Health Insurance 251 views January 8, 2021

A sudden personal accident or an injury can hurt your finances immensely. So, it is important to have a Health Insurance policy. To protect your finances in case an accident happens to yourself or your family, Star Health Family Accident Care Insurance Policy can help cover the expenses resulting from an accident-induced hospitalization. The policy comes loaded with some amazing benefits such as compensation in case of death or permanent total disablement, the flexible sum insured options, policy term options, etc.

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Here, we will discuss some of the important aspects related to the Star Health Family Accident Care Insurance Policy such as highlights, benefits, sum insured options, eligibility criteria, etc. Keep reading to know more!

Key Highlights of Star Health Family Accident Care Insurance Policy

Requirements of different individuals may differ. That’s why it is important to know if Star Health Family Accident Care Insurance Policy will be the right fit for you or not. How to do this? One of the methods to do so is to check the key highlights of the same that we have shown below. Have a look!

  1. With the Star Health Family Accident Care Insurance Policy, individuals can get coverage against Accidental Death and Permanent Total Disability in case of an accident. So, in case something unfortunate like an accident happens, you and your family can at least feel free when it comes to finances.
  2. Individuals can enjoy up to 100% of the Sum Insured with the features of full compensation.
  3. One of the best things about this plan, as you can see from the name also, is that this policy is available on a Floater Basis when it comes to the Sum Insured. This means the sum insured and additional benefits float equally amongst the other family members.
  4. If you want to review terms and conditions of the policy, you will get a Free Look Period of 15 days from the inception of the policy within which you can do the same and return the policy if not acceptable.

What is the Policy Term for Star Health Family Accident Care Insurance Policy?

One of the questions that people often ask is how long will their policies cover them? This period is known as the Policy Term. In the case of Star Health Family Accident Care Insurance Policy, you have two policy term options of 1 year or 2 years from which you can choose according to your convenience. One important thing you need to remember is that if the policy is issued for more than 1 year, the sum insured is for each year, and you cannot carry over additional benefits thereof.

Let’s Understand Sum Insured Options and Premium Rate

When choosing a Health Insurance Policy, it is important to understand the Sum Insured Options so you can know your cover better. In the case of this policy, Star Health provides a Sum Insured with a minimum of INR 1,00,000 that can go up to INR 50,00,000. However, it can be increased only in the multiples of INR 50,000. So, you can choose the Sum Insured Option of INR 1,50,000 but not INR 1,75,000.

Other than the Sum Insured Option, an individual also wants to know the premium rate for their policy. In the case of Star Health Family Accident Care Insurance Policy, the premium amount varies for a 1-year Policy and a 2-year Policy irrespective of the family size. For a 1-year Policy, the premium stands at INR 75 per lakh per family, while for a 2-year policy, the premium amount stands at INR 145 per lakh per family excluding GST.

Benefits of Star Health Family Accident Care Insurance Policy

As we mentioned in the key highlights section, this policy from Star Health provides a range of benefits. Want to know them in detail? We are showing them below. Do check!

With this policy, if any time during the Policy Term, the insured person receives any kind of bodily injury from the accident, the following cover will apply –

In the case of Death – The company will pay 100% of the Sum Insured as Compensation if the death of the insured person happens due to an accident within 12 Calendar Months from the Date of Accident

In the case of Permanent Total Disablement – In this case too, the company will pay 100% of the Sum Insured as compensation. However, the disability must be confirmed and claimed within 60 days from the date of occurrence of disablement. Also, it should happen within 12 Calendar months from the date of accident.

There are a few important things you need to keep in mind. We are showing them below. Do check!

  1. If an insured person is a dependent child, the compensation for both options will be 25% of the Sum Insured Option. Thereafter, the policy will continue as per schedule.
  2. You cannot renew your policy for that person after claiming either Death or Permanent Total Disablement Option.

Eligibility Criteria of Star Health Family Accident Care Insurance Policy

To choose the Star Health Family Accident Care Insurance Policy, an individual will need to meet a few conditions. We are showing them below. Please have a look!

  1. Any individual aged between 16 days and as high as 65 years can choose this insurance policy
  2. This policy from Star Health can be renewed for life long
  3. The maximum renewal age for dependent children is 25 years while there is no defined exit age for adults

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