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ACCIDENT DEATH & DISABILITY INSURANCE

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Personal Accidental

What is Personal Accident & Disability Insurance?

Individual Accident Protection.
Individual Mishap Protection approach gives total money related security to the safeguarded individuals against vulnerabilities, for example, incidental demise, unplanned real wounds, and fractional/all out in-capacities, lasting just as transitory handicaps coming about because of a Accident.

What is Included?

Unplanned Death: in the event of death because of a mishap, inside the arrangement time frame, the candidate referenced in your strategy will be repaid with the sum safeguarded.
Perpetual Total Disablement: if there should arise an occurrence of lasting and absolute loss of appendages, sight, and so forth because of a mishap, you will be repaid with the sum insured.
Inadvertent Hospitalization Expenses Reimbursement*: You can decide on an extra spread to remunerate costs if there should be an occurrence of a base 24-hour hospitalization because of damage, inside 7 days of the date of the mishap
Incidental Hospital Daily Allowance: We offer an extra spread that gives you an everyday remittance for every day of hospitalization after the guaranteed occasion, not surpassing 30 days of hospitalization, with a deductible of 1 day

What is excluded?

Cases emerging from death, damage or disablement of protected individual because of:
Purposeful self-damage, suicide or endeavoured suicide. Any damage existing before the approach start date as expressed to some extent I of the timetable to this strategy, regardless of whether if the equivalent has been dealt with, or for which restorative exhortation, conclusion, care or treatment has been looked for before the beginning of this arrangement.
While affected by inebriating alcohol or medications
While taking part in aeronautics or swelling, or while mounting into, or getting off from or going in any inflatable or airplane other than as a traveller (charge paying or something else) in any appropriately authorized standard sort of airplane anyplace on the planet.
Straightforwardly or by implication brought about by venereal infection or craziness
Emerging or coming about because of the safeguarded carrying out any rupture of the law with a criminal aim
War, attack, demonstration of remote foe, threats (regardless of whether war be announced or not) common war, disobedience, upset, revolt, insurrection, military or usurped power, seizure, catch, captures, limitations and confinement of numerous sorts.
Atomic weapon actuated treatment.
Labour or pregnancy or in result thereof air"

Who Can Buy?

Any person between 18-65 years of age is eligible for a Accident policy
You can buy for any of the family member(s) i.e. spouse, children and / or parents as well as drivers of your family/ business.

Income Tax Deduction under section 80D

Deduction allowable upto Rs.25,000/- if an amount is paid to keep in force an insurance on health of assessee or his family (i.e. Spouse & dependent children) or any contribution made to the central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf or on account of Preventive health check –up of the assessee or his family .
Additional deduction upto Rs.25,000/- if an amount is paid to keep in force an insurance on health of parents or on account of Preventive health check –up of the parent of the assessee, whether dependent or not .
In case of HUF, deduction allowable upto Rs.25,000/- if an amount is paid to keep in force an insurance on health of any member of that HUF.
If the sum specified in (a) or (b) or (c) is paid to effect or keep in force an insurance on the health of any person specified therein who is a senior citizen, then the deduction available will be up to Rs.30,000/-. Here senior citizen means the person who is of sixty year or more during the previous year.
In Case the amounts are paid in (a) or (b) or (c) on account of preventive health check up , the deduction for such amounts shall be allowed to the extent it does not exceed in aggregate Rs. 5,000 /-.
For the purpose of deduction, the payment shall be made by
Any mode, including cash, in respect of any sum paid on account of preventive health check up .
Any mode other than cash in all other cases.
The insurance as mentioned above shall be in accordance with the scheme framed by
The General Insurance Corporation of India as approved by the Central Government in this behalf or;
Any other insurer and approved by the Insurance Regulatory and Development Authority.

CLAIM PROCESS FOR HEALTH INSURANCE POLICY

Step by step instructions to make a Claim - Health

You can make a case under a Health protection strategy in two different ways:

On a Cashless premise:

For a case on cashless premise, your treatment must be just at a system medical clinic of the Third Party Administrator (TPA) who is overhauling your arrangement. You need to look for approval for profiting the treatment on a cashless premise according to systems set down and in the endorsed structure. If it's not too much trouble read the strategy archive when you get it to acquaint yourself with the procedure as opposed to trust that a case will emerge

Claims on repayment premise (Reimbursement):

Read the condition identifying with claims in your approach report when you get it to guarantee that you comprehend the strategy and the records required for making a case on repayment premise. At the point when a case emerges you ought to educate the insurance agent according to strategies required. After hospitalization, you need to guarantee that you get and keep prepared archives, for example, guarantee structure, release outline, solutions and bills that you ought to submit for a case.

TAX - ON YOUR INVESTMENTS

Section 10(10) D of the Income Tax Act, 1961

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

TAX - ADDITIONAL EXEMPTION

Section 80C was introduced by the Finance Act 2005

It provides deduction from total income in respect of various investments/expenditure/payments explained below. The total deduction under this section (along with section 80CCC and 80CCD) is limited to Rs. 1.50 lakhs maximum.