Short Description: A lump sum payment made in the event of the death of an insured person as a direct result of an accident.
Long Description: A monetary compensation equal to the sum of the capital sum insured plus the sum of the accumulated cumulated benefit. In addition to the capital sum insured under the policy, certain other benefits are payable, such as funeral and transportation of the deceased, education fund for dependent children, and medical expenses incurred as a result of the accident, subject to the terms, conditions, and limitations of the Policy provision. Also, a provision added to a life insurance policy that provides for the payment of an additional benefit in the event of accidental death; this is commonly referred to as “double indemnity”. If the benefit is more than twice the principal sum, it is known as “multiple indemnity.”