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.
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:
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.
|Companies||Personal Insurance Accident Plans||Age||Sum Insured||Policy Term||Bonus (in case of no claim)|
|HDFC Ergo General Insurance Plan||Personal Accident Plan||18 - 65 years||2.5 lakh - 15 lakh||1 year||5% for each claim free year; maximum 50% of initial sum|
|New India Insurance||Personal Accident Policy||5 - 70 years||N/A||1 year||5% for each claim free year; maximum 50% of initial sum|
|SBI General Insurance||Individual Personal Accident Insurance Policy||18 - 65 years||1 lakh - 10 lakh||1 year||5% for each claim free year; maximum 50% of initial sum|
|Royal Sundaram General Insurance||Individual Personal Accident Policy (Death & Disablement Only)||18 - 65 years||5 - 75 lakhs||1 year||5% for each claim free year; maximum 25% of initial sum|
|Max Bupa Health Insurance||Personal Accident Health Insurance||18 - 65 years||5 lakh - 25 lakh||1 - 2 year||5% for each claim free year; maximum 50% of initial sum|
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
Disability due to the accident: Such plans cover partial or complete disabilities that result due to a mishap
Dismemberment due to the accident: In case an individual suffers dismemberment of any body part (hand/leg/eye) due to an accident and thus is eligible to claim for reimbursement
The act of terrorism: Some insurance companies also include accidents due to terrorist activities
Daily income during hospitalization: in the case of income loss, the policy offers a compensatory allowance to an individual for meeting ends
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:
Financial security of the dependent
No medical tests or documentation required
Optimum cover at the lowest premium cost
National & International coverage
Options for individual & group insurance
Customization option available
Easy & reliable claim process
24*7 customer support
All legal, as well as funeral expenses, covered
Child education coverage
Indemnity on the dual basis in case of demise or impairment due to an accident while traveling in a public transport
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:
Policy details like number
Details of the accident like date, time & location
Details of the injured person like name & contact number
Brief details of how the accident happened
Degree of loss
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:
Primary Features: Personal Accident Policy is premeditated to offer compensation to an individual or group as per the terms and widely cover accidental demise or impairment (permanent or temporary) the results because of any of these four events:
Accidental Death: The policy document sets that amount of the money to be paid to a person or his/her dependent that passes away in an accident or sustains serious wounds. Upon producing the necessary documents, one can claim for the amount as per the company process.
Permanent Total Disablement: In case a person sustains life-long total disablement due to an unfortunate event the advantages/ compensation as per the policy plan is paid to the policyholder.
Permanent Partial Disablement: The payment, in the case of bodily injuries because of an unfortunate event that results in partial impairment of the policyholder, the compensation is paid as a percentage of the total benefit amount. This percentage may be up to 100% of the benefit amount.
Temporary Total Disablement: In case a policyholder, due to an accident, sustains some bodily wounds or temporary impairments, a certain fixed amount is paid as a compensation. This can be fixed on the daily or weekly basis and is subject to the maximum limit as per the policy terms.
Besides offering the aforesaid features, Personal Accident Policy also offers some additional coverage as listed below:
Hospital Daily Cash :In the case of hospitalization as a result of an accident, the injured person is offered a fixed amount of medication. The number of days for such payments are however mentioned in the policy plan.
Ambulance Expenses :The charges paid to an ambulance to ferry the injured person to the nearest hospital are waived off under the policy
Repatriation or Transportation of the Mortal remains :In case a person passes away in an unfortunate accident, the cost of transportation o his mortal remains from the demise site to the hospital or cremation ground or home is covered under a Personal Accident Policy
Broken Bones :There is a provision of a fixed amount payment for broken bones resulted because of an accidental mishap.
Burns :If the policyholder sustains burns because of a mishap, the policy offers a percentage of benefit as entitled under the plan.
Education Advantage :In the case of the demise of the policyholder in an accident, the education expenses of the dependent child are covered under the policy up to a certain limit.
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.
|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|
Demise due to an accident
Permanent (partial) disability
Pre-existing disability or injury
Non Allopathic treatments
Suicide or self-harming acts
Accident because of influence of alcohol or drug
Pregnancy or Childbirth
Coverage despite any medical condition
Lifestyle support post accident to the policyholder or the family.
Hospitalization/ medication charges cover
In case of Temporary total disablement
Leave approval from the employer
In case of PTD & PPD
Certificate of disability from a certified doctor
In case of Death Claim
Post Mortem report
Is there any eligibility criteria for this policy?Age limit: 5 years up to 65 years
Insurance is the subject matter of solicitation
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