Personal Accident Insurance
  • Accidental Death Cover
  • Hospital Cash Benefit
  • Disability Coverage
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Personal Accident Insurance

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.

Why Should You Buy Personal Accident Insurance?

Lately, the Indian roads have become accident-prone like never before. Many studies and statistics 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), in India, more than 1,47,000 people died in road accidents in the year 2017.

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.

What Are The Features & Benefits of Personal Accident Insurance?

Health Insurance Example

Personal Accident insurance comes with various features and benefits for the insured/family. Let's have a look at it:

Accidental Death

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.

Permanent Partial Disablement

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.

Temporary Total Disablement

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).

Permanent Total Disablement

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.

Transportation Benefit

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.

Hospital Cash Benefit

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.

Education Grant

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.

Cumulative Bonus

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).

Family Discount

Some of the insurers offer family discounts based on the terms and conditions of the policy.

Worldwide Coverage

Personal accident insurance comes with worldwide coverage and round the clock financial protection to the insured.

Burns

If the policyholder sustains burns because of an accident, the policy offers a percentage of SI (as entitled under the plan).

Addition Advantages Offered By Personal Accident Insurance

  • Minimal documentation with no medical health reports.
  • Optimum cover at the lowest premium costs.
  • Customization options are also available.
  • Easy and reliable claim process.
  • 24/7 customer support.

What Are The Types of Personal Accident Insurance Plans?

Generally, insurance companies offer two types of personal accident insurance:

Individual Accident Insurance

An individual can avail of this policy to get financial protection against bodily injuries, death, and disabilities caused by an accident.

Group Accident Insurance

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.

Best Personal Accident Insurance Plans 2020

Insurance Company NameName of the PlanEntry AgeSum Insured (Maximum)Policy Term
HDFC ERGOPersonal Accident Insurance Policy18-70 yearsRs.15 lakhs1 year
SBI GeneralIndividual Personal Accident Insurance PolicyAdults: 18 years - 65 years
Children: 3 months- 23 years
Rs.1 crore1 year
ICICI LombardPersonal Protect Policy18-65 yearsRs.25 lakhsNA
Max BupaPersonal Accident Care Insurance Policy18-65 yearsRs.2 crores1-3 years
Care (Formerly known as Religare Health Insurance)Secure-Personal Accident Insurance Policy91 days-70 yearsRs.50 lakhs1-3 years
Future GeneraliPersonal Accident Insurance Suraksha PolicyAdults: 18- 70 years
Children: 3-25 years
144 times the monthly income of the insured1-3 years
Bajaj AllianzPersonal Guard PolicyAdults: 18-65 years
Children: 5-21 years
Rs.25 lakhs1 year

Table Data updated on 19-11-2020

7 Best Personal Accident Insurance Plans In India

What Are The Inclusions & Exclusions of Personal Accident Insurance?

Just like every other insurance, a personal accident policy also has a list of inclusions and exclusions. Let's check it out.

InclusionsExclusions
Accidental DeathNatural Death
Personal Total/Partial DisabilityPre-existing Disability or Injury
Accidental DismembermentPregnancy or Childbirth
Hospitalization Charges/Miscellaneous ExpensesSelf-Injuries or Suicide
Child Education CoverageNon-Allopathic Treatments
Life Support BenefitInfluence of Drugs & Intoxicants
Ambulance ChargesMental Disorders, Committing a Criminal Act,
Burns and Broken BonesParticipation in adventurous activities like sports, naval, air, or military forces, etc.
Daily Allowance in case of Income LossHIV/AIDS, Sexually Transmitted Diseases
Terrorism AttackInvolvement in War Activities and so on

What Factors Should You Consider Before Buying Personal Accident Insurance?

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.

Difference between Health Insurance and Personal Accident Insurance

Health InsurancePersonal 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.

How To Buy Personal Accident Insurance From PolicyX.com?

PolicyX.com has streamlined the buying process of personal accident insurance to give utmost comfort to the customers. Let's check it out.

  • Go to the top of this page and look for 'Get Instant Quotes'.
  • Fill up the details and click on 'Continue'.
  • A list of quotes will appear in front of you. Choose the desired plan and check its details.
  • Make the premium payment and the policy documents will be shared on your email address.

Claim Process of Personal Accident Insurance

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.

  • Intimate the insurer about the occurrence of the accident in the specified time frame.
  • Submit all the required documents to the insurer.
  • The concerned authority will scrutinize the file and may call for investigation or inquiry in case any fraudulent activities are found.
  • After a successful investigation, the insurer will pay the claim amount directly to the registered bank account.

Documents Required for Filing Personal Accident Insurance Claims

Given below are the lists of documents required for filing personal accident insurance claims:

Death Claims

  • Original Death Certificate.
  • Post Mortem Report.
  • Inquest report.
  • Accident report.
  • FIR/MLC copy.
  • Hospital records.
  • News Paper cuttings(if any).
  • The latest IT return to show proof of annual income.
  • Succession order/legal heir certificate/legal documents to establish the identification of legal heir in the absence of nomination under the policy.
  • Claim form.
  • Original hospital bills.
  • Advance and final receipts (all receipts shall be numbered, signed, and stamped).
  • Test Reports, X-Ray, Scan, ECG, and other films (including doctor's advice demanding such tests).
  • Cash memos/bills for medicines purchased from outside.
  • Education Grant School Identity Card or certificate from the educational institution and age-proof of the child in respect of whom this benefit is claimed.
  • Others requested by the company.

Disablement Claims

  • Duly completed claim form.
  • Photo of the amputated site.
  • Certificate from a government doctor (not below the rank of the civil surgeon) confirming the percentage of disablement in respect of permanent disablement claims.
  • Certificate from the treating doctor for the period of rest in respect of TTD / weekly compensation claims.
  • Employee certificate (leave certificate) for the disability period, wherever applicable.
  • Others requested by the company.

Personal Accident Insurance : FAQs

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