Accident Insurance Free: Benefits of Motor Vehicle Act 1988 for Pensioners
Insurance usually applies if we pay a premium. Or if the policy is taken out. But pensioners can get accident insurance without it. Section 166 of the Motor Vehicle Act 1988 provides for such an opportunity. However, only pensioners who have filed IT returns for three months are eligible. According to this section, if a pensioner dies in a road accident, his family will be provided with tenfold insurance on the basis of their annual income. If the pensioner’s annual income is Rs. 5 lakhs .. Rs. 50 lakhs will be received as accident insurance. The company that sold the insurance for the vehicle that caused the accident must pay this amount to the victims. Victims can appeal to the tribunal if an insurance claim is not made.
Lack of awareness
Pensioners’ awareness of the fact that they can get free accident insurance by filing IT returns is limited. On October 31, 2013, the Supreme Court also ruled that Section 166 of the NIA must be enforced.