Personal Accident Insurance

An accident will not come after giving prior information to you. You have to make sure that you are ready to face any kind of accident. When you have people dependent on you at that time you have to do the necessary arrangements for them so that they could survive in any kind of tough situation. And for that, the best option is personal accident insurance. road-accidentIn this, an individual will be able to get the insurance for any bodily injury, partial/ permanent disability, and any kind of accidental problem.

Even in any case, if the insured person’s demise due to an accident the nominee and the family members will be able to get compensation from the side of insurers. The compensation is provided by the insurance company are different for different policies. But we can say that this is the best way by which an individual can secure the future of their loved ones.

Even though there are different types of Riders available along with these plans which give extra benefits in a basic cover.

Let’s Know More About The Accidental Insurance Plan

Easy to Avail

This plan is very easy to be availed as this claim has to be taken in a specified time after the demise of the policyholder.

Best Assistance

The customer service is the best and hence best assistance both in terms of money and guidance is provided.

Must Be Purchased

One has to opt for this plan to get assistance at the time of partial and permanent disability.

Brief About Personal Accident Insurance

The personal accident insurance will cover and compensate the policyholder in case of any accidental miss-happening. It may include any kind of rail, road or air accidents that occurs due to the fire, storm, falling or any other kind of God’s act. Not only the loss of life could occur by these accidents but also one has to face a major financial loss because of these accidents will be covered.

Therefore, it is advisable to go for personal accident insurance to secure the future of your family who is dependent on you.

Basic Types of Accidental Insurance

The personal accident insurance is broadly divided into two insurance that is individual personal accident insurance and group personal accident insurance. Both the insurance are providing separate compensation and the advantages to the policyholder. We will now discuss both of the accidental insurance in detail.

personal-accident-insurance-plan

Individual Personal Accident Insurance

After reading the name of the insurance one will get an idea that this insurance is for an individual only and the benefits will also be provided to the policyholder. This insurance assists the individual in case of any unfortunate mishaps and also provides compensation in case of demise.

Group Personal Accidental Insurance

These insurance are generally for the groups and most of the companies offer them to their employees in a group. The basic benefits will be provided under this plan and no extra benefit or the rider will be added to these plans like what we have in individual personal accident plans. Therefore, when there is a need to cover a big group under a single plan then opting for this plan preferable for the companies.

Why Personal Accident Insurance Is Needed?

  • After purchasing the personal accident insurance policy the policyholder would be satisfied that if in any case due to an accident he or she gets an injury or in case of their unfortunate demise their family is getting financial assistance on their behalf.
  • Even in case of permanent disability, the policyholder will get financial assistance for life-long.
  • The same assistance with a little change will be given in case of permanent partial disability.
  • If in case of any temporary disability is being faced by the policyholder due to whom the loss of income occurs. Then also the financial assistance will be provided and the treatment cost will be paid by the insurance company.
  • Therefore it is required to have a personal accident insurance policy to secure your family and yourself from being stuck in an unfortunate problem in the future.

Best Personal Accident Insurance Plans

Insurance Company’s NameType Of Personal Accidental PlanAge LimitSum AssuredTerm Of Policy
ICICI Lombard General Insurance PolicyLombard Personal Protect of ICICI18-80 Years3-25 Lakhs1 to 3 Years
Max Bupa Health Insurance PlanPersonal Accidental plan18-65 Years5-25 Lakhs1 to 2 Years
SBI General Insurance PolicyIndividual Personal Accident Plan Policy18-65 Years1-10 Lakhs1 Years
Royal Sundaram General Insurance PlanIndividual Personal Accident Plan Policy18-65 Years5-75 Lakhs1 Years
New India Assurance PolicyPersonal Accident Plan Policy5-70 YearsN/A1 Years
HDFC Ergo General Insurance PlanPersonal Accident Plan Policy18-65 Years2.5-15 Lakhs1 Years

Brief About All Personal Accident Insurance Plans

ICICI Lombard Personal Protect Policy

  • The sum assured provided under this plan will be ranging from 3 lakhs to 45 lakhs depending upon the policy.
  • In case of the unfortunate demise of the policyholder the company will pay the amount equals to the maximum sum insured after the death of the policyholder.
  • Due to any permanent total disability, the sum assured will be paid by the insurance company to the policyholder.
  • All the medical expenses will be covered under the policy if the policyholder is hospitalized due to an accident for a minimum of 24 hours.

Max Bupa Personal Accident Insurance Policy

  • The coverage will be provided by the side of the insurance company in case of any accidental circumstances.
  • The sum assured will be provided to the nominee as per the policy.
  • The sum assured provided will be given immediately after the unfortunate demise of the policyholder.
  • The assistance will also be provided in case of any disability to the policyholder.

SBI Personal Accident Insurance Policy

  • The policy is also being provided by the SBI General Insurance in which the nominee will get the assistance.
  • The financial help will be provided to the nominee after the death of the policyholder.
  • Inclusions and exclusions are properly mentioned in the terms and conditions of the policy and hence one has to go through them for purchasing.
  • Very good offer provided by the side of SBI bank to insure yourself.

Royal Sundaram Personal Accident Insurance Policy

  • The plan is providing the benefits in case of death of the insured person.
  • The special discount of 10% will be provided in case a person is covering three or more members.
  • In the case of intentional self-injury or suicide, the claim will not be provided.
  • Childbirth or pregnancy-related exclusions are also there.
  • Therefore one has to go through the exclusions before choosing the plan.

New India Personal Accident Insurance Policy

  • The plan is being provided by the side of the company to ensure that in case of the unfortunate demise of the policyholder the family or the nominee will get the assistance.
  • In case of partial disability, financial assistance is also being provided to the policyholder.
  • The permanent disability is also being covered under this plan.

HDFC Ergo Personal Accident Insurance Policy

  • The best personal accidental plan which is providing the optimum services.
  • The insured person will be able to get the assistant by the side of a company in case of permanent or partial disability.
  • Riders and the plan are also there which could help the person to get extra benefits.
  • In case of the unfortunate demise of the policyholder, the nominee will be able to get the benefit.

Basic Accidental Insurance Coverage

  • In case of unfortunate demise, the policyholder the entire sum assured will be provided to the nominee.emergency-services
  • This is a very tough situation for any family and hence you can assist your family on your behalf of you through the insurance company.
  • A sum assured will also be paid to the policyholder in case of any permanent or total disability.
  • If due to an accident a person has to face permanent partial disability then the percentage of sum assured will be paid by the insurance policy to help the policyholder to cope up with the situation like loss of income.
  • In case of any temporary total disability than the percentage of sum assured will be provided by the side of the insurance policy.

Exclusions and Inclusions of Plans

Exclusion

  • Accidental death is being covered.
  • Permanent total/partial disability.
  • Any medical expenses on hospitalization charges.
  • Breakage of bones, ambulance charges are also given.
  • A daily allowance in case of loss of income.

Inclusions

  • Suicidal attempt or self-injury.
  • Non-allopathic treatment bi policyholder.
  • Intoxicants drug addiction.
  • Mental disorder due to any criminal act.
  • Disability or death due to indulging in military, force or any other sports or adventurous activity.
  • In the case of childbirth or pregnancy.

Personal Accident Insurance Plan Benefits

  • This plan is very important for the security of the family.
  • There is no or minimal documentation is needed.
  • No need to get a medical test before purchasing the personal accidental insurance plan.
  • Both individual and family plans are very important.
  • The 24/7 service support is there along with the plan.
  • Even the legal funeral expenses are being provided to the nominee under these policies.
  • The customization is available for the customer.
  • No cash to be paid at the counter.
  • Round the clock availability at time of emergency.

What Is The Major Difference Between a Life Insurance Policy and The Accidental Insurance Policy?

Both life insurance policies and an accidental insurance policy are different. The two individual plans are being compared based on a few things which are given below:

  1. The death because of any illness or disease is not covered under the accidental insurance plan but is being covered under the life insurance plan.
  2. The life insurance policy provides death cover even after a few years of the demise of the policyholder but the personal accident policy will only provide death cover within the specified period after the demise of the policyholder.
  3. The life insurance plan is giving a lot of options to the policyholder so that they can select the best plan but the personal accident plan is only offering the cover due to an accident.
  4. The partial disability due to the accident is not being covered under the life insurance policy but is being covered under the personal accident policy.

How To Calculate Cost of Accident Insurance Policy?

Premiums of the accidental insurance plan will vary as per the age, occupation and some other factors of the policyholder but it is recommended that one should opt-in which is having sum insured amount which is equal to a hundred times your monthly income.

  • For example- If your monthly income is 10,000 Rupees then you should opt for the plan which is having a sum insured equal to 10 lakhs.

How To Buy a Personal Accident Insurance Plan?

  1. First, choose that either individual or group personal accident insurance plan you want buys.
  2. Then choose the company from which you want to opt for this.
  3. Go to the official website of the company to know more about the plan benefits.
  4. Never got to go through the exclusions of the plan.
  5. Then choose the plan which is best suitable for you according to your requirements.
  6. After that contact with the company who is providing the plan and provide the official documents to get the and hence opt for the plan.

How One Can Apply For The Accidental Insurance Claim?

For applying for the claim that one has to provide the information to the insurance provider about the demise of the policyholder within the specified period. The insurance provider will give you a claim reference number which will help you to initiate a claim. The below-given information is to be provided to the insurance provider by the nominee:

  • The contact number and the policy number mentioned in the policy.
  • Exact date and time of the accident.
  • Full name and contact details of the policyholder.
  • The exact location where the incident occurred.
  • The nominee also has to tell the insurance provider how the accident had occurred in brief.
  • After providing this entire information nominee also has to tell about the details to the family members or the dependent so as if the insurance provider cross-check your details then they would be the same as you have informed.

After all this, the insurance provider will approve your claim and will provide you with the sum insured according to the policy.

Faqs

  1. What exactly is accidental insurance?

Accidental insurance is a kind of insurance which is compensating the policyholder or the nominee in case of any unfortunate happening like demise, partial/permanent disability. The insurance will help to provide the best and quick assistance to the nominee.

  1. Can the claim be availed at any time after demise?

No, like other insurance policies in which one can easily claim at any time after the demise of the policyholder. In this plan, one cannot do the same. As they have to take the claim in a specified period after the demise of the policyholder.

  1. Who all are covered in this plan?

In this plan under individual personal accident insurance, a single person who has purchased the policy and is paying the premiums is covered. On the other hand in group personal accident insurance companies are providing accidental insurance to their employees in a group of few people.

  1. What is group insurance?

The group personal accident insurance is the one in which employers are providing insurance to their employees for their safety and security at unfortunate conditions.

  1. Is any tax benefit is there?

No, there is no tax benefit available under this plan while claiming.

  1. Is after buying health insurance and life insurance is there any need to have a personal accident insurance plan?

The health insurance plan is the one in which the insurance policy is providing financial assistance and paying the hospitalization bills or the treatment cost for any kind of disease which is being covered under the policy.

Then life insurances only give the benefits after the demise of the policyholder to the nominee.

But none of the insurance policies is providing any assistance in case of partial or permanent disability. Hence, to get a monthly income at that time the personal accident insurance is a must.

  1. Is the coverage will be provided in case when the policyholder is not in origin country?

Yes, if you are in any foreign country then also the policy benefits would be provided to the policyholder and the sum assured will be paid to the policyholder in Indian currency.

  1. Age limit for opting this plan?

Yes, age limit under this plan in India is 18 years to 65 years and one can opt for this plan between this age.