Accidental Death Benefit
In the event of death of the life assured arising as a result of an accident during the term of the life insurance policy, the additional amount mentioned under this benefit that is paid to the nominee is called Accidental Death Benefit.
Accidental Death Benefit In Insurance
Mostly, This accidental death benefit is attached into an insurance plan as an RIDER. In few insurance policies this benefit is given as inbuilt additional benefit. In simple words, this is an extra benefit paid to the nominee if the death of the life insured is due to accident.
This is an extra amount other than the basic sum assured paid to the nominee in the event of accidental death of the life insured.
The Benefit paid under this benefit varies from plan to plan and it may even vary according to individual policy.
Since this benefit gives an extra benefit apart from the main policy benefit, a premium is charged as extra in addition to the basic premium. Some companies provides this as an double benefit to the policy benefits.
How to get Benefits under Accidental Death Benefit Rider
There is no separate procedure to be followed to claim this benefit. This benefit is paid along with the main death benefits of an policy.
This benefit is paid only if the death of the life insured has occurred due to Accident.
To know the exclusions in an accidental benefit rider, you have to read through your policy document. This detail will be available in the policy terms and conditions part of your policy document. Mostly the exclusions will be the accidents due to war, flood, storms, and natural calamities. Some companies exclude the accidents happened during riots and local violence. In the past, few companies had settled this benefit even during these exclusions(like Mumbai taj Attack, Tsunami,etc).