Define: Accident Insurance

Accident insurance, also known as accidental death and dismemberment (AD&D) insurance, provides financial protection in the event of accidental death, dismemberment, or injury resulting from covered accidents.

Accident insurance pays out a lump sum benefit if the insured suffers a covered injury or dies as a result of an accident covered by the policy. The benefit amount varies depending on the severity of the injury or the type of accident.

Accident insurance policies typically cover a wide range of accidents, including but not limited to vehicle accidents, falls, burns, drowning, poisoning, and other unforeseen events.

While health insurance provides coverage for medical expenses resulting from illness or injury, accident insurance offers additional financial protection specifically for accidents. Having both types of coverage can provide more comprehensive protection against unexpected medical costs.

Anyone can benefit from accident insurance, but it may be particularly useful for individuals in high-risk occupations or activities, those with dependents relying on their income, or anyone seeking additional financial security in the event of an accident.

Accident insurance typically covers medical expenses, hospitalisation costs, ambulance fees, rehabilitation expenses, and in some cases, lost income due to disability resulting from a covered accident.

Accident insurance is generally affordable compared to other types of insurance, such as health or life insurance. Premiums vary based on factors such as age, health status, coverage amount, and occupation.

Exclusions vary depending on the insurance policy, but common exclusions may include injuries resulting from pre-existing conditions, self-inflicted injuries, acts of war, or engaging in illegal activities.

Yes, accident insurance can be purchased as standalone coverage or as a rider to supplement existing health or life insurance policies.

To file a claim for accident insurance benefits, contact your insurance provider or agent to report the accident and request claim forms. Provide any required documentation, such as medical records or police reports, to support your claim, and follow the insurer’s instructions for claim submission.