What is Double Accident Benefit Insurance?
- 3 Comment
Introduction
This article explains about the double accident benefit for Life Insurance policies. It is one kind of policy to get the more assured amount in case of death by accident. This articles explains briefly about this scheme and what will be the premium payable for this policy. If you have any doubts please post it in the comments section. Subscribe to our future articles here.
What is Double Accident Benefit?
- Double accident benefit in a life insurance policy provides for the payment of an additional amount equal to the sum assured in case of the death of a policyholder owing to an accident.
- You can opt for double accident benefit by paying an additional premium payment of only Re1 a year against an assured sum of Rs1,000 (this can vary with different insurers).
- Furthermore, the death of the insured must follow within a specified period of injury, which is typically 90-180 days. Usually, the compensation is subject to an upper limit stated in the policy.
Summary
I hope this article is useful to understand the concept of double accident benefit. If you have any doubts please post it in the comments section. Thank you for reading this article.
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3 Comments on this post
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Shaju Dewan said:
Hey krishna,
I have an LIC policy (Jeevan Anand).How can i find out if the policy is giving me double accident benefit or not?
Regards,
ShajuJanuary 21st, 2010 at 5:19 am -
krishnas said:
Hello Shaju Dewan,
That is the feature in policies. You have to explicitly ask them to add. Talk to your agent for more details.
Thanks,
KrishnaJanuary 21st, 2010 at 7:44 pm
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