance a sum of Rs.15,600 is further covered leaving Rs.25,600 for the holder to bear. Now consider that you have accidental insurance. Your accidental insurance will pay out Rs. 25,000 against your injury leaving Rs.6000 for the holder to bear instead of the bigger amount which may cause a sudden financial disturbance.

Whether you lead a very active lifestyle or one which is more sedentary, accident coverage can be a welcome addition to supplement your other insurance coverage.

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