How to Claim Accident Insurance

Claim Accident Insurance?

In order to claim, one needs to file a claim first. Following documents may be required:

• FIR of accident


• Doctor's prescription


• Diagnosis reports


• Hospital discharge card/report


• Disability certificate (if any)


• Death certificate (in case of death)

Once you file a claim, the surveyor of the company will analyze the documents and prepare a report on the same. On the basis of the surveyor's report, your claim would be processed.

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What is Accident Insurance

Accidents can happen any day any time and anywhere. We cannot avoid the impending dangers, but we can decrease the losses and damages. Accident insurance can cover you and your family from financial loss due to an accident. Accident insurance is often referred to personal accident insurance. It also provides financial security against treatments, medical expenses, and hospitalization, caused by an accident. Accident insurance policies cover a person for any injury, caused by an accident. The policyholder will buy the policy while the insurance companies will pay off the medical and hospital bills in favor of the policyholder. In case of accidental death of the policyholder, the insurance company provides cash benefits to the members the policyholder's family. Insurance for accidents are applicable for 24*7.

Accident life insurance pays out a guaranteed cash lump sum if you die or suffer a dismemberment as a direct result of an accident. It's relatively inexpensive to take out accidental death life insurance and it provides a useful supplement to a level term or whole life insurance policy. It's useful for men and women who spend much of their working life traveling or who work in a dangerous occupation.

The Coverage

The coverage of the accident insurance varies from policy to policy. Hence, before choosing accident insurance, one must learn about the coverage of the policy in details. Accident insurance has following coverage features in general:

• Accidental Death


• Permanent Total Disablement


• Temporary Total Disablement


• Broken Bones

Which are not covered?

Accident insurance doesn't cover everything. There are certain professions which are usually not covered under accident insurance. Hence, one needs to check it before buying any accident insurance. Following professions may not be covered under accident insurance:

• Armed Forces


• Para-military Forces


• Merchant Navy


• Airline Pilots


• Hazardous Sports


• Offshore workers

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List of Life Insurers as of Sept 2008 in India

List of Life Insurers (as of Sept, 2008)

Apart from Life Insurance Corporation, the public sector life insurer, there are 22 other private sector life insurers, most of them joint ventures between Indian groups and global insurance giants.

Life Insurer in Public Sector

1. Life Insurance Corporation of India

Life Insurers in Private Sector

1. SBI Life Insurance


2. Metlife India Life Insurance


3. ICICI Prudential Life Insurance


4. Bajaj Allianz Life


5. Max New York Life Insurance


6. Sahara Life Insurance


7. Tata AIG Life


8. HDFC Standard Life


9. Birla Sunlife


10. Kotak Life Insurance


11. Aviva Life Insurance


12. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC


13. ING Vysya Life Insurance


14. Shriram Life Insurance


15. Bharti AXA Life Insurance Co Ltd


16. Future Generali Life Insurance Co Ltd


17. IDBI Fortis Life Insurance


18. AEGON Religare Life Insurance


19. DLF Pramerica Life Insurance


20. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE


21. India First Life insurance company limited


22. Star Union Dia-ichi Life Insurance Co. Ltd

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LIC Bima Account I (Table No 805)

LIC Bima Account 1

LIC Bima Account 1 is a simple non-linked plan under which you can be covered without undergoing any medical examination. Its a unique plan with Insurance and investment with guaranteed return.

LIC Bima Account – 1 (Plan No. 805) is a without profit Variable Insurance Product wherein the proposals will be accepted under Non-medical Scheme only. Under this plan there will be a Policyholder’s Account maintained separately for individual policyholder, which shall consist of two parts; Policyholder’s Regular Premium Account and Policyholder’s Top-up Premium.

The plan is open to all customers who are over 11 years and not exceeding 50 years of age. Premium amount is as low as Rs 600 per month and policyholders can set-up a direct ECS from their bank account. Policy term ranges between 5 to 7 years. After completion of 1 year, loan facility can be availed.

Our Advice – It is one of the simplest and most transparent plans among all traditional life insurance policies in the market, which also is guaranteeing an assured return. You should strongly consider buying this plan as the assured returns + bonuses + tax savings can be quite a handsome amount.


LIC Bima Account 1 features:

• Simple endowment plan
• High Liquidity
• Guaranteed minimum return
• No medical examination required
• Transparent charges
• High Risk cover

Under LIC Bima Account, (Plan No. 805) the premiums paid by you, after deduction of charges, will be credited to the the Bima Account.


Policyholder’s Account will consist of 2 parts:

• Bima account Regular Premium Account
• Top-up Premium Account

Your regular premiums will be credited in your regular account and if you top up your account it will be credited to your top up account.

Loan: Loan facility will be available immediately after first policy anniversary.

6% guaranteed Interest: Bima Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. These interest is guaranteed for whole policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under Bima account plan.

Benefits:

• Benefits payable on death:
  In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee will get the Sum Assured along with the balance in the Policyholder’s Account.
  
  
• Benefits payable on maturity:
  On life assured surviving the date of maturity an amount equal to balance in the Bima Account is payable.

Eligibility conditions and terms of Bima account 1:

• Minimum Entry Age: 11 (completed)
• Maximum Entry Age: 50 (nearest birthday)
• Policy Term: 5 to 7
• Minimum Maturity Age: 18 (completed)
• Maximum Maturity Age: 57 (nearest birthday)

Minimum Premium:

• Yearly Rs.7,000
• Half-yearly Rs.4,000
• Quarterly Rs.2,000
• Monthly (ECS) Rs. 600
• Top-up premium: Rs.1000

Minimum Sum Assured: 10 times the annualized premium.

Maximum Sum Assured:

• 20 times of the annualized premium up to age 35 years
• 14 times of the annualized premium for age between 36 to 45years
• 10 times of the annualized premium for age between 46 to 50 years

Regular premium charges:

Expenses charge (including commission)

• First Year 27.5%
• 2nd 7.5%
• 3rd Years 7.5%
• Thereafter 5%

Expense charge for top-up Premium: 2.5%

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LIC Bima Account II (Table No 806)

About LIC Bima Account II:

LIC Bima Account 2 (Table No.806) is a simple non-linked plan. Its similar to Bima Account 1 with some minor term differences. Its a unique plan with Insurance and investment with guaranteed return. This plan has a longer policy term ranging from 10 years to 15 years. Minimum monthly premium payable on this plan starts at Rs 1250 and the policy can be taken by individuals between 8 to 60 years of age. Like the first plan, this one also allows top-up premiums and loan facility.

Our Advice – Bima Account 2 is a very transparent and simple plan. From a tax saving angle it can be a great buy as the guaranteed returns + bonuses + tax savings can be quite a handsome amount.

LIC Bima Account 2 features:

• Simple endowment plan
• High Liquidity
• Guaranteed minimum return
• Transparent charges
• High Risk cover
• Term 10 to 15 years

Under LIC Bima Account, (Plan No. 806) the premiums paid by you, after deduction of charges, will be credited to the the Bima Account.

Policyholder’s Account will consist of 2 parts:

• Bima account Regular Premium Account
• Top-up Premium Account

Your regular premiums will be credited in your regular account and if you top up your account it will be credited to your top up account.

Loan:
Loan facility will be available immediately after first policy anniversary.

Top-up Premium:
You will also have an option to pay additional (Top-up) premiums without any increase in risk cover.

6% guaranteed Interest:
Bima Account will earn an annual interest of 6% p.a. provided the policy is in force and 5% p.a. if the policy is paid-up. These interest is guaranteed for whole policy term. In addition to this guaranteed return, if all due premiums are paid, your account may earn an additional return depending upon the experience under Bima account plan.

Benefits:

• Benefits payable on death:
  In case of death of the Life Assured during the policy term, when the policy is inforce, the nominee will get the Sum Assured along with the balance in the Policyholder’s Account.
  
  
• Benefits payable on maturity:
  On life assured surviving the date of maturity an amount equal to balance in the Bima Account is payable.

Eligibility conditions and terms of Bima account 2:

• Minimum Entry Age: 8 (completed)
• Maximum Entry Age: 60 (nearest birthday)
• Policy Term: 10 to 15
• Minimum Maturity Age: 18 (completed)
• Maximum Maturity Age: 70 (nearest birthday)
• Minimum Premium:
• Yearly Rs.15,000
• Half-yearly Rs.8,000
• Quarterly Rs.4,000
• Monthly (ECS) Rs.1250
• Top-up premium: Rs. 1000

Minimum Sum Assured:
10 times the annualized premium.

Maximum Sum Assured:
30 times of the annualized premium up to age 35 years
20 times of the annualized premium for age between 36 to 45years
10 times of the annualized premium for age between 46 to 60 years

Expense charges:
Expenses charge (including commission)
First Year 2nd & 3rd Years Thereafter
27.5% 7.5% 5%
Expense charge for top-up Premium: 2.5%

Lic of India Bima account Mortality charges:
Age 11 – 23 years = 0.56%
Age 24 – 29 years = 1.39%
Age 30 – 44 years = 1.85%
Age 45 years onwards = 3.8%

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