Top Car Insurance Companies Providing Personal Accident Cover

Life is quite uncertain, an accident can take place at any point of time. A person faces this risk on a daily basis be it while commuting, working or even at home. This not only damages your health and well being but also leaves you in a situation of financial disability. Therefore a personal accident cover is necessary to provide a backup at the time of such emergencies.

It provides complete financial coverage against death, disability and several bodily injuries. It provides a financial settlement for the policyholders and their families in the event of an accident. The appointed nominee gets 100% compensation in case of death of the policyholder.

Top 7 Car Insurance Companies Providing Personal Accident Cover As Per Claim Settlement Ratio

Insurance company

Claim Settlement Ratio (CSR)

Bajaj Allianz

93.95%

Iffco Tokio

92.88%

Religare

89.59%

Max Bupa

88.06%

Apollo Munich

84.08%

HDFC ERGO

82.99%

Star Health

79.34%

(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 3rd Edition)

On the basis of Health Insurance Claim settlement ratio, here are the top 7 Car insurance companies which are best for availing a personal accident cover:

1. Bajaj Allianz Life Insurance

Bajaj Allianz Premium Personal Guard safeguards the policyholders by providing comprehensive coverage against unforeseen events. The policy ensures security and overall peace of mind by providing an assured sum of Rs.10 lakhs to Rs. 25 lakhs. It provides coverage to the applicant and spouse between 18 to 65 years of age. Children between the age of 5 to 21 years can also be covered under this plan.

The company provides coverage for accidental death, permanent total disability, permanent partial disability and temporary total disability. The compensation provided by the insurer is 100%, 125%, 75% and 1% respectively. Whereas the damage arising in certain events will not be included under the coverage such as Injuries occurred while performing adventurous stunts, suicide, war or an act of terrorism, pre-existing disability or injury and hospitalization for treatment of a disease.

2. IFFCO Tokio General Insurance

IFFCO Tokio offers the best comprehensive financial protection to its customers. It provides protection at the occurrence of an accident that eventually leads to bodily injuries or death. The company keeps increasing the insured amount every time the policy is renewed.

Under this personal accident cover, the policyholders are protected against accident due to external situations, permanent disability which cannot be healed through medicine, permanent partial damage that can be healed through medicine and temporary total disability where the person cannot function even for a particular time. The policyholders can claim for additional benefits on the basis of the degree of permanent partial disability. In case of a temporary total disability, the policyholders can get 1% of CSI (Capital Sum Assured) per week. On the other hand, no claim will be honoured in case of injuries which are intentional, happened in the war, drug influence, past illness, active participation in violence and issues related to childbirth.

3. Religare Health Insurance

Religare provides personal accident cover that addresses all the concerns arising out of a serious accident. The insurer provides a wide range of features, benefits, services and a security cover ranges from Rs. 10 lakhs to Rs. 50 lakhs. People between the age of 18 to 70 years along with kids between the age of 91 days to 24 years can be covered under this policy.

The personal accident plan covers accidental death, permanent disablement, fractures, burns, child education, surgery, medical evacuation and surgery recommended by a medical practitioner. Along with that, the company provides lots of add-ons benefits such as mobility cover, carrier mishap, accidental hospitalisation expenses etc. through which the policyholders can enjoy wider coverage. But any pre-existing injury, intentional harm, STDs, injury caused during mental disability, sports training, racing force or underground mines etc will not be considered at the time of claim.

4. Max Bupa Health Insurance Company Limited

Max Bupa personal accident covers a wide range of benefits associated with unforeseen events under personal accident plan. Individuals between the age of 18 to 65 years and children between the age of 5 to 21 years are eligible to get cover under this plan. The amount of sum insured by the company ranges from Rs. 50,000 to Rs. 25 lakhs depending on the level.

The company offers different plans such as accidental death plan, permanent total disability, permanent partial disability plan, funeral expenses and child education benefit plans. Under the child education benefit plan, a total of 5% of the sum assured or Rs. 50,000 whichever is low will be provided. Along with that funeral expenses worth Rs. 5,000 will be provided in case of accidental death. The injury caused to people who have changed their profession which is at risk, commencing self-injury, inhaling fumes, committing assault, engaged in war, intoxicated or suffering from some injury from start will not be entertained under the policy.

5. Apollo Munich Health Insurance Company Ltd.

Apollo Munich personal accident covers are designed to protect the individuals in case of an accidental injury or an unfortunate demise. The plan is available for individuals, spouse and family. The sum assured by the company depends on the total number of members covered under the plan. For one, two, four and six members the cover amount is Rs. 3 lakhs, Rs. 15 lakhs, Rs. 50 lakhs and Rs. 1 crore respectively.

There are two types of plans available under personal accident cover. First is the standard plan which includes, permanent and partial total disablement, accidental death benefits, ambulance cover, mortal body transportation facility, education benefit fund, accidental medical expenses and family transportation benefits. Whereas the premium plan includes some extra benefits such as broken bone cover, blood purchases, vehicle modification and inpatient hospital treatment. However, self-destruction, injury out of hazardous occupation, a disease resulting from pregnancy, criminal intent, war injury and intoxications are a few factors that are excluded from the scope of coverage.

6. HDFC ERGO General Insurance Company

HDFC ERGO provides excellent financial support to its customers through personal accident cover. It not only provides coverage plans for individuals and families but it has plans for parents too. It provides high coverage to policyholders ranging from Rs. 2.5 lakhs to Rs. 15 lakhs. Individuals between the age of 18 to 65 years can apply for this coverage.

It covers all the risk resulting out of an accident which may result in an accidental death, permanent disability, dismemberment or bodily injuries. Other benefits include reimbursement of medical expenses, hospital benefits, daily home allowance for medical assistance, burns, broken bones, hostage release fee, equipment installation, ambulance cost and consolation for the spouse or dependent child. Other than that there are many benefits such as evacuation, rehabilitation, counselling, parental care, medical insurance premiums, home tuition etc. Although there are several exclusions made under the plan. All the bodily injuries arising from wars, intentional exposure to danger, alcoholism, professional sport, high-speed driving, air travel, HIV/AIDS, mental disabilities etc are excluded.

7. Star Health and Allied Insurance Company Limited

Star Health offers customized and tailored to suit the needs of the policyholder. It fulfils the insurance needs for individuals, families, senior citizens, rural customers students and travellers. The policyholder is scheduled to get a weekly benefit of 1% of Capital sum assured which comes to maximum R. 5,000 per week for a period of 100 weeks.

A policyholder can get numerous benefits under the plan such as accidental injuries caused by violent, external and visible means, permanent or partial disability and demise. Also, there are some exclusions made on the plan such as injury from criminal practises, expenses incurred before the policy inception, damaged caused by mentally challenged individuals, drug addiction etc will not be considered at the time of filing claims.

Also Read: Renew Your Car Insurance During Coronavirus Lockdown

The Bottom Line

A personal accident cover provides numerous relaxations to the policyholders ranging from financial benefits to a secure future. There are some plans that ensure overall protection by providing coverage to not only individuals but also to their family members as well as parents. A secure future is the end goal of doing all the hard work in the present. Therefore the customers need to opt for a policy to ensure utmost protection at the time of uncertainty.

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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