Accident insurance is an insurance policy where a sum assured is provided to the nominee in case if an insured dies in an accident. The insurance company also provides coverage and compensation if the insured person looses his sight of vision(becomes blind) or disable in an accident. Some insurance companies also cover the insured in case of death or permanent disability due to acts of terrorism. Everyone can meet with accident while working, playing, driving, etc so it is a good idea to have accident insurance. Accident Insurance does not cover death due to suicide, dangerous sports, war, AIDS, military service and diseases. You should be above 18 years of age to be eligible for accident insurance policy.
There are two types of accident insurance namely; personal accident insurance (PAI) and Business Travel Accident Insurance (BTAI). Personal Accident Insurance (PAI) provides benefit if an insured person suffers a critical injury or death in an accident. Business Travel Accident Insurance (BTAI) provides benefit if an insured dies or suffers with an injury in an accident while traveling on account of business. In BTAI you are covered four to five times of your pay. All the insurance companies have various benefits and riders for accident insurance policy. Accident insurance if combined with term life and health insurance can evolve as a better answer to cover your needs. This policy does not include the maturity benefits like most the other policies have.