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Accidental Death Benefit in Term Insurance

Accidental death benefit rider provides financial help to the life assured’s family in case of an unfortunate death of the life assured caused by an accident during the coverage term. You can avail of the accidental death benefit riders with term insurance plans. 

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What is an Accidental Death Benefit Rider in Term Insurance?

The accidental death benefit rider in term insurance is an add-on feature available in most term insurance plans. This rider enhances the plan’s base coverage and provides the nominee of the policy with an additional rider sum assured in case the policyholder dies due to an accident. This rider can be added either at the time of policy purchase or at a policy anniversary, as per the policy T&Cs. You can add this rider at nominal premiums that can be paid along with the base premiums. It is important to note that the rider sum assured will be paid only if the death of the policyholder occurs during the waiting period of 180 days after the accident.

What is the Need for Accidental Death Benefits in Term Insurance?

A term insurance plan provides the family of the policyholder with the death benefit only if the policyholder, unfortunately, passes away during the policy term. But a lot of the time, due to various reasons, people are unable to buy a term plan with a large life cover and secure their family with a suitable sum assured. Therefore, the accidental death benefit in term insurance is the best way for the policyholder to ensure that their loved ones receive an extra rider sum assured on top of the base sum assured in case of the policyholder’s untimely death due to an accident.

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How Does Accidental Death Benefit Rider Work?

Let us understand this with an example:

Suppose Ram purchased a term life insurance of 50 Lacs with an accidental death benefit rider of 15 Lacs included in the base plan. If, after five years, Ram suffered an unfortunate death due to an accident during the policy term, the insurer will payout the base sum assured on death as well as the rider sum assured of the accidental death benefit to the nominee of the policy. This means the nominee will receive a total of 65 Lacs to take care of their financial obligations and needs.

Who Should Buy Accidental Death Benefit Rider?

A term insurance plan with accidental death benefits is suitable for primary breadwinners of a family who:

  • Work in hazardous conditions

  • Frequently travel for work

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Why Should I Buy Accidental Death Benefit in Term Insurance?

You should buy term plan with an accidental death benefit rider added to the base plan because of the following benefits:

  • Added Protection: The accidental death benefit in term insurance can provide the nominee with an extra layer of protection as in case of an eventuality due to an accident, the insurer will payout the base and rider sum assured. This means the nominee will receive a larger amount and can use it to take care of their financial needs like paying for rent, child’s fees, and paying off any loans and obligations.

  • Tax Benefits: The accidental death benefit rider offers term insurance tax benefits u/s 80C, 80D, and 10(10D) of the Income Tax Act as per the prevailing tax laws.

  • No Medical Exam Required: To add the accidental death benefit rider to the base term plan, you do not need to undergo any special medical tests. This allows the policyholder to get extended financial protection for their family in his/her absence.

  • Minimal Documentation: Term insurance plans can be purchased online without any physical documentation by just submitting the required documents and selecting suitable riders like accidental death benefit riders. You do not need to submit any additional documents to add the rider to the base plan.

  • Easy Claim Settlement Process: To get your accidental death benefit claim settled, you can easily submit the duly filled claims form along with the required documents online without visiting the company’s office. Most insurers settle the claims easily and quickly to help the grieving family take care of their financial needs.

Exclusions of Accidental Death Benefit Rider

There are certain common exclusions in life insurance under which the term insurance with accidental cover will not payout. These are usually mentioned to the customers before purchasing the policy, but it is crucial that a person digs deep and knows well about the exclusions. Some of the exclusions are as follows:

No death benefits are paid out in case:

  • Death occurs due to an accident under the influence of liquor

  • Death occurs due to an existing health issue unless additional rider protection is opted for

  • Death due to overdose of drug, alcohol, or psychedelic substances

  • In some instances, if death occurs due to complications during childbirth and pregnancy

  • Any death occurring due to participation in illegal activities

  • Death due to self-inflicted injuries

  • If the person commits suicide

  • Death after the end of the waiting period (i.e., 180 days)

Documents Required for Claiming Accidental Death Benefit Rider

Below is a list of documents required to claim accidental; death benefit rider:

  • Original policy documents

  • Filled claim application

  • Photo ID Proof, Address proof of policyholder

  • Bank account details of the policyholder

  • Copy or original FIR

  • Postmortem report

  • Policy investigation report

  • Life assured’s driving license

FAQ's

  • Can a person purchase accidental death benefits in term insurance online?

    Ans: Yes, a person can purchase accidental death benefits in term insurance online by adding the rider to the base plan while purchasing the plan online. The rider can be added at nominal premiums payable with the base premium rates.
  • What are the various accidents that a person can claim insurance against?

    Ans: Death due to collision of two vehicles, or a collision between a person and a vehicle; workplace injury that leads to death of a person, slipping and falling in bathroom leading to the death of the insured, falling from the rooftop of a building, drowning in water, getting electrocuted or death due to fire are a few accidents against which a person can claim insurance. These are not the only accidents against which a person can claim insurance. Death due to any sort of accident is eligible for an insurance claim.
  • Is suicide also considered accidental death?

    Ans: Suicide is not considered an accidental death, and no claim will be settled in such cases. Although, some insurers do offer a return of premium excluding taxes to the nominee if the life insured commits suicide within a given time frame or sometimes throughout the term of the policy.
  • Can I purchase accidental term insurance for my parents?

    Ans: If the parents fall under the maximum age at entry criteria, which for most cases is below or at 65 years, then yes, you can purchase accidental term insurance. Although, it is advised that you check the policy's tenure since people purchasing the policy at an older age have a short span of the policy term.
  • What happens if I don’t pay the unpaid premiums?

    Ans: After the end of the premium due date, the grace period begins. If the policyholder does not pay the premiums even during the grace period, the policy will lapse, and no benefit will be paid to the nominee in case of an eventuality. The policy, however, can be revived within the revival period of 2 to 5 years. If the policy is revived, for which a person needs to pay all the unpaid premiums and interest, the policy will be back in force, and if the life insured dies, the death benefit will be awarded to the nominee.
  • What is the difference between death benefit and accidental death benefit?

    Ans. The death benefit is the amount of the base term insurance paid to the nominee in case of the policyholder’s death due to any reason, whereas the accidental death benefit is the additional rider amount paid along with the death benefit in case the policyholder dies due to accidental reasons.
  • How much is accidental death benefit?

    Ans. The limit for accidental death benefit is different for each term plan, but the maximum limit for this rider is usually capped at the life cover amount. This means the rider sum assured for the accidental death benefit cannot exceed the base sum assured of the policy.
  • Are accidents covered in term insurance plan?

    Ans: Yes, accidents are covered under a term insurance plan. A term plan will pay the sum assured amount, regardless of the death cause, whether it is related to health or because of an accident.
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