Personal Accident Insurance

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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Prevention is Better Than Cure

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.

Best Personal Accident Insurance Plans from These Companies & More

Bajaj Allianz Travel Insurance
Bajaj Allianz Travel Insurance
Bajaj Allianz Travel Insurance

Different Personal Accident Insurance Plan

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

Types of Personal Accident Policy you should know about

● Individual Accident Insurance

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.

● Group Accident Insurance

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.

Personal Accident Policy: Coverage

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

Personal Accident Insurance: Inclusions & Exclusions

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:

Inclusions 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.

Personal Accident Policy: Advantages

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

Personal Accident Insurance: Claim Process

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:

  • Contact numbers

  • 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:

  • Death certificate

  • Post-mortem report

  • FIR Report

  • Medical Certificate

  • Medicine bills

Personal Accident Policy: Features

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.

Personal Accident Policy: Additional Features

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.

Personal Accident Policy: Tax Benefit

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.

How can we help you?

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.

Best Personal Accident Insurance Plans 2017

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

Personal Accident Insurance : FAQ’s

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? :The policy offer cover for:

  • Demise due to an accident

  • Permanent (partial) disability

  • Dismemberment

  • Medical Expenses

3
What are the exclusions of Personal Accident Policy?The exclusions include:

  • Pre-existing disability or injury

  • Non Allopathic treatments

  • Suicide or self-harming acts

  • Accident because of influence of alcohol or drug

  • Illegal activities

  • Mental disorder

  • Pregnancy or Childbirth

4
What are the benefits of buying Personal Accident Policy?

  • High Coverage

  • Coverage despite any medical condition

  • Lifestyle support post accident to the policyholder or the family.

  • Disability coverage

  • Education support

  • Hospitalization/ medication charges cover

  • Flexible plan

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?

  • In case of Temporary total disablement

  • Claim Form

  • Medical Certificate

  • Leave approval from the employer

  • Discharge summary

  • In case of PTD & PPD

  • Claim Form

  • Medical Report

  • Certificate of disability from a certified doctor

  • In case of Death Claim

  • FIR

  • Post Mortem report

  • Death certificate

  • Medical Expenses

  • Medical bills

  • Hospital bills

  • Medicine prescriptions

Is there any eligibility criteria for this policy?Age limit: 5 years up to 65 years