Life is unpredictable and so is death. A lot of people lose their lives untimely in an unfortunate situation leaving their families alone to fend for themselves. Given the uncertainty around death, a lot of people wonder if health insurance plans provide coverage for death. Let’s read on to find the answer to this question.
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Health insurance plans in India do not provide coverage for the death of the insured. This means no death benefit will be provided to the insured’s family in case of his/her death. In fact, the health insurance policy will cease to exist unless there are other family members covered.
Well! Health insurance plans are designed to cover the health needs of a person. It provides coverage for any medical/hospitalization/surgical needs of a person. It will cover the medical expenses of the insured in case of a medical emergency, planned hospitalization, OPD consultations and diagnostic services based on the plan chosen.
As a result, no coverage benefit is provided to the insured upon his/her death under a health insurance policy. Whether it is individual health insurance, family floater health insurance, senior citizen health insurance or critical illness health insurance, no death benefit will be provided to the insured’s family.
Although health insurance plans in India do not cover the death of the insured, the situation is not the same in the case of a personal accident insurance plan. Unlike a health insurance policy, personal accident insurance provides coverage for the accidental death of the insured.
A personal accident insurance policy is designed to provide coverage for accidental death or disability. It covers the insured in case he/she dies due to an unfortunate accident and provides financial assistance to the insured’s family.
It is important to note that personal accident insurance plans do not cover natural deaths. In case a claim is raised for the natural death of the insured, the insurance company has the right to reject it.
As per insurance experts, a person should opt for personal accident insurance coverage of 100 times his/her monthly income. For example, if you earn Rs 50,000 per month, then you should opt for a personal accident insurance cover of Rs 50,00,000. Doing so can ensure that your family’s financial needs, such as loan repayment, children’s education, children’s marriage, etc., are taken care of even in your absence.
The premium of a personal accident insurance policy depends on multiple factors. Take a look at some of the major factors below:
While buying a personal accident insurance policy, you must keep the following things in mind:
Death can come for anyone anytime. Unfortunately, no health insurance plans provide coverage for death. However, you can opt for a personal accident insurance policy to ensure coverage against accidental death. Just make sure to keep the above-mentioned points in mind before you buy personal accident insurance to protect the future of your family.
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