INTRODUCTION

Accident insurance is a form of insurance policy which offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky. Many insurance companies sell accident insurance, which can be purchased as a standalone policy or bundled in to an existing insurance policy. Like other forms of insurance, buying accident insurance is, in a sense, a bet. The consumer pays the insurance company a premium hoping that an accident will not occur, and the insurance company writes a policy hoping that it will not have to pay out. Accident insurance can be a good idea for people who lack health care coverage, ensuring that they will be able to access medical treatment after an accident, or for people with families who suspect that their family members could suffer financially if they died. By purchasing accident insurance, people can provide themselves with more financial security. Accident insurance policies have payouts which vary, depending on the severity of the injuries. Some include very specific language about amounts which will be paid out in the event of losing particular extremities, for example; the payout is designed to cover medical care along with pain and suffering, and if an accident causes permanent disability, the payment may be structured to provide funds for the accident victim to live on. In the event of a death, the benefits are paid out to the listed beneficiary on the policy. When shopping for accident insurance, people should ask about premiums and what types of accidents and events are covered. Some insurance companies cover more than others, and some are notorious for viewing all claims with deep suspicion, delaying payments until they are satisfied that a customer really does meet the terms for a payout. For people who need money to deal with immediate expenses, this can be a problem. One of the most common types of accident insurance is car accident insurance which is purchased by most drivers to protect themselves and others in the event of an accident. Other examples include travel accident insurance policies which people can purchase before traveling, and insurance which is customized for people who work in particular industries. Such insurance can be costly, reflecting the increased risks to the insurance company; a telephone lineman, for example, will be more expensive to insure than a desk worker.

DEFINITION
In insurance, Accidental death and dismemberment (also known as AD and D) is a term used to describe a policy that pays additional benefits to the beneficiary if the cause of death is due to a non-work related accident.

HISTORY
Just like today, in early times if a man couldn't work because of an accident, his family would suffer. In 1694, Hugh the Elder Chamberlain proposed a policy to cover a family income in the event of an accident, and, late in the 1800s, it became a reality. Even though they called it accident insurance, it resembles today's disability income, providing payments to the injured person. In 1850, the Franklin Health Assurance Company of Massachusetts offered the first policy that covered injury from a train or steamboat accident. Today, some insurance companies still offer accident policies for accidents on public transportation.

FEATURES
Maximum liability of the insurer is the capital sum insured. The amt of the claim is payable to the insured person or his legal representative in case of death. Appointment of nominee is desirable. No weekly compensation shall become payable, until total amount shall have been ascertained and agreed. Personal accidents cover (other than coupon insurance) with another insurer must be within the knowledge and written permission of the insurer or else policy becomes void. Age limits between 16 and 25 years. The upper age limit may be relaxed in certain cases on merit.

TYPES OF ACCIDENT INSURANCE

1. Individual: This policy can be taken by anyone and can include the spouse and their children. Several activities are excluded from this insurance so this is not applicable to people who engage in extreme sports such as rock climbing or bungee jumping. 2. Children: This insurance provides financial support to parents if they are unable to work or if they accumulate expenses because of an accident. 3. Group: This policy is utilized by companies to cover employees for accident-related expenses. 4. Self-Employed: people who are self employed individuals are not eligible for employee benefits, so they are in danger when injured in an accident 5. Team: This is used by organizers to cover for all the members of a sports team. 6. Professional: This insurance is designed for self employed professionals, like athletes, actors, lawyers or doctors, who have special requirements. 7. Over 50: This policy targets the elderly aged 50 and above, because accidents can cause more severe injuries to them.
8. Travel Accidents: This policy offers benefits in case the person experiences an accident while on travel.

If any person meets with an accident, attend the person first. Give him the necessary first aid. Arrange to shift the injured person to the nearest hospital.

CLAIM INTIMATION:
Keep the following information ready before intimating the claim

Policy No. (Policy to be issued before registration if not done earlier) Name & contact details of person intimating the claim Date & time of accident / loss Nature of loss, Place of loss and Brief description of loss Name of the hospital if insured is hospitalized Name and address of police station if FIR filed Name of person who took insured to hospital Contact no. and address if insured is not at the address given in the policy Designation and grade of the person and since when he is covered under the policy (for group policy) Name of attending physician and family physician e-mail id of insured for future correspondence

Accident claim if not intimated to the Insurance Company is liable to get rejected.

DOCUMENTATION:
In case the insured is hospitalised, kindly collect all the hospitalisation documents at the time of discharge.

Claim Form Attending Doctors Report Original Disability Certificate from the Doctor, if any Fitness Certificate from the Doctor
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Investigation / Lab Reports (X-Rays reports with films & other reports etc) Original Admission / Discharge Card, if hospitalized Employers Leave Certificate with grade / designation Original / attested Post Mortem / Coroners Report Attested copy of FIR / Panchnama Police Inquest report, where applicable Original Hospital Discharge Card Original Final Hospital Bill along with break-up Cash-memos for the medicines along with supporting prescriptions. Investigation Bills and payment receipts for same. Other documents would be same as mentioned under Weekly Benefit OR Death OR Dismemberment / Disablement Claims (As per the applicable case).

ADVANTAGES OF AN ACCIDENT INSURANCE POLICY :

1. Accidental Death : If an insured died due to an accident his nominees will get 100% sum insured. So its very important to have right nominee in any kind of insurance policy whether accidental or life. 2. Permanent Total Disablement : Some time a person met with an accident & loses his body parts may not be able to work in future. In case of Permanent total disability 100% sum insured is given to the insured person. It covers: Loss of both hands or both feet or one hand and one foot Loss of a Limb (hand/foot) and an eye Complete and irrecoverable loss of sight of both eyes Complete and irrecoverable loss of speech & hearing of both ears

3. Permanent Partial Disablement : As the name suggest this benefit is given if someone losses one hand or one leg or even small body part like finger/toe. For this every insurance company have their own tables what they will cover & how much they will pay depends upon the age limit of the person as per policy documents. 4. Temporary Total Disablement : Sometime it can happen that anyone met with some serious accident but there is no permanent loss. But doctor suggested a complete bed rest of 5 weeks or a complete checkup of any part of the body. This will impact an earning for a small period so in such case accidental insurance can compensate for this income loss. Weekly benefit is normally 1% of your sum assured for maximum 100 weeks. There is also a maximum limit according to your income. 5. Other Small Benefits : There are few other benefits that one can get from insurance company few are priced in the premium & for others you need to pay additional premiums. These can be like emergency ambulance charges, education
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fund for kids, medical expenses, family transportation, imported medicines etc.

Disadvantages Of An Accident Insurance Policy :

1. Cause Of Death : Accident life insurance coverage only pays out if your death can be directly attributed to an accident. If you were to suffer a heart attack when driving, the policy won't pay out. 2. High Risk Hobbies And Activities : Some policies don't cover accidents that occur due to the participation in high risk activities, such as bungee jumping, hang gliding and rock climbing. Always check the terms and conditions if you intend to participate in these activities. 3. Personal Accountability : If you die in an accident when intoxicated, on drugs or breaking the law, your accidental death life insurance policy won't pay out. 4. Time Frame : Most policies specifically state that your death or dismemberment must occur within 3 months of the accident taking place .

CONCLUSION
Accident Insurance should taken by every person or individual who possess a vehicle so that he can be insured form the risk raises by accident taken place .Accident insurance provides a cash cover to a policyholder when he/she suffers injuries as a result of an accident. While insurance helps a policyholder pay off hospital and medical bills in case of accident injuries, it provides cash benefits to family members if the policyholder dies in the accident. This insurance applicable 24 hours a day, 365 days a year.