In this video, we will discuss about accident insurance plans offered by general insurance and life insurance companies
Edited highlights
0:10 In this video, we will discuss about accident plans offered by general insurance companies
1:27 Most general insurance companies offer personal accident plans
1:34 They are offered at a very nominal premium and offer a very high sum insured
1:49 If an insured person dies in an accident, the family gets the sum insured
1:57 Insurance companies have defined what is an accident
2:09 The accident could be any accident such as an accident on the road or by train, by flight or any other accident listed by the general insurance company
3:17 Some of the personal accident plans also cover permanent disability too
3:24 Then, they specify what they will provide in the case of permanent disablement
3:38 Life insurance plans also provide accident insurance but they are not standalone covers
3:44 They are offered as personal accident rider when you take a life insurance plan
4:11 With a very small premium you can get a sum insured
4:16 Some of the life insurance companies also call it double accident rider
4:48 It is important to remember that life insurance plans cover death due to any reason while accident plans by general plans cover deaths due to accident
4:52 In double accident you get the life insurance amount and the sum insured for the accidental death rider
5:10 By paying a small premium amount, one should take this accident rider
5:18 For the young, the cause of death is typically more likely from an accident than other reasons
5:55 Personal accident plans are available till age 70-75 years
6:17 Irrespective of the age, accident insurance premium remains the same
7:21 Permanent or temporary disability impacts family finances as income gets disrupted
7:45 In case of disability, there are initial and follow up treatment costs besides disruption in income and savings
