Why Combine Accidental Coverage with Health Insurance?
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Sep 14 2024
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In today's fast-paced world, accidents and unexpected health issues are a reality that many people face. While traditional health insurance offers essential coverage for a range of medical conditions, integrating accidental coverage into your insurance plan provides a more comprehensive safety net. Here’s why combining accidental coverage with health insurance is a prudent choice for safeguarding your health and financial well-being.
Understanding Health Insurance and Accidental Coverage
Health Insurance: This type of insurance helps cover medical expenses related to illness, injury, and preventive care. It typically includes coverage for hospitalization, doctor visits, diagnostic tests, and medications. However, it might not always cover the full spectrum of expenses related to accidents.
Accidental Coverage: This is an additional insurance that specifically addresses injuries or disabilities resulting from accidents. It usually includes benefits for accidental death, permanent disability, and sometimes daily allowances for hospitalization due to an accident.
How to Choose the Right Combination
When selecting a combination of health and accidental coverage, consider the following factors:
- Coverage Limits: Ensure that the combined coverage limits are adequate to meet your potential needs. Review the sum insured and benefits provided by both policies.
- Exclusions: Understand the exclusions and limitations of each policy. Some accidental coverage might exclude certain types of accidents or conditions.
- Premiums: Compare the premiums of different plans to ensure that you get comprehensive coverage without exceeding your budget.
- Policy Terms: Review the terms and conditions of both the health and accidental coverage policies to ensure they align with your needs and expectations.
Benefits of Combining Accidental Coverage with Health Insurance
- Comprehensive Protection
Accidents can lead to significant medical expenses that may not be fully covered by standard health insurance. Combining accidental coverage ensures that you are protected against the financial impact of injuries or disabilities caused by accidents, filling gaps in your health insurance policy.
- Financial Security
Medical bills from accident-related injuries can be substantial. Accidental coverage often provides a lump-sum benefit or specific payouts for permanent disability or accidental death. This financial support can help cover medical bills, rehabilitation costs, and even replace lost income due to inability to work.
- Enhanced Coverage
for Specific Scenarios
While health insurance plans cover a wide range of medical treatments, they may not offer comprehensive benefits for specific accident-related scenarios. Accidental coverage typically includes features like accidental death benefits, which are often not covered under standard health insurance policies.
- Peace of
Mind
Knowing that you have both health insurance and accidental coverage can alleviate stress. In the event of an accident, you won’t have to worry about how you’ll manage both the medical costs and the potential financial impact on your family. This peace of mind allows you to focus on recovery rather than financial concerns.
- Income Replacement
Accidents can lead to temporary or permanent disability, affecting your ability to earn an income. Many accidental coverage policies provide income replacement benefits, helping you maintain financial stability while you recover or adjust to new circumstances.
-
Coverage for a Wide Range of Accidents
Accidental coverage typically includes a broad range of scenarios, from traffic accidents to falls and other injuries. This broad scope ensures that you are protected no matter the type of accident, providing a more robust safety net.
- Complementary
Benefits
Combining accidental coverage with health insurance often results in complementary benefits. For instance, while health insurance might cover the cost of surgery and hospitalization, accidental coverage might offer additional benefits like compensation for loss of limbs or eyesight.
Explore ManipalCigna’s SARVAH Pratham, SARVAH Uttam and SARVAH Param Plan offers Accidental Hospitalization Cover and Personal Accident Cover that enhances your health insurance plan. Here’s a closer look at features and benefits of this coverage:
Accidental Hospitalization Cover:
1. In-Patient Hospitalization Benefit: If an accident results in hospitalization, the plan covers expenses up to the base sum insured (SI). This is a significant benefit, as it ensures that you’re financially protected against costs arising from accident-related treatments.
2.Availability: This cover is available as part of the base cover for plans like SARVAH Uttam and SARVAH Param, and as an optional cover for SARVAH Pratham ensuring that policyholders can opt for this coverage as an integral part of their health insurance strategy.
3. Geographic Limitation: It is essential to note that this coverage is applicable only within India for SARVAH Pratham.
Personal Accident Cover:
1. Flexible Coverage Options:
ManipalCigna provides Personal Accident Cover with sum insured options ranging from ₹10 lakh to ₹3 crore. This flexibility allows you to choose a coverage amount that best suits your financial needs and risk profile.
2. Scope of Cover:
- Accidental Death (AD) and Permanent Total Disablement (PTD): Provides 100% of the Personal Accident sum insured opted. 200% of sum insured (If death/PTD) occurs due to an Accident while travelling as a fare paying passenger on a common carrier.
- Permanent Partial Disablement (PPD): Provides a percentage of Personal Accident sum insured based on the severity of the disability, with a maximum liability restricted to 100% of the sum insured, irrespective of permanent loss of one or more body parts and/ or death.
3. Age and Coverage Eligibility:
- Min Age at Entry: 5 years
- Max Age at Entry: 65 years
- Coverage Basis: Available on both individual and family basis
- Relationships Covered: Self, lawfully wedded spouse/live-in partner, dependent children, dependent parents/parent-in-laws
4. Sum Insured Limits Based on Age:
- Ages 18-60: Coverage can be up to 20 times the gainful annual income of the proposer or earning member.
- Ages 60 and above Max 10 times of the gainful annual income.
5. Family Cover- Sum Insured Eligibility:
- Earning Member- As per the Sum Insured Opted.
- Non- Earning Spouse/ Live-in Partner- 60% of the Sum Insured of Earning member
- Dependent Children/ Parents/ Parents- in-Laws- 30% of the Sum Insured, max up to Rs 30 Lacs .
Note:
- At least one earning member must be covered if Personal Accident Cover is opted.
- In the event of the death or discontinuation of the earning member, Personal Accident coverage should be allowed to continue for non-earning member at the time of renewal.
6. Maximum Liability Restrictions
- The maximum liability is restricted to 100% of the sum insured, regardless of permanent loss of multiple body parts or accidental death.
Take a look at the table to understand ManipalCigna’s Accidental Hospitalization Cover and Personal Accidental feature in detail:
|
Optional Covers |
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|
Accident Hospitalization Cover |
If during the policy year, the insured person suffers an injury due to an accident, and that injury solely and directly results in the Hospitalization of the Insured Person, We will cover hospitalization expenses up to base SI.
Note: This benefit is applicable only within India. |
Covered under In-Patient Hospitalization Benefit (Available as part of Base Cover) | ||||||||||||||||||||||
|
Personal Accident Cover |
Min Age at Entry – 5 Years, Max Age at Entry 65 Years. Coverage on Individual and Family basis. Relationships Covered - Self, Lawfully Wedded Spouse/Live-in Partner, Dependent Children, Dependent Parents/Parent in laws. Sum Insured - ₹10L, 15L, 20L, 25L, 30L, 40L, 50L, 1Cr, 2Cr, 3Cr
Family Cover – Sum Insured Eligibility
Note – i. At least one earning member must be covered if Personal Accident Cover is opted. ii. In the event of death or discontinuation of the earning member, Personal Accident coverage should be allowed to continue for non-earning member at the time of renewal. | |||||||||||||||||||||||
Incorporating accidental coverage into your health insurance plan provides a more comprehensive safety net, protecting you against the financial consequences of accidents and injuries. By combining these types of insurance, you gain enhanced protection, financial security, and peace of mind. As you evaluate your insurance options, consider how combining health and accidental coverage can offer a robust solution to manage the uncertainties of life.
FAQs About ManipalCigna’s Personal Accident Cover
Q1: What types of events are covered under Personal
Accident Cover?
A1: The cover includes accidental
death, permanent total disablement, and permanent partial disablement.
Q2: What is the maximum sum insured
available?
A2: The maximum sum insured ranges from ₹10
lakh to ₹3 crore.
Q3: Are there age limits for purchasing Personal
Accident Cover?
A3: Yes, the minimum age at entry is
5 years, and the maximum age at entry is 65 years.
Q4: How is the benefit amount determined in case of
permanent total disablement?
A4: For permanent
total disablement, the benefit amount is 200% of the sum insured if
the disablement occurs while traveling as a fare-paying passenger on
a common carrier.
Q5: What is the eligibility for the sum insured
based on age?
A5: For individuals aged 18-45,
the sum insured can be up to 20 times their annual income. For
ages 46-60, it can be up to 10 times their annual income.
Q6: What does the Accident Hospitalization Cover
include?
A6: It covers hospitalization expenses if the
insured person is hospitalized due to an injury resulting from an
accident, up to the base sum insured.
Q7: Is the Accident Hospitalization Cover
applicable outside India?
A7: No, this cover is
applicable only for hospitalization within India.
Q8: How does the Accident Hospitalization Cover
integrate with the base Personal Accident policy?
A8: It is an optional add-on to the Personal Accident Cover,
providing additional coverage for hospitalization expenses due to
accidental injuries.
Q9: What is the maximum amount covered under the
Accident Hospitalization Cover?
A9: The maximum
coverage is up to the base sum insured of the Personal Accident policy.
Q10: Can I add the Accident Hospitalization Cover
to any Personal Accident plan?
A10: Yes, you
can opt for the Accident Hospitalization Cover as an additional
benefit with ManipalCigna’s Personal Accident plans, such as
SARVAH Pratham, SARVAH Uttam, or SARVAH Param.
Sources
1. Insurance Regulatory and Development Authority of India (IRDAI): Provides information on insurance regulations and policy details.
2. Ministry of Health and Family Welfare, India: Offers reports and data on health insurance and medical expenses.
3. National Health Authority (NHA): Provides information on health insurance schemes and coverage options in India.
4. Insurance Companies: Many insurance providers publish details on their coverage plans and benefits.
- Examples include Max Bupa, Star Health, and HDFC Life.