I’m having couple of doubts regarding Accident insurance with regards to Permanent/temporary disability.
How much cover one should have for Accident policy for PD, PPD or TD?
In terms of Term insurance we say 5-8 times of your annual salary or with some other calculation we arrive at a number to fix the insurance cover. What about Accident policy, is there any calculation done for this too? In my opinion it should be same calculation as Term insurance because if you are bread winner for the family and you cant work for the remaining life (In case of PD) then it should be same as Term cover with one dependant as you added extra to it. Am I correct in this thinking?
When I see the cover provided by General insurance companies for this kind of policy is quite low compared to Term insurance. I’ve found only max of 25lacs from Future Generali till now, not sure whether any other company provides more than 50lacs. I heard that New India Assurance company provides based on your salary but not sure about maximum cover.
Why this cover amount is very low, or is it just my misconception or not having information?
Can anybody throw some light on it? How much cover we should have and what is the maximum cover available from any company?
As of now I found Future Generali, Royal Sundaram and United India as good policies in this kind of insurance. Can anybody give your opinion on these policies and also if you found some other differnt policy good then please let me know.
Also I would like to know whether I can take multiple Accident insurance policies from couple of companies and claim all when required? May be in particular Permanent disability case.