Top 6 Personal Accident Insurance Policies in India

It is necessary and important that individuals invest in personal accidental insurance policies to secure monetary support for medical exigencies that can arrive without an announcement. Personal Accident Insurance Policies are insurance plans that offer financial coverage against accidental death, disability and hospitalisation charges that a policyholder might suffer due to an accident. Accident Insurance providers understand these possibilities and therefore design plans that comprehensively cover all diagnosis, medical and transportation costs of the policyholder related to the injuries sustained in an accident.

To help you comprehend the terms and conditions of such insurance policies, in this article, we are going to talk about the 6 top accidental insurance policies in India. But before we straightaway begin to discuss those plans, let’s take a look at some it features that are common to all such plans -

• Plan Coverage -&

Personal Accidental Insurance Policies come in both individual and family floater options While individual coverage is the best option for an unmarried person, a family floater option would be a wise choice for people who are married and have a number of dependents under them. In this way, they can be assured of financial protection for the treatment costs of injury or any physical disability arising out of an accident for themselves and their family members as well.

• Sum Assured

All Personal Accidental Insurance Policies come with a minimum sum assured amount of INR 2 Lakh that is payable to the nominee on the occasion of the policyholder’s accidental or untimely death. This sum assured can be raised to a maximum sum ceiling of INR 1 Crore.

• Accidental Death Benefit (ADB)

This is a prime feature of Personal Accidental Insurance Policies and it is an additional financial amount that is calculated as the total of additional bonuses received by the policyholder till their death. In case the policyholder dies in an accident, this benefit is added to the sum assured and is payable to the nominee.

• Disability Coverage

Personal Accidental Plans cover any kind of temporary or permanent disability suffered by the policyholder due to an accident. Most insurance providers have a wide spectrum of such disabilities for which they offer medical and financial support. You must check your policy documents carefully to ensure that it offers a maximum disability coverage as it is always more useful.

• Ambulance Cover

In case of accidents, the injured person requires immediate medical intervention and supervision, at the nearest possible hospital. Needless to say ambulance and transportation charges are paramount in these circumstances and Personal Accidental Insurance policies cover ambulance charges as well; thereby effectively reducing any delay for medical attention.

Now that the basic features of the Personal Accident Insurance Plans are available to you, let's’ look at the top 6 of such insurance plans in India -

Top 6 Personal Accident Insurance Policies in India

1. Apollo Munich Individual Personal Accident Standard Plan -

This insurance plan is available in both an individual and family floater option and has a minimum entry age of 91 days from birth till 69 years. The plan comes with a minimum sum assured of INR 1 Lakh and a maximum sum assured of INR 50 lakhs. The plan also offers an Accidental Death Benefit (ADB) that is equal to sum assured and a total of bonuses earned by the policyholder till death. It also comes with a Permanent Total Disability Benefit, a Permanent Partial Disability Benefit and a Temporary Partial and Total Disability Benefit all of which correspond to 10% of the ADB amount, respectively. The plan additionally provides a standard 5% reimbursement of all medical expenses incurred by the policyholder and 10% of the ADB as an Education Fund Bonus.

2. Bharti AXA Smart Individual Personal Accident Plan -

This personal accidental insurance plan is available only as an individual cover option. It has a minimum entry age of 18 years and a maximum entry age of 70 years. The plan comes with a minimum sum assured of INR 10 Lakh and a maximum sum assured of INR 30 lakhs. The plan also offers an ADB that is equal to sum assured. The Permanent Total Disability Benefit of the plan is subject to 150% of the ADB, and the Permanent Partial Disability Benefit is equal to 2-75% of the sum assured. There is no Temporary Partial and Total Disability Benefit but a daily hospitalisation cover of INR 1000 till a period of 50 days.

3. ICICI Lombard Personal Protect Plan -

The ICICI Lombard Personal Protect Plan is available as an individual and family floater option. It has a minimum entry age of 18 years and a maximum entry age of 80 years. The plan comes with a minimum sum assured of INR 3 Lakh and a maximum sum assured of INR 25 lakhs. The plan also offers an ADB and a Permanent Total Disability Benefit that is equal to sum assured. It offers a Temporary, Partial and Total Disability Benefit under a mobility cover and ambulance charges under different variants. Additionally, this plan also offers a daily medical expense reimbursement of INR 1 Lakh and 10% of the sum assured as bonuses if the policyholder survives the entire tenure of the plan.

4. New India Personal Accident Policy -

The New India Personal Accident Policy comes in both individual and family floater options. It has a minimum entry age of 5 years and a maximum entry age of 70 years. The plan comes with a minimum sum assured that is equal to 72 months of their income and an ADB that is equal to the same amount.The Permanent Total Disability Benefit is equal to sum assured and the Permanent Partial Disability Benefit is 50% of the ADB. For Temporary, Partial and Total Disability Benefit the plan and ambulance charges under different variants. Additionally, this plan also offers an amount that is equal to 1% of the sum assured per week for a maximum of 100 weeks and it does not provide any additional bonuses, ambulance charges or daily medical expense reimbursement.

5. HDFC Ergo Personal Accident Insurance Policy -;

The HDFC Ergo Personal Accident Insurance Policy is available in both individual and family floater options. Without any prescribed minimum entry age and a maximum entry age of 65 years, it offers a minimum sum assured of INR 2.5 Lakh and a maximum ceiling of INR 15 Lakh. The ADB and the Permanent Total Disability Benefit under this policy is equal to the sum assured.The plan does not provide a Temporary, Partial, and Total Disability Benefit but comes with an attractive daily medical reimbursement amount of INR 250 INR 500 per day. The ambulance coverage ranges from INR 1500 to INR 2000 and no additional bonuses can be availed under this plan.

6. Reliance Personal Accident Policy -

The Reliance Personal Accident Policy is available in both individual and family floater options. Without a prescribed minimum age of entry of 5 years and a maximum entry age of 70 years, it offers a minimum sum assured of INR 5 Lakh and a maximum of INR 10 Lakh. The ADB and the Permanent Total Disability Benefit under this policy is equal to the sum assured amount. The Permanent Partial Disability offered by this plan is 50% of the ADB and Temporary, Partial and Total Disability Benefit is equal to 1% of the sum assured, not more than INR 5000 per week. This policy comes with an attractive daily medical reimbursement of not more than 40% of the total bills paid or 20% of the sum assured. There are no transportation costs or bonuses covered under this plan.

These are some of the top 6 Personal Accidental Insurance Policies in India. The features and details of the plan mentioned above will hopefully aid you to make the right choice while investing in this kind of insurance policy. However, this is only a suggestive list and the insurance that you choose to buy or invest in will ultimately be contingent on your financial needs and requirements.

Disclaimer: This article is issued in the 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.