Personal Accident Insurance is the shield that keeps you financially protected during times of adversities, i.e., whenever you met with an accident this insurance policy will take care of all the medical expenses needed. The personal accident insurance provides coverage against physical injuries, death, permanent or temporary disability, hospitalization that caused due to accidents.
Prevention is always better than cure! As per a recent study, the roads of India have become highly accident-prone like never before. Not only road accidents but personal accidents in any place whether at home or on the way to office, etc. is also increasing day by day. Some many studies and statistics support this daunting reality. Some of the references are:
These statistics are a matter to worry about full of insecurities and stepping out on the roads may occur in life-threatening situations. Not only minor injuries but one might have to 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.
To help you understand the features of Personal Accident Policy better we have divided them into two sub-heads:
The policy document sets that amount of 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 the amount as per the company process.
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.
In case a policyholder, due to an accident, sustains some bodily wounds or temporary impairments, a certain fixed amount is paid as compensation. This can be fixed on a daily or weekly basis and is subject to the maximum limit as per the policy terms.
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.
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.
Let's 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 personal accident policy in hand. Here are some much-appreciated benefits that you would enjoy with the policy:
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.
In case a person passes away in an unfortunate accident, the cost of transportation of his mortal remains from the demise site to the hospital or cremation ground or home is covered under a Personal Accident Policy.
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.
The charges paid to an ambulance to ferry the injured person to the nearest hospital are waived off under the policy.
There is a provision of a fixed amount paid for broken bones resulted because of an accidental mishap.
If the policyholder sustains burns because of a mishap, the policy offers a percentage of benefits as entitled under the plan.
Insurance companies offer a range of products to their customers and that is why categorized the policy into two types of plans by keeping in mind the basic insurance needs of the people.
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.
|Insurance Company Name||Name of the Plan||Age at Entry||Sum Assured (Maximum)||Policy Term|
|HDFC Ergo Health||Personal Accident Plan||91 days-69 years||Standard Plan: Rs. 50 lakhs |
Premium Plan: Rs. 5 crores
|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 years-80 years||Rs. 25 lakhs||1 year|
|Max Bupa||Personal Accident Care Insurance||18 years to 65 years||Rs. 2 crores||(1-3) years|
|Religare||Secure-Personal Accident Insurance||91 days-70 years||Rs. 50 lakhs||(1-3) years|
|Future Generali||Personal Accident Insurance||Adults: 18 years-70 years |
Children: 5 years-25 years
|144 times the monthly income of the insured||1 year|
|Bharti Axa||Personal Accident Insurance||18 years to 65 years||Rs. 30 lakhs||1 year|
|Bajaj Allianz||Personal Guard||Adults: 18 years-65 years |
Children: 5 years-21 years
|Rs. 25 lakhs||1 year|
Table Data updated on 22-05-2020
Personal Accident Policy offers the following coverage:
Such plans cover partial or complete disabilities that result due to a mishap
Some insurance companies also include accidents due to terrorist activities.
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
In the case of income loss, the policy offers a compensatory allowance to an individual to fulfill the requirements of the individual and the family.
It is highly recommended that you understand the terms and conditions of personal accident insurance before you go for it. 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 a 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.|
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.
Thinking about the fate of your family/dependents, in case you met with an accident and become permanently disabled, send chills down 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 the best medical aid?
A personal accident policy proactively covers incidents like death, impairment, temporary/permanent disability, bodily hurts or mutilation that occurs due to visible, violent, hazardous or from any foreign material.
The incidents which are covered in this insurance plan are road, air, and rail, injury because of any collision or fall, drowning, burn injury, etc. Such policies diligently safeguard you and your dependents from severe financial repercussions in case of any unfortunate events.
There would be several expenses (EMIs, medical expenses, and miscellaneous expenses) but no source of income; even the savings will be long gone.
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 an accident. To avail the benefits of a personal accident policy, one must understand the features of this policy well. Though all these plans are available online, without an understanding of impairment, injury or demise in detail, optimum utilization is not possible.
The claim process of a Personal Accident Policy is chosen by the provider of the policy. It may differ from provider to provider. However, there are some basic steps of the policy that you must know to make the right buying 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 the following documents while filing the claim form:
In the case of death due to an accident, you need to submit the following documents:
Section 80D of the Income Tax Act of India, 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 into many policies under one roof along with honest reviews and recommendations. All policies listed on our website are the Insurance Regulatory and Development Authority (IRDA) approved and thus offer you the most legitimate and reliable assistance in case of need. We also facilitate you throughout the buying process as and when required.
You can send a request mail to the insurer for extension of the policy along with health declaration attached to it.
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.
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 your overall lifestyle. Availing Personal Accident Policy offers you a cover against all such uncertainties.
The policies do not have any set period for claiming the benefits. A policyholder can claim the benefits as and when needed.
Case I: In case of Temporary Total Disablement
Case II: In case of Permanent Total Disability (PTD) and Permanent Partial Disability (PPD)
Case III: In case of Death Claim
Case IV: Medical Expenses
Age limit: 5 years up to 65 years.
The spouse along with 2 children can be added in the family plan of a personal accident insurance policy.
Yes, you can add your parents as well in the policy up to an age of 70 years and if they are dependent.
The policy will be activated after 15 days from the date of commencement of the policy.
Yes, this policy will work in civil war injuries also, no need to worry more just buy personal accident insurance policy now.
Last updated on 22-05-2020