Best Personal Accident Insurance Plans Online
Accidents can happen to anyone, anytime, and anywhere. Most people think having a life insurance plan will cover all their accidental expenses. What they miss out on is that life insurance policies are only applicable in case of accidental death.
For such cases, one must purchase a personal accident health insurance policy. These policies are specifically designed for uncertain events or accidents that result in minor injuries, accidental disability, or death. The nominee or the policyholder can claim financial assistance in such cases.
There are various benefits associated with buying a personal accident insurance plan. In this blog, we will discuss these benefits, top personal accident insurance plans in India, exclusions, and key features.
Table of Contents
Importance of Buying a Personal Accident Insurance Plan
Let's say you met with an accident and got injured badly. In such a situation, you will require immediate medical attention and treatment, right? What if the injury requires surgery, but since you have no financial support or security, you will have to bear the entire treatment cost and hospitalization expenses from your pocket? Can you manage financial burden and stress yourself in such a critical condition?
That is why you must buy a personal accident insurance plan, as it safeguards your family financially. Here are a few more benefits associated with a personal accident insurance plan, such as:
- Peace of Mind: Putting all your savings and earnings into the treatment can cause financial distress. However, buying a personal accident health insurance plan can offer financial protection and stability in case of accidental death, injury, or disability.
- Coverage and compensation: The insurance company provides coverage and other benefits to the policyholder in case of accidental injuries or demise. No matter whether you met with an accident during air travel or due to a collision, the person is eligible for the benefits as per their selected plan.
- Medical Expense Coverage: All your hospitalization and treatment expenses get covered under these plans.
- Families Financial Security: In case the bread earner or the policyholder suffers disability or death during the accident, the plan provides the lump sum amount to the nominee for their financial needs and lost income source.
Key Features of Personal Accident Insurance Plans
Personal Accident Insurance Plans include a wide range of features, such as:
- Accidental Death: Death due to an accident can be devastating for the family members both financially and emotionally. However, with accidental death cover, the nominee can receive the entire sum insured in such a case.
- Disability Expenses: Be it a permanent total or partial disablement or temporary total disablement, personal accident insurance policies offer coverage in all situations. However, the portion of the sum insured for each case may vary from policy to policy.
- Child Education Benefit: Certain policies even provide coverage for the cost of education of the dependent child in case of the death of the policyholder due to an accident.
- Accidental hospitalization coverage: In case a person gets injured due to an accident and gets hospitalized for a longer period, the insurance company will take care of all the hospital expenses. This feature is also available as an add-on by certain insurance providers.
Top 5 Personal Accident Insurance Plans
1. Niva Bupa’s Personal Accident Insurance Policy
Niva Bupa Personal Accident Insurance Policy is one of the best policies for accidental financial support. The policy is available for both individuals and families. It offers comprehensive protection and coverage of up to 2 crores for all accidental-related and funeral expenses. Further, it comes with child education benefits, a free look period, direct claim settlement options, and worldwide coverage. Room Rent, Operation Theatre Charges, Physiotherapy, and many more options are available as add-ons under this plan.
2. HDFC Ergo Personal Accident Insurance Plan
HDFC ERGO Personal Accident Insurance plan offers a lump sum amount to policyholders (both individuals and families) for covering medical expenses caused due to accidents. It covers broken bones, accidental death, permanent total disability cases, burns, hospital cash, and ambulance costs under the plan. Further, it offers lifelong renewability benefits and worldwide coverage.
3. ManipalCigna Accident Shield
ManipalCigna's Accident Shield plan comes in three variants -classic plan, plus plan, and pro plan. Each of these plans offers comprehensive coverage for disablement (total or partial), death, and funeral costs. A sum insured from up to 25 crore is available at affordable premium prices. They further offer burn benefits, broken bones cover, coma benefits, accidental hospitalization, air ambulance, EMI shield, loan shield, etc. for a better tomorrow in such a scenario.
4. Care Secure Personal Accident Insurance
Care Secure is another affordable personal accident insurance policy that covers expenses for a wide range of accidental injuries. Be it burn damage, fracture, permanent total disablement, or permanent partial disablement, the policy offers coverage in all these scenarios. Further, it provides lifetime renewability, child education, and loyalty benefits under the plan. The entry age of this plan is 91 days to 24 years (for children) and 91 days to 70 years (for adults).
5. Bajaj Allianz Personal Guard Plan
Bajaj Allianz Premium Personal Guard is a comprehensive insurance plan that offers protection to you and your family against the financial burden caused by an accident. The plan provides a sum assured ranging from 10 lahks to 25 lakh for policyholders who got injured during an accident. It even covers permanent total or partial disability cases, death cover, and temporary total disability cases. Apart from this, in case of the policyholder's death due to an accident or permanent total disability, child education benefit is provided to 2 dependent children below 19 years. Further, lifetime renewability, hassle-free claim settlement, and multiple sum insured benefits are available with the comprehensive plan.
|
Name of the Insurance Company |
Name of the Insurance Policy |
Sum Insured |
|
Personal Accident Insurance Policy |
Up to 2 crore |
|
|
Personal Accident Insurance plan |
2.5 lakh to 15 lakhs |
|
|
Accident Shield |
Up to 25 Crore |
|
|
Care Secure - Personal Accident Insurance |
10 lakh to 50 lakh |
|
|
Personal Guard Plan |
10 lakh to 25 lakh |
How to Choose the Best Personal Accident Insurance Plan Online
Here are a few things to consider when selecting an appropriate personal accident insurance plan:
- Identify your Needs: First and foremost, analyze what you want the insurance company to cover in the plan in case of an accident. Review your lifestyle, occupation, etc., and measure the risk of accidents related to your daily activities. For example, if you are a taxi driver, you would require a plan that protects you financially in case of accidental injury.
- Coverage: Ensure your policy offers coverage for possible accidents or damage that may occur from regular day-to-day activities. If you travel a lot, confirm if your policy includes worldwide coverage benefits in its plan.
- Sum Insured: Another factor to look for when choosing a personal accident insurance plan is the sum insured amount. Ensure you have a maximum value in your plan as medical expenses are rising and accidental injury treatment can be expensive.
- Premium: Certain insurance companies provide low premium plans but they do not offer adequate coverage during emergencies. Hence, look for a plan that provides maximum coverage in exchange for the amount you pay to the insurer. The basic premiums plan is also good enough, make sure to check policy terms and coverage options.
- Compensation to Family: Certain insurers provide compensation to families in case of accidental death or disability (permanent). Go for a policy that offers such benefits to the family or dependents.
Common Exclusions in Personal Accident Insurance Plans
Following conditions or cases are not covered in most of the personal accident insurance plan:
- Natural Death
- Injuries due to adventure sports or risky activities
- Self-imposed injuries
- Injuries caused due to war
- Birth disabilities
Conclusion
Accidents are unpredictable, yet one needs to be ready for the consequences. Needless to say, accidents not only impact your mind and body but also have the power to drain you financially. During accidents, one can face fatal injuries or serious health issues. Thus, it requires proper medical treatment that can be expensive in some cases. Having a personal accidental insurance policy can be a smart move as it protects you from financial repercussions.
Choose from the above-listed Personal Accident coverage plans and secure your family's financial state. For further assistance on the plans and other details, contact InsuranceDekho's team.
FAQs
Ques 1: What are the requirements to be eligible for a personal accident insurance policy?
Ans: Insurer to insurer eligibility criteria may differ for personal accident insurance policies. Commonly, people of age between 18 and 65 years are eligible for this insurance plan.
Ques 2: Do accident insurance policies cover post-accident hospitalization costs?
Ans: Yes, most insurance plans offer coverage for hospitalization expenses and post-hospitalization charges arising due to accidents.
Ques 3: Is coverage for accidental injuries covered under health insurance plans?
Ans: Usually, health insurance plans do not offer accidental cover in their basic plan but they offer add-ons for such cases.
Ques 4: Should homemakers or housewives invest in personal accident insurance?
Ans: Yes, accidents are unpredictable and can happen to anyone, anytime. Be it a worker or a housewife, each individual should invest in accident insurance plans for financial security during the time of an accidental crisis.
Ques 5: Is personal accident coverage still necessary if the policyholder already has life insurance?
Ans: Life insurance offers death benefits whereas personal accident policy offers coverage for medical expenses incurred due to accident-related injuries. Hence, even if you have a life insurance plan, investing in an accident policy will be an additional security and advantage.
