Can I take accident riders on my existing policies?

[Veerendra]

Can I take accident riders on my existing policies. Many of my policies are more than 10 years old. How is the payment to be made for accident riders : one time or every year. Is the compensation for accident riders related to our income as in PA policies.

I feel that the compensation that a personal accident policies provide (60 to 72 times our monthly income) is too less . How can we create more accident cover ?

In case if we take accident riders on our base LIC polices as well as a PA policy will the insurance companies pay proportionately or the claims to both of them are independent of each other.

Are the accident riders premiums also linked to our monthly income.

Hope to see a lot of responses and many thanks in advance for the same.

Regards,

Veerendra Darakh

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[Expert]

You cannot take PA rider on existing lic policy.

[himalayan]

There is not any criteria to take accidental benefits from your running policies.

[Matrix]

Can I take accident riders on my existing policies. Many of my policies are more than 10 years old.

No.

How is the payment to be made for accident riders : one time or every year. Is the compensation for accident riders related to our income as in PA policies.

It is linked to the main policy premium. It depend how you have paying premium to your main policy e.g. monthly or annually.

I feel that the compensation that a personal accident policies provide (60 to 72 times our monthly income) is too less . How can we create more accident cover ?

PA policy depends on your annual income or buy term insurance.

In case if we take accident riders on our base LIC polices as well as a PA policy will the insurance companies pay proportionately or the claims to both of them are independent of each other.

Total sum insured is paid in both cases. Proportionately claim amount is only paid to add ons of PA Policy. Please note always declare all the previous policies you have when taking new policy.

Are the accident riders premiums also linked to our monthly income.

No. Premium depends upon the profession of the proposer. Sim Insured of the PA policy is linked to the Annual Income.

[Veerendra]

Many thanks for the replies.

So if I understand correctly if we have to create a strong insurance cover against accidents, total or partial disability the best way is to take an life insurance policy with an accident rider.

What I feel is that PA policies do not provide sufficient cover against accidents and its consequences.

Can the experts throw more light on this issue.

Regards,

Veeerendra

[Veerendra]

PA policy depends on your annual income or buy term insurance

So you are actually suggesting is that we need to buy term insurance with an accident rider.

Proportionately claim amount is only paid to add ons of PA Policy. Please note always declare all the previous policies you have when taking new policy

I could not comprehend the meaning of this line. Kindly oblige by elaborating on this point

Veerendra

[Manish_Kumar]

Life is invaluable but for insurance purpose, we need to put a value for life. So for that we take some % of the earning capacity of the proposer. For personal accident the maximum sum insured is restricted to 72 months salary/income of the proposer. So what is suggested above is that if you need more cover than buy life insurance (term insurance).

In the personal accident there are different parts. Read more about - What is an Personal Accident?. So there are following covers - Accidental Death (AD), Permanent Total Disablement (PTD), Permanent Partial Disablement (PPD) & Temporary Total Disablement (TTD) and some add ons e.g. 1. Education, 2. Employment , 3. Ambulance, 4. Medical Expenses, 5. Cost of Supporting Items, and 6. Cost of Travel etc. So for add-ons - only the maximum claim or proportionate claim amount is paid, in case of claim.