Accidental Disability Benefit: What To Know

An accidental disability benefit can protect your financial interests if God forbid anything happens to you. The truth is, the unpredictable way of life makes us vulnerable to physical disabilities because of many reasons, like accidents.
A policyholder can face many financial losses and may struggle to maintain a lifestyle if he/she suffers partial/permanent disability due to an accident. A term insurance rider benefit for accident coverage could just be the solution. Find complete information about accident disability benefits in this article.

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What is Accidental Disability Benefit?

Accidental disability benefit is an add-on or rider benefit that you can include in your term insurance plan. This means that the insurance company will pay a percentage of the sum assured for a specific tenure if the policyholder is disabled partially/permanently after an accident. To add this additional coverage to your term plan, you have to pay an additional premium. 

Who Can Avail This Benefit?

You can buy a term insurance rider benefit if your work involves:

  • Hazardous materials or locations (Example: working on high tension electric lines).
  • Traveling often.

However, unexpected events can happen at any time. When purchasing term insurance, it would be wise to choose the accidental disability benefit rider. Even those who don't often travel or work in hazardous conditions can meet with an accident. This rider will have your back financially if God forbid you to become physically disabled after an accident. 

Documents Required To Claim The Compensation

S.No

For Permanent Total & Partial Disablement

For Temporary Total Disablement

1

Report of Hospitalization

Report of Hospitalization

2

Termination letter for claim under "Loss of Employment."

Panchnama V21

3

Panchnama

Properly filled up claims form

4

Properly filled up claims form

Hospital discharge card

5

Hospital discharge card

Original Certificate from Doctor of Government Hospital stating the degree of disability

6

Original FIR

-

7

Original Certificate from Doctor of Government Hospital stating the degree of disability

-

Disclaimer: This is a generic list of documents, however, it may change as per the insurer.

Claim Procedure For Physical Disability Due To Accident/Injury

To make a claim, you must follow the below steps:

  • Notify your insurance provider immediately on its toll-free number and later inform it in writing.  Written notice must be given within one month of the loss or amputation of limbs.
  • You must provide all information, evidence, and certificates from a medical practitioner or any other documentation (required by your insurance provider) to your insurer.
  • The insurer will examine and verify details sent by you regarding a claim under the policy.

Types of Disabilities Covered by The Insurers

Most of the term insurance providers cover the below-mentioned types of disabilities under accidental disability rider:

  1. Permanent Total Disablement

    A physical injury that is irreversible and completely prohibits an insured from engaging in any work.

  2. Permanent Partial Disability

    A physical injury that causes total, irreversible, and continuous loss or impairment of any body part or sensory organ is called a permanent partial disability.

  3. Temporary Total Disablement

    A physical injury where a person cannot work for tenure under 104 weeks from the injury date to the date he/she is pronounced fit to work by the doctor.

Common Examples of Physical Disabilities

S.No

Permanent Total Disability

Permanent Partial Disability

1

Loss of two limbs

Loss of one limb

2

Loss of sight of both the eyes 

Loss of sight of one eye

3

Loss of one limb and an eye

Loss of all the toes

In Nutshell

A person may escape death during an accident, but they might not avoid physical disability. This is followed by monetary anxieties and job loss. It would be terrible to imagine this happening to anyone. One can avoid such situations by adding a suitable accidental disability rider to his/her term insurance plan. However, before that one should make sure to know everything about the accident disability benefit.

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Written By: PolicyBazaar

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