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How Does Accidental Death Insurance Function?

How Does Accidental Death Insurance Function?

Just as a life insurance policy safeguards your loved ones during a financial crisis, accidental death insurance comes to your family’s aid in case of your untimely passing. Reports state approximately ₹1.55 Lakhs people lost their lives due to accidental deaths in the year 2021.

This finding is exactly why availing of an plan is crucial. Buying this plan can safeguard your family’s financial liability especially if you are the sole breadwinner. Read on to learn how accidental death insurance functions.

What Are The Key Features Of Accidental Death Insurance?

Getting this policy offers financial protection to your loved ones in case of an unexpected death. One of the vital features of this policy is its budget-friendly cost that does not cause you any financial strain. 

As the premium cost is very nominal, you can even cover all your family members individually. The comprehensive coverage provided by this insurance plan enables nominees to receive a substantial amount after the death of the insured.

You may also combine this plan as an add-on or rider to your existing life insurance plan. For this, you may have to pay an additional amount along with the insurance premium. This death insurance plan is a must if you work in hazardous areas or if your professions requires you to be overly exposed to certain risks. 

Since accidents are unexpected, any untoward event will disrupt the lives of the family. Another perk is the ease at which you can file a claim with minimal documentation. This makes the whole process smooth and hassle-free.

A book on Accidental Death Insurance benefits shown - Accidental Death Insurance

Why Should You Avail An Accidental Death Insurance Plan?

Availing this plan is a must if you are a sole earning member in your family. It is ideal to invest in such policies at an early age. More so, if you have taken loans, as such insurance plans can help complete your loan repayment in case of unexpected death.

Apart from providing additional financial protection to your loved ones, availing this policy is time-saving as there is no need for any medical examination. Some insurance providers may also facilitate flexi-payout options.

This allows your family to receive the amount according to timely requirements. You can also enjoy tax benefits up to ₹1.5 Lakhs.

What Are The Benefits Of Accidental Death Insurance?

You can avail many benefits as a part of this policy. While filing a claim is hassle-free, you can utilise this plan worldwide. This means you get death benefits irrespective of the country unfortunate event has happened. Another vital benefit is most insurance providers also cover ambulance expenses as a part of the policy.

How Can You Know Your Eligibility?

You need to be an Indian national between the age groups of 18 and 65 years to avail this policy. However, some insurance providers may relax the age up to 70 years for senior citizens. It is essential for you to be either self-employed or salaried at the time of availing the policy.

What Are The Documents Required While Claiming An Accidental Death Insurance Policy?

The following documents are required for filing a claim:

  • Accidental death insurance policy documents
  • ID proof the deceased individual
  • Original FIR papers stating the time and reason of death
  • Death certificate
  • Post mortem report

It is important to plan for the future, especially when it secures your loved ones. Preparing yourself for unexpected situations is possible by choosing the right type of accidental death insurance coverage.

Choose the right insurance provider offering plans at budget-friendly costs and with umpteen benefits. Additionally, you should consider the ease of making claims, as the nominees of the coverage should have a hassle-free experience during the difficult time.