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1. Do I need to go through medical screening before purchasing a health plan?

Yes, you need to go through medical screening before buying a senior citizen health plan. As an old aged individual you are a riskier deal for the insurance company. Hence, most of the insurance companies need the applicant to go through medical screening.

2. What is the need for a Personal Accident Policy?

Life is uncertain. The whole idea of taking insurance is to protect oneself and one’s family from uncertainties and eventualities. A life insurance policy safeguards you against unexpected demise and a health policy includes medicinal expenditure in the event of an illness. The diseases not specified in the documents come under exclusion segment. One is likely to believe that life insurance and health insurance cover all the insurance requirements of an individual, however, this is not true. This IRDA approved plan takes care of events, such as demise and disabilities are a must.
Accidents are undesirable, unexpected and unplanned incidents which may cause physical injury, impairment, and even demise, excluding ones resulting from any self-inflicted act. Such mishaps happen without prior intimation when one is least expecting such an event. They become stumbling blocks in leading a normal life and often compromise the ability to earn a living. Such policies are meant for such situations and plug this important gap in one’s insurance portfolio, which is not adequately covered by a life and health policy. This policy does authorize the insured to avail an extra layer of protection for his or her loved ones if they already have an insurance plan like an endowment policy.

This policy provides financial support to the policy-holder if he or she is disabled due to an accident, irrespective of the magnitude of the mishap. These plans include the insured from impairment, demise, and dismemberment because of a mishap. Both disabilities are included, which usually affect one’s ability to earn at the same level before the accident. A life insurance policy does not typically include such circumstances. Moreover, a health policy or mediclaim only includes medicinal expenditure and does not reimburse expenditure for impairment or demise.

The best personal accident insurance plans in India help the families and dependent members of the insured cope better with the emotional loss by providing them much needed financial support in times of need when the worst such as demise transpires. In case of impairment, the policy-holder is provided compensation for lost earnings because of an accident. It also brings peace of mind as it guards against the most unexpected events.

Other benefits include hospitalisation, hospital bill payment, compensation of ambulance cost etc.

3. What are the primary features of personal accident insurance policy?

This policy is designed to provide compensation and is applicable for accidental injury resulting in demise or impairment covering four major events:

Accidental Death:

In case of unexpected demise or wounds during the policy period, the entire money is paid to the nominee as mentioned in the policy document. There are certain documents that need to be shown in case of demise, and these have been shown elsewhere in the page.

Permanent Total Disablement:

In the unforeseen event resulting in lifelong total impairment of the insured, the advantage under this policy is paid to the insured policy-holder.

Permanent Partial Disablement:

In the unfortunate event of bodily injuries, resulting in permanent impairment of the insured, usually a certain percentage up to 100% of the benefit is paid to the insured person. The reimbursement total is determined by the extent of loss or impairment.

Temporary Total Disablement:

A payment is made if the insured suffers a mishap that may result in short-term impairment and confinement to home. A weekly payment, subject to a maximum limit, is paid to the policy-holder to tide over the short term crisis when he or she is unable to undertake work or employment for a few weeks or months, or if it leads to the lost earnings.