Accidental Death

Accidental death coverage provides coverage against death due to any kind of accident. The company pays the basic death coverage along with the benefit for accidental death. This is sometimes referred to as the “double indemnity clause”. This rider legally binds the life insurance company to pay the beneficiary double the face amount of the policy if the insured should die in accident. There is a nominal fee for the inclusion of this clause into your policy. Let us suppose you died in an automobile accident in a plane crash or in fact any situation that can be considered an accident, the life insurance company has to pay the additional amount. If you, however, engage in any occupation or avocation at the time of application for the policy which would indicate that you would die in an accident, the life insurance company may refuse to issue the accidental death benefit rider or charge you extra to add it.

Permanent Partial Disability

Total Permanent Disability provides coverage to employees in case of disability by accident, where partial disability on a permanent basis shall be deemed to be complete and irrecoverable physical loss of use of any part of the body specified in the policy. What happens if an insured is only ‘partially’ disable? Partial Disability can come in several forms: perhaps he or she perform some but not all of the major duties of the job, or can work only part-time. Under the definition of total disability, no benefits would be paid. To solve this problem, the ‘partial’ disability concept has been developed. Under a disability provision (either in the policy or available by rider), an insured receives a percentage of income loss the sickness or injury has caused.

Terminal Illness

Terminal Illnesses are those diseases that result in death. This life insurance rider allows the insured to collect a portion of their life insurance policy while they are alive. The insured can claim this rider if he/she is diagnosed with a terminal illness, requires long-term care or admission to nursing home. With these conditions, the insured would most likely be unable to continue work and earn an income. This life insurance rider can help relieve some of the financial burden and medical costs.

On diagnosis of terminal illness 50% of the employee’s sum assured shall be paid to him and the remaining 50% would be paid on death.

Total Permanent Disability

Total Permanent Disability provides coverage to employees in case of disability due to accident or illness that would prevent the insured person from following his/her own occupation or any other occupation which he/she is reasonably suited by education or training.

“Total permanent Disability” means disablement of the Life Insured cause by bodily injury or disease which results in:

1. The complete incapacity of the Life Insured for an uninterrupted period of one year and at all times thereafter which, in the opinion of the Insurer after consideration of medical evidence satisfactory to it, will prevent the Life Insured from ever from ever again engaging in any gainful occupation.
2. The Life Insured suffering
3. Complete loss of both arms or both legs, or one arm or one leg, or
4. Total irrecoverable loss of sight of both eyes, or
5. Complete loss of one leg/arm and at the same time total irrecoverable loss of one eye.

The Life Insured must be confined to home or hospital and continue to require regular medical treatment from a medical practitioner.