Personal Accident Insurance is one shield that keeps you financially protected in times of adversities. At Policyx.com, we offer the best insurance plans that efficiently cover your accidental claims & medical expenses.
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As per a recent study, the roads of India have become highly accident prone like never before. There are many studies and statistics that support this daunting reality. Some of the references are:
In India, road accidents claim one life every 4 minutes
As per the World Health Organization (WHO), more than 1, 37,000 people died in road accidents in India in the year 2013
The death due to accidents rate in India has risen significantly from 7.6% to a whopping 14% in just 3 years
According to National Crime Records Bureau (NCRB), on an average 377 people die every day in the nation because of road accidents
At such a time of insecurities, stepping out on the roads can cause you life threatening injuries. Not only you may fall to a minor injury but also face major consequences of a road accident including death. To ensure that you have a protective shield against all the financial repercussions that arise due to any road accident, having a sound insurance policy has become a must.
Compensating a human life is no way a possible deal, but, through a personal accident policy, the insurance companies intend to offer some financial help to the individual or the dependent. A personal accident policy proactively covers incidents like death, impairment, temporary or permanent disability, bodily hurts or mutilation that occurs due to visible, violent, hazardous or other external means.
The events that are considered under the insurance policy include air, road, and rail, injury because of any collision or fall, drowning, burn injury, etc. Such policies diligently safeguard you and your dependents (as per the case) from severe financial repercussions in case of any unfortunate events.
While buying personal accident policy, one must assure that it in effect covers all sorts of injuries i.e. from minor injuries to death and offers appropriate reimbursement as per the case.
|Insurer||Plan Name||Hospitalization||Family Cover||Ambulance||PTD||PPD||Issuance|
|Max Bupa Health Insurance||Health Assurance- Personal Accident||Provision of Hospital Cash||Coverage for two children||No Coverage||Coverage of up to 125% of Sum Assured||Coverage of up to 25% -100% of Sum Assured||e-policy|
|Bharti Axa General Insurance||Personal Accident Superior||For 30 L cover: 1000 per day hospi-cash & for cover for 20L & 30L 20% of Sum Assured||Individual Cover||No Coverage||Coverage of 1.5 times of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|HDFC Ergo General Insurance||Individual Personal Accident (IPA)||Provision of Hospital Cash||No Coverage||Coverage of up to 100% of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|Religare||Secure 1 - Personal Accident||Covered in Add-on Rider||Individual Cover||No Coverage||Coverage of up to 50% -100% of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|Secure 3 - Personal Accident||Covered in Add-on Rider||Individual Cover||No Coverage||Coverage of up to 50% -100% of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|Apollo Munich Health Insurance Company Ltd.||IPA-Standard||No Coverage||Rs 2000||Coverage of up to 50% -100% of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|IPA-Premium||No Coverage||Rs 2000||Coverage of up to 50% -100% of Sum Assured||Coverage of up to 25% -75% of Sum Assured||e-policy|
|The New India Assurance Co. Ltd.||E_Personal Accident||200 Rs. Per day for max 50 days||Individual Cover||No Coverage||Coverage of up to 100% of Sum Assured||Coverage of up to 50% of Sum Assured||e-policy|
In the occurrence of any intentional or unintentional mishap, Individual Accident Insurance defends an individual. The result of any such incident may include impairment, permanent or temporary disability or/and demise.
This insurance is usually availed by employers willing to provide their employees with insurance cover against any road/rail/air accident. Insurance usually offers a discount on the premium amount of such insurance policies depending upon the size of the group. Thus, such policies can be easily availed at a lower price which makes them affordable for small organizations & businesses. However, unlike individual plans, Group insurances offer basic coverage. An IRDA approved Group insurance widely covers impairment, permanent or temporary disability or/and demise.
Personal accident insurance policy is one efficient tool that offers aid to the individual and/or the dependent in case of unfortunate occasions. It successfully covers medical expenses, compensation in case of demise as well as any loss of income that occurs due to any accident. To avail the benefits of personal accident policy it is important that one understands the features of this policy well. Though all these plans are available online, without an understanding of impairment, injury or demise in details, optimum utilization is not possible.
A Personal Accident Policy offers following advantages
It is highly recommended that you understand the terms and conditions of a personal accident insurance before you avail any. These are the most critical and intimidating features associated with a plan. To understand them better, here we offer you a quick list of major inclusions and exclusions:
|Accidental death||Natural death|
|Permanent total and/or partial disability||Pre-existing disability and/or injury|
|Accidental dismemberment||Pregnancy or/and childbirth|
|Hospitalization charges/ Misc. medical expenses||Self-injuries or/and suicide|
|Child education coverage||Non-allopathic treatments|
|Life support benefit||Influence of drugs & intoxicants|
|Ambulance charges, Burns & broken bones||Mental disorders, committing criminal act, involvement in war activities and more|
|Daily allowance in case of income loss||Participation in adventurous activities like sports, naval, air or military forces, etc.|
Thinking about the fate of your family/dependent, in case you meet an accident and become permanently disabled, sends chills to the spine. How will your family survive without you, with no money in hand and all the savings drain in trying to provide you with best medical aid? There would be the same expenses (EMIs, medical expenses, and miscellaneous expenses) but not the same income; even the savings will be long gone.
Now picture a situation where even after being physically disabled you are effectively looking after your family, fulfilling their needs and leading a satisfying life. Yes, it is possible but only if you have a decent personal accident policy in hand. Here are some critical benefits that you would enjoy:
The claim process of a Personal Accident Policy is chosen by the provider of the policy. It may differ provider to provider. However, there are some basic steps of the policy that you must know to make the right buy decision
Intimating the provider : The first step is to intimate the provider about the occurrence of the accident in the company specified time frame. You will need following documents while filing the claim form:
In the case of death due to an accident, you need to submit following documents:
To help you understand the features of Personal Accident Policy better we have divided them into two sub-heads:
Besides offering the aforesaid features, Personal Accident Policy also offers some additional coverage as listed below:
Section 80D of the Income Tax Act 1961 does not offer any rebate on the premiums paid for the fulfillment of this policy that offers insurance against demise or any other physical impairment due to an accident. However, this shall not be considered as a point to analyze the importance of this policy.
We at Policyx help you prepare for the most unfateful times of your life by assisting you in buying the best personal accident policy. Availing such a policy ensures that you or your dependents have an assured financial assistance source in case of an unfortunate mishap. We offer you insights of many policies under one roof along with honest reviews and recommendations. All policies listed on our website are IRDA approved and thus offer you most legitimate and reliable assistance in case of need. We also facilitate you throughout the buying process as and when required.
1. What is a Personal Accident Policy?
It is an Insurance Policy that covers all the expenses incurred for hospitalization, medication, etc. in the case of injury/ impairment/demise due to an unfortunate event. This event can occur due to rail/road/ air collision, explosion, fire, etc. The insurance offers monetary benefits to the policyholder or the dependent as per the plan.
2. What is all covered under Personal Accident Policy?
3. What are the exclusions of Personal Accident Policy?
4. What are the benefits of buying Personal Accident Policy?
5. Why do I need a Personal Insurance Plan?
In today’s world of uncertainties, there is no assurance you may travel safely when out of your safe den. An unfortunate event can severely harm your well-being and affect yours overall lifestyle. Availing Personal Accident Policy offers you a cover against all such uncertainties.
6. When can I claim the benefits after buying the policy?
The policies do not have any set time period for claiming the benefits. A policyholder can claim the benefits as and when needed.
7. What documents do I need for the claim?
1. In case of Temporary total disablement
2. In case of PTD & PPD
3. In case of Death Claim
4. Medical Expenses
Is there any eligibility criteria for this policy ? Age limit: 5 years up to 65 years