Insurance

Personal Accident Insurance policy provides financial protection to the insured against uncertainties such as – 

Accidental Death – In case of accidental death of the insured full sum assured is paid to the nominee  | Permanent Total Disability (PTD) – In case an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the policyholder. | Permanent Partial Disability (PPD) – for injuries resulting in permanent partial disabilities, a certain percentage (up to 100%) of the benefit is paid to the policy holder. | Temporary Total Disability (TTD) – If the insured suffers temporary total disabilities and is bed ridden or unable to work, then a weekly allowance to compensate for the loss of income is provided to the policy holder. The insured can also utilize this amount in case there is a loss of earnings.

Simply speaking, insurance is the means (a contract) by which risks of loss or damage can be shifted to another party (the insurer – obviously is generally an organisation, the insurance company) on payment of  a charge known as premium. The party whose risk is shifted to the insurer is known as the insured. Insurance is largely carried out in two ways –

1. Social Insurance – Here, the government takes care of those who are subject to losses due to risk events.
2. Voluntary Private Insurance – Here, individuals and groups can buy insurance from an insurance company.

1. Life Insurance policies: Pure Term Insurance with or without return of premium, Non-linked Non-participating endowment insurance (including money back policies), Unit-linked insurance

2. Non-life insurance policies: Health insurance, Critical Illness insurance, Hospital cash policies, Motor insurance, Personal accident insurance, Travel insurance, Home insurance, Crop insurance etc.