Personal Accident offers financial protection to the insured/family in case of any mishap caused by an accident resulting in death, bodily injuries, and total/partial disabilities. The personal accident reimburses medical costs and secures your family financially in critical times.
Lately, the Indian roads have become accident-prone like never before. Many studies and statistics support this daunting reality. Some of the references are:
These statistics are a matter of worry. To ensure proper protective measures against the financial losses that arise due to a road accident, having a sound insurance policy has become a must. Compensating a human life is in 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.
Personal Accident insurance comes with various features and benefits for the insured/family. Let's have a look at it:
In case the insured suffers an accidental death, the insurer offers compensation against the same (as stated in the terms and conditions of the insurance policy). His/her family can file the claim and avail of claim benefit upon producing the necessary documents. The percentage of the benefit may be up to 100% of the sum insured.
If an insured is a victim of permanent partial disability (loss of one eye/leg/hand/ear), the insurer compensates the concerned person as per the percentage of the total sum insured stated in the insurance policy.
In case an individual has sustained some bodily injuries or temporary impairments due to an accident, a certain amount is paid as a percentage of the sum insured. This amount can be fixed on a daily or weekly basis (subjected to terms and conditions of the policy).
The insurer offers financial cover to individuals who have suffered permanent disability due to an accident. The injury is considered a permanent disability if there is no chance of treatment or recovery. A disability certificate from the central or state government may also be needed to file the claim.
Several insurers waive off expenses incurred on transportation of the insured from his/her residence to the hospital or from the hospital to the cremation/burial ground.
Policyholders can avail of cash benefits for each completed day of hospitalization. It might happen that some of the insurers might exclude the date of admission and date of discharge.
In case of the demise of the insured in an accident, the education expenses of the dependent child are covered (up to a certain limit) under the policy.
For each claim-free year, the insurer offers a cumulative bonus under which you can get a certain percentage of increase in capital sum insured, which is subjected to a maximum of 50% (depending upon the insurer).
Some of the insurers offer family discounts based on the terms and conditions of the policy.
Personal accident insurance comes with worldwide coverage and round the clock financial protection to the insured.
If the policyholder sustains burns because of an accident, the policy offers a percentage of SI (as entitled under the plan).
Generally, insurance companies offer two types of personal accident insurance:
An individual can avail of this policy to get financial protection against bodily injuries, death, and disabilities caused by an accident.
This type of insurance is designed for employers who are willing to provide their employees with financial cover against accidental injuries on the site. In this insurance, companies generally offer a discount on the premium (depending upon the size of the group), which makes it suitable for small and mid-sized companies.
|Insurance Company Name||Name of the Plan||Entry Age||Sum Insured (Maximum)||Policy Term|
|HDFC ERGO||Personal Accident Insurance Policy||18-70 years||Rs.15 lakhs||1 year|
|SBI General||Individual Personal Accident Insurance Policy||Adults: 18 years - 65 years |
Children: 3 months- 23 years
|Rs.1 crore||1 year|
|ICICI Lombard||Personal Protect Policy||18-65 years||Rs.25 lakhs||NA|
|Max Bupa||Personal Accident Care Insurance Policy||18-65 years||Rs.2 crores||1-3 years|
|Care (Formerly known as Religare Health Insurance)||Secure-Personal Accident Insurance Policy||91 days-70 years||Rs.50 lakhs||1-3 years|
|Future Generali||Personal Accident Insurance Suraksha Policy||Adults: 18- 70 years |
Children: 3-25 years
|144 times the monthly income of the insured||1-3 years|
|Bajaj Allianz||Personal Guard Policy||Adults: 18-65 years |
Children: 5-21 years
|Rs.25 lakhs||1 year|
Table Data updated on 19-11-2020
Just like every other insurance, a personal accident policy also has a list of inclusions and exclusions. Let's check it out.
|Accidental Death||Natural Death|
|Personal Total/Partial Disability||Pre-existing Disability or Injury|
|Accidental Dismemberment||Pregnancy or Childbirth|
|Hospitalization Charges/Miscellaneous Expenses||Self-Injuries or Suicide|
|Child Education Coverage||Non-Allopathic Treatments|
|Life Support Benefit||Influence of Drugs & Intoxicants|
|Ambulance Charges||Mental Disorders, Committing a Criminal Act,|
|Burns and Broken Bones||Participation in adventurous activities like sports, naval, air, or military forces, etc.|
|Daily Allowance in case of Income Loss||HIV/AIDS, Sexually Transmitted Diseases|
|Terrorism Attack||Involvement in War Activities and so on|
Premium: The earlier you purchase a plan, the lesser premium you'll have to shell out to avail of its benefits.
Insurer: The reputation of the insurance company (including CSR and the number of years of operation) is one of the foremost things individuals should keep in mind before buying a policy.
Exclusions: It is important to read exclusions of the insurance policy and compare them with other insurers to reap maximum benefits.
Worldwide Coverage: Accidents can happen anywhere in the world. It's good to have personal accident insurance that offers coverage even when traveling outside your home country.
|Health Insurance||Personal Accident Insurance|
|It offers compensation for medical expenses for the treatment of injuries and illnesses.||It offers compensation towards any mishap caused due to an accident resulting in death or disability.|
|Additional benefits include room rent waiver, critical illness, hospital cash, personal accident, top-up, and so on.||Additional benefits include hospital daily allowance, burns, broken bones, ambulance allowance, funeral expenses, and so on.|
|Death and disability are not covered.||Pre and post hospitalization expenses are not covered.|
PolicyX.com has streamlined the buying process of personal accident insurance to give utmost comfort to the customers. Let's check it out.
The claim process of Personal Accident insurance may differ from provider to provider. However, there are some basic steps that you should know about. Let's take a look at it.
Given below are the lists of documents required for filing personal accident insurance claims:
You can send a request mail to the insurer for an extension of the policy along with a health declaration attached to it.
The policies do not have any set period to claim the benefits. A policyholder can claim the benefits as and when needed.
Yes, this policy will cover civil war injuries.
No, you can't avail of any tax exemption under a personal accident policy.
Yes, of course. Any person can meet with an accident. It's always better to have a personal accident policy in your pocket.
Individuals can make premium payment through two different modes i.e. Offline and Online. Through online mode, customers can make payment through credit card, debit card, or net banking. In offline mode, you make cash payment by visiting the nearest branch of your provider.
Last updated on 19-11-2020