Important factors of Personal Accident
Insurance
  • Common Inclusion and Exclusion
  • Types of Personal Accident Insurance
  • Coverage for outside India
Buy Policy in just 2 mins

Buy Policy in just 2 mins

Happy Customers

2 lakh + Happy Customers

Free Comparison

Free Comparison

Customized Health Insurance Plan for you.

Enter Your Name

Mobile Number

+91-

Factors to consider while choosing Personal Accident Insurance Policy

Health Insurance has become an essential part of our lives because a medical emergency can arise at any time. An accident is one such emergency that can happen anytime without any warning. And unfortunately, if the incident is severe then the treatment can be very expensive. Moreover, if one suffers an injury that can make them disabled, it can affect their earning potential and family’s well being. Therefore to protect you and your family from such a situation, you can buy a Personal Accident Insurance Policy.

Personal accident insurance offers financial assistance to you and your family in case of an accident that leads to death, bodily injuries, temporary total disability, permanent total disability, and permanent partial disability. In the event of death, the insurance company will pay 100% compensation (equal to the sum assured) to the appointed nominee. Also, the insurance companies offer compensation for an accident disability such as loss of speech, limbs, and eyes.

What is a Personal Accident Insurance Policy?

Personal Accident Insurance is a policy that provides comprehensive financial protection to the policyholder against medical uncertainties arising due to accidents such as accidental death, accidental bodily injuries, partial/total disabilities, permanent as well as temporary disabilities.

Types of Personal Accident Insurance Policy

There are two types of personal accident insurance: group personal accident insurance and individual accident insurance.

  • Group Personal Accident Insurance

    Group Personal Accident Insurance is generally bought by employers or business owners to cover their employees. Insurance companies offer discounts on premiums based on the size of the company and the number of employees. Employees would appreciate group personal accident insurance because it ensures their financial security in the case of a workplace mishap.

  • Individual Accident Insurance

    Individual Personal Accident Insurance is a type of insurance that safeguards the policyholder from accidental damage. It covers accidental death, loss of body parts or sight, or other disabilities due to an accident.

Factors to consider while choosing Personal Accident Insurance Policy

Below mentioned are the factors that one should consider before buying a personal accident insurance policy:

  • Coverage

    Coverage in Insurance is one of the major factors that one should check before buying a personal accident insurance policy. Always check that your Personal Accident Insurance Policy covers all possible accidents that may arise from your daily activities. Also, if you are a frequent international traveler, make sure that your policy offers worldwide coverage for accidents.

  • Premium Amount

    IYou should always check the premium amount of the policy before buying it. Premium is the amount that has to be paid by you to the insurance company to avail the continuous insurance coverage. So, the premium amount should be affordable and within your budget.

  • Sum Insured

    Always consider the policy that offers you the adequate sum insured amount. Sum Insured should be selected based on your income, and healthcare needs.

  • Inclusion

    Inclusion are the events that all are covered under the policy. You should carefully check the inclusions of the policy so that you always know the accident scenarios that are covered under your policy.

  • Exclusion

    Exclusions are the scenarios that are not covered under the policy and for which the company will not provide any compensation. You should read the term and conditions of the policy before buying it.

  • Claim Settlement Process

    Always check the claim settlement process of the insurer and ensure that it is simple and quick. To register a claim, you must follow a specific process and submit the required documents. Make sure you are informed of the TPA's role and claim history. Check whether the TPA is involved and what its claim history is.

  • Coverage Abroad

    If you are a frequent traveler outside India, make sure there should be no region boundaries in your accident insurance. Your accident insurance policy must cover you in India as well as outside India.

Make Health Your Top Priority Banner

Complete Health Suraksha Banner

Common Inclusion and Exclusion of Personal Accident Insurance Policy

Below mentioned are some of the common Inclusion and Exclusion of Personal Accident Insurance Policy:

Inclusion Exclusion
Accidental deathNatural Death
Permanent disability.Pre-existing disability or injury
Partial disabilitySuicide or self-injuries
Hospitalization chargesChildbirth or pregnancy
Burns AYUSH treatment
Broken bonesParticipating in the naval, military, air force, adventurous or sports activities
Ambulance charges-
Daily Allowance-
Accidental dismemberment-
Child Education Support-

Conclusion

Accidents are very unpredictable events that also drain you financially. So, you need to protect your loved ones from the financial repercussions. you should always think about how they would manage if you become permanently disabled. With the correct insurance coverage, you can be ready for these types of unexpected situations. A Personal Accident Insurance Policy provides exclusive coverage for medical expenditures incurred as a result of an accident. So, based on the criteria we described above, choose the best Personal Accident insurance to protect yourself and your loved ones.

Written By : Naval Goel

Last Updated : March, 2022

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (1214 Total Rating)

March 25, 2022

jasvinder singh

Delhi

very nice service by policyx.com and as well from manipal cigna during the claim period. easy claim settelment.

March 14, 2022

samarth wadhwa

Guwahati

Star is one of the topmost insurance companies and they prove it with their services and plans. They have plans for each family member of mine starting from my parents to my own family and even for my extended family.

March 14, 2022

nimrat sondhi

Ludhiana

my father is a single parent. The way he has taken care of me during my childhood, I wanted to support him after my marriage so that he is never alone, especially during medical emergencies. I trust this company completely as they have taken care of my father s medical bills so i recommend them

March 14, 2022

kuljeet singh

Chandigarh

very good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.

March 14, 2022

simaranjeet kaur

Jalandhar

My father in law lives alone in jalandhar and we wanted an insurance company that take cares of him in our absence. They are very good with their commitment and service.

Request A Callback