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Accidental plans

Understanding accidental insurance plans and their coverage

Accidents are extremely common occurrences today and can happen in just about any sphere of life. Under these circumstances, it is important to be prepared for such occurrences and their repercussions. Accidental insurance plans are excellent ways of ensuring that you do not have to suffer through accidental death or damage without any aid. Despite being closely associated with health insurance plans, the ambit of accidental insurance is limited. Understanding its nuances will actually help you understand its importance.

General meaning and types of accidental insurance

Accidental insurance plans essentially allow for lump sum payments to be made to the beneficiary in case the insured dies in an accident. Primarily, these insurance plans are of two types, namely:

  • accidental death insurance, and
  • accidental death and dismemberment insurance

Where the first type allows for payment to the beneficiary after the death of the insured, the second covers all types of dismemberment in addition to covering death. In short, in cases where there is a loss of limb or limbs during a serious accident, the second plan covers it and pays the insurer. This plan operates under the belief that people who are involved in serious accidents causing loss of limb are usually not able to return back to their work and therefore require some assistance in healing and therapy. Where the loss of limb is singular, partial amount of the claim is paid out but where it is multiple, the claim is paid in its entirety.

Purchasing accidental insurance plans

Often, it is seen that accidental insurance plans come as riders along with guaranteed health insurance plans or other similar health insurance plans. Alternatively, you could buy accidental insurance independently, depending on your need. Cost of these insurance plans is often similar to those of standard health insurance plans, despite the payouts being high in certain cases. However, insurance companies believe that as the payout is marginal, they can bear the cost.

Conditions related to accidental insurance plans

Primarily, for any person to claim accidental insurance, he or she must have been involved in an accident and must have either succumbed to it or incurred dismemberment. Where accidents are a result of surgical mistakes or physical illness or drug overdose or even some kind of mental illness, these policies do not cover the situation. Therefore, before seeking such insurance plans, it is important to understand what the plan covers. Limited indemnity is no cause for concern with such plans as they are often comprehensive in their coverage. Of course, it also means that you have to pay higher premiums to ensure comprehensive coverage.

While most health insurance plans, even those with limited indemnity, cover the basic health concerns that we have in our lives, accidental insurance is important for that rare occurrence of any accidental death or dismemberment.

 

 

Critical Insurance

Pre Existing Condition Medical Insurance

All you need to know about critical illness insurance

In today's world, due to the growing concerns regarding our health and the escalating healthcare costs, it becomes essential to take steps to stay healthy. This becomes more important where people are plagued with one of the many critical illnesses, which in turn increases their financial worries. Critical illness insurance plans are the perfect solutions to those who want to truly get rid of their worries and insecurities regarding managing healthcare costs.

Understanding Critical Illness & Pre Existing Condition Medical Insurance Plans

Often healthcare for pre existing conditions is extremely expensive and not covered under any of the usual health insurance plans. Even where the plans do cover such illnesses, they only cover the direct costs associated with the ailment like hospitalization, treatment, medicines etc. However, when you opt for a critical illness insurance plan, you are not only assured of being covered for all these costs but can also enjoy coverage for several other expenses that are incurred as a result of your illness. These insurance plans offer a sense of security to the individual and his or her family during such times of need.

How does this plan work?

For any illness covered in the contract, the critical illness insurance plan gives a lump sum payout to the individual after the latter develops this ailment. Typically, these plans cover a wide range of critical illnesses including heart attack, cancer, stroke, deafness, blindness, most types of organ transplants etc. However, it is always advisable to understand the exact nature of coverage before opting for one as the finer details may vary from one plan to the other. It is also important to note that these insurance plans are almost always available at higher premium rates than plans providing individual health insurance for all. Additionally, critical illness insurance plans do not cover loss of life due to unnatural means like suicide.

Conditions involved in such plans

Cost of healthcare for pre existing conditions is not the only cost covered by these payouts. In other words, you can actually use the payout to pay off your mortgages or other debts, simply because there is no condition imposed on the payout. However, these insurance plans have a huge list of limitations, including not being given to those above 65 years of age. Similarly, if you have a pre existing condition, you might have to opt for a guaranteed plan providing individual health insurance for your condition as some critical insurance plans may not cover certain conditions. Waiting period is an integral part of most critical insurance plans, which could be difficult if the person has a pre-disposed condition as payouts are not made if the person succumbs to his condition.

So, while critical insurance plans are perfect for those suffering from critical illnesses, it is advisable to get such insurance well in advance, rather than wait till the last moment.

 

 

 

Accidental plans

Understanding accidental insurance plans and their coverage

Accidents are extremely common occurrences today and can happen in just about any sphere of life. Under these circumstances, it is important to be prepared for such occurrences and their repercussions. Accidental insurance plans are excellent ways of ensuring that you do not have to suffer through accidental death or damage without any aid. Despite being closely associated with health insurance plans, the ambit of accidental insurance is limited. Understanding its nuances will actually help you understand its importance.

General meaning and types of accidental insurance

Accidental insurance plans essentially allow for lump sum payments to be made to the beneficiary in case the insured dies in an accident. Primarily, these insurance plans are of two types, namely:

  • accidental death insurance, and
  • accidental death and dismemberment insurance

Where the first type allows for payment to the beneficiary after the death of the insured, the second covers all types of dismemberment in addition to covering death. In short, in cases where there is a loss of limb or limbs during a serious accident, the second plan covers it and pays the insurer. This plan operates under the belief that people who are involved in serious accidents causing loss of limb are usually not able to return back to their work and therefore require some assistance in healing and therapy. Where the loss of limb is singular, partial amount of the claim is paid out but where it is multiple, the claim is paid in its entirety.

Purchasing accidental insurance plans

Often, it is seen that accidental insurance plans come as riders along with guaranteed health insurance plans or other similar health insurance plans. Alternatively, you could buy accidental insurance independently, depending on your need. Cost of these insurance plans is often similar to those of standard health insurance plans, despite the payouts being high in certain cases. However, insurance companies believe that as the payout is marginal, they can bear the cost.

Conditions related to accidental insurance plans

Primarily, for any person to claim accidental insurance, he or she must have been involved in an accident and must have either succumbed to it or incurred dismemberment. Where accidents are a result of surgical mistakes or physical illness or drug overdose or even some kind of mental illness, these policies do not cover the situation. Therefore, before seeking such insurance plans, it is important to understand what the plan covers. Limited indemnity is no cause for concern with such plans as they are often comprehensive in their coverage. Of course, it also means that you have to pay higher premiums to ensure comprehensive coverage.

While most health insurance plans, even those with limited indemnity, cover the basic health concerns that we have in our lives, accidental insurance is important for that rare occurrence of any accidental death or dismemberment.

 

 

Critical Insurance

Pre Existing Condition Medical Insurance

All you need to know about critical illness insurance

In today's world, due to the growing concerns regarding our health and the escalating healthcare costs, it becomes essential to take steps to stay healthy. This becomes more important where people are plagued with one of the many critical illnesses, which in turn increases their financial worries. Critical illness insurance plans are the perfect solutions to those who want to truly get rid of their worries and insecurities regarding managing healthcare costs.

Understanding Critical Illness & Pre Existing Condition Medical Insurance Plans

Often healthcare for pre existing conditions is extremely expensive and not covered under any of the usual health insurance plans. Even where the plans do cover such illnesses, they only cover the direct costs associated with the ailment like hospitalization, treatment, medicines etc. However, when you opt for a critical illness insurance plan, you are not only assured of being covered for all these costs but can also enjoy coverage for several other expenses that are incurred as a result of your illness. These insurance plans offer a sense of security to the individual and his or her family during such times of need.

How does this plan work?

For any illness covered in the contract, the critical illness insurance plan gives a lump sum payout to the individual after the latter develops this ailment. Typically, these plans cover a wide range of critical illnesses including heart attack, cancer, stroke, deafness, blindness, most types of organ transplants etc. However, it is always advisable to understand the exact nature of coverage before opting for one as the finer details may vary from one plan to the other. It is also important to note that these insurance plans are almost always available at higher premium rates than plans providing individual health insurance for all. Additionally, critical illness insurance plans do not cover loss of life due to unnatural means like suicide.

Conditions involved in such plans

Cost of healthcare for pre existing conditions is not the only cost covered by these payouts. In other words, you can actually use the payout to pay off your mortgages or other debts, simply because there is no condition imposed on the payout. However, these insurance plans have a huge list of limitations, including not being given to those above 65 years of age. Similarly, if you have a pre existing condition, you might have to opt for a guaranteed plan providing individual health insurance for your condition as some critical insurance plans may not cover certain conditions. Waiting period is an integral part of most critical insurance plans, which could be difficult if the person has a pre-disposed condition as payouts are not made if the person succumbs to his condition.

So, while critical insurance plans are perfect for those suffering from critical illnesses, it is advisable to get such insurance well in advance, rather than wait till the last moment.