What the approximate amount for conductor insurance if they died in an accident?
In conductor accident cover, any conductor gets financial help in case of an accident. This financial support is available on the body in case of injury, permanent or temporary disability, or death.
When taking a conductor accident cover, it should be kept in mind that the accident cover does not cover everything. In such a situation, while taking the policy, know well what is included in your policy and what is it that is not covered in this policy.
What is Conductor insurance?
Conductor insurance protects you from the risk of physical disability or death due to an accident. The cover is offered similar to auto insurance as well as general insurance which provides a financial compensation.
Accidents can permanently disable you, leaving a heavy burden due to medical and financial expenses. This conductor accident coverage gives you peace of mind regarding these expenses. And, in case of death, the nominee mentioned in the policy will get 100% compensation.
Why you need a conductor accident cover?
You can opt for conductor insurance cover due to an unfortunate accident as you travel on a bus. And, if you are unable to work due to injuries, you can challenge to complete it. A conductor insurance cover is a precautionary measure for you and your family and is safe in case of financial instability. Certainly, a conductor insurance policy can be useful for any conductor.
How much is the cover?
At present conductor insurance of 1 lakh is given on two-wheelers and 2 lakh on commercial cars. There is a premium of Rs 100 for the car. Alternatively, personal insurance is also available for travelers. Many companies also offer more cover at an additional premium.
15 lakh cover compulsory
Now IRDA has asked the companies to provide a cover of 1.5 million to the owner and driver of the car. Its premium will be Rs 750 annually. Companies can also provide more than this, but it should be at least 1.5 million.
However, if you want to increase the sum insured with an additional premium, which is Rs. 300 to Rs. Is between 1,000.
It depends on the car model, age, where you live, whether your current insurance has expired, and the insured value (IDV) of your vehicle. Also, if you have used the No Claim Bonus (NCB) given on the existing policy.
Benefits of Conductor coverage
There are many benefits and benefits under this insurance cover, they are:
- Financial assistance in the event of an unfortunate accident.
- For an additional premium, the unnamed passenger other than the insured, the insurer pays the same compensation as the primary policyholder.
- Also, the driver or cleaner or conductor you employ may be eligible for compensation with the payment of an additional premium and the compensation is the same as the insured.
Also, Read – Why is auto insurance important
Full video version is also available please see bottom of the article.
Personal Accident Cover Add-on:
Apart from your insurance cover, you can take advantage of add-ons, they are:
PA Cover for Paid Drivers, Cleaners, and Conductors: With an additional premium, the insurer pledges to compensate you for bodily injury paid by the driver/conductor/cleaner who is employed by you and claims the insured vehicle.
Person insured for PA cover and passengers other than paid driver and cleaner: By paying an additional premium, the insurer will pay compensation for bodily injuries incurred by you and/or passengers other than paid driver/cleaner/conductor promises to the person is employed.
What is a Conductor Accident Insurance Policy?
Upon the death of a person in an accident, the family of that person is given the full amount of compensation by the insurance company. There are usually two types of accident policies – individual and group accident policy. Personal accident covers include accidental death, partial disability, or permanent disability. While the group is created for its employees by the company of the accident cover office. However, these are only basic schemes and provide much less features than individual plans.
All these things are not included in the personal accident cover
Accident dates are important in insurance cover. Companies usually pay for a disability that occurred within 1 year only by accident. Suicide, self-injury, natural death, any disability already present in the body, pregnancy, childbirth, non-allopathic treatment, mental illness – all these things are not included in co-conductor accident cover.
Things like adventure sports like skydiving, mountain climbing, hang gliding, bungee jumping, scuba diving are not included in the conductor accident insurance policy.