Personal Accident Insurance

Personal accident plans offer complete financial protection to the insured in case of a misfortunate event of an accident (rail/road/air). They provide compensation to the insured members in case of accidental death, injuries arising due to an accident, and partial or total disabilities.

Personal Accident Insurance is a type of health insurance that covers the insured in case of loss of life, permanent total disability, permanent partial disability, and death arising due to an accident of general nature related to work or travel.

Why Should I Buy A Personal Accident Insurance?

Accidents do not come with a warning. Thus, by having a Personal Accident Insurance plan, you can keep yourself calm and tension-free at least on financial grounds in difficult times.

Personal Accident Insurance Offers The Following Benefits To An Individual:

You can enjoy the following coverage benefits under a personal accident insurance policy:

  • Accidental Death Cover: An accident can have adverse effects emotionally as well as financially on the dependent family members. In such a case, a personal accident insurance cover provides the nominee the entire sum insured as specified in the policy document.
  • Permanent/Total Disability Cover: If an accident leads to lifelong total impairment or permanent disability like loss of limbs, then the insured will be provided a specific sum insured.
  • Permanent Partial Disability Cover: In the case of bodily injuries that lead to permanent partial disabilities, the insured is provided a certain percentage of the benefit.
  • Temporary Total Disability: If the insured individual is bedridden due to temporary total disabilities, then he/she will be provided a weekly allowance to compensate for the loss of income for that period. This amount can also be used to pay off the EMIs if any.
  • Hospital Daily Cash: In addition to the primary coverage benefits, a personal accident cover also offers you daily cash benefit in case of hospitalisation due to an accident. The benefit can be availed for a specific number of days as specified in the terms and conditions under the policy.
  • Expenses Related to Ambulance Services: Personal accident insurance policy covers ambulance expenses incurred to carry the insured to the hospital in case of an accident.
  • Repatriation or Transportation of Mortal Remains: If the insured dies due to an accident, then the nominee is provided the expenses incurred arising due to repatriation and transportation of the mortal remains from the place of accident to the hospital, cremation ground, or home. Also, the nominee will be compensated for the expenses related to religious ceremonies.

How Many Members Can Be Covered Under Personal Accident Insurance?

Personal Accident Insurance can be purchased on an individual or group level. Individual personal accident policy is purchased by someone who wants to cover themself or dependents against financial instability during an emergency.

Whereas a group personal accident cover can be purchased for a group of people who have something in common, like workplace or location.

For instance, a group of workers working in a coal mine can be covered under Group Personal Accident Insurance.

How To Buy The Best Personal Accident Insurance?

With so many Personal Accident Insurance policies available in the market, it is important to compare the plans on the below-mentioned parameters to make the right choice:

1. Type of Health Plan

Choose an individual or family/group personal accident plan as per your requirement.

2. Premium Amount

Select a policy in which the premium is reasonable. Even if you choose an insurance policy with a higher premium, make sure that the policy offers you enough benefits.

3. Quality of Service

It is important to check the quality of services offered by the insurance company, for instance, if its customer support service is available 24*7 or not, ease of claim initiation process, etc.

4. The network of Cashless Hospitals

It is also wise to check how wide and strong is the insurer’s network hospitals offering cashless claim settlement facilities. Higher the number of network hospitals, the better it is. Also, it will be better if the hospitals are near your residence.

5. Policy CoveragePolicy Coverage

Choose a personal accident insurance policy that offers the required coverage including all the daily activities that may result in accidents at the workplace or at home. Make sure to choose a personal accident policy with extensive coverage features as it keeps you more protected.

6. Exclusions

In order to make an informed decision, make sure you go through not only the inclusions under the policy but exclusions too. Pay close attention to the exclusions and if they are likely to occur in your life due to any reason, then prefer not purchasing that particular personal accident insurance cover.

7. Claim Settlement

To be able to use your personal accident insurance policy with ease, you must make sure to go for an insurer with a good claim settlement ratio and a smooth, quick, and hassle-free claim settlement process. Also, be informed of the involvement of the Third Party Administrator (TPA), if any.

Personal Accident Insurance Premium Calculator

Calculation of personal accident insurance premium before purchasing personal accident cover, whether personal or group, is very important. If you want to calculate the premium of a personal accident insurance policy that you have been considering, remember it would require you to keep a few aspects in mind to make the best possible choice.

Here is a list of key elements you should consider when calculating a personal accident insurance policy:

  • The annual income of the person to be insured
  • Total number of people to be insured
  • Sum insured amount

Remember, when buying a personal accident insurance policy, you will have to require the name, date of birth, occupation, and other details of people to be insured as well. Moreover, keep in mind that it is compulsory for every insured individual to have a nominee. Lastly, the mobile number and email ID of the primary applicant is also expected.

Personal Accident Insurance Policy Comparison

If you have a few personal accident insurance policy options at hand, but do not know which one to go with, perform a comparison. Comparing personal accident insurance policies will help you narrow your options, eventually leading you to the ideal policy. However, also keep in mind that you will have to consider a few significant aspects to make the best possible comparison of personal accident insurance policies.

Here is a list of prime elements to consider when performing a comparison of personal accident insurance policies:

  • Plan basis (individual or family floater)
  • Policy term
  • Age limit
  • Sum insured (maximum amount)
  • Health insurance company (on basis of CSR)
  • Accidental death benefits
  • Disability coverage
  • Medical expenses and ambulance charges
  • Worldwide coverage
  • Family discount
  • Exclusions
  • Policy premium

Top 10 Personal Accident Plans

Many health insurance companies provide affordable and dependable personal accident insurance policies. Below mentioned are the top 10 personal accident insurance policies ranked based on claim settlement ratio. Please note that the claim settlement ratio (CSR) for the year ended March 31, 2019 has been considered for ranking purposes.

Top 10 Personal Accident Insurance Policies Based on CSR for Year 2018-2019

Personal Accident Insurance

Health Insurance Company

Claim Settlement Ratio

Personal Accident Policy

IFFCO Tokio General Insurance

96.57%

Personal Guard Plan

Bajaj Allianz General Insurance

93.68%

Secure - Personal Accident Insurance

Care Health Insurance

92.83%

Personal Accident Plan

Future Generali General Insurance

87.68%

Personal Accident Insurance

HDFC Ergo (formerly Apollo Munich) General Insurance

84.51%

Personal Accident Care Insurance

Max Bupa Health Insurance

84.15%

Personal Accident Guard

TATA AIG General Insurance

78.93%

Accident Care Individual Insurance

Star Health Insurance

78.52%

Personal Protect Policy

ICICI Lombard General Insurance

78.32%

Activ Secure Personal Accident Plan

Aditya Birla Health Insurance

73.37%

(CSR According To IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)

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FAQ About

  • What is personal accident insurance and how does it work?

    Personal accident insurance reimburses the medical expenses by providing compensation in case of disability or death caused due to an accident. On the basis of the nature of the disability, the insurance company pays a certain amount to the insured. 

  • When should I buy a personal accident insurance plan?

    Personal accident insurance covers you against permanent total disability, accidental death, and offers several other benefits. So, you should get a personal accident policy as soon as possible before starting to ride a vehicle. Also, you should renew it from time to time. 

  • What is covered under personal accident insurance?

    Personal accident insurance offers you cover against accidental death, permanent total disability, child education and offers complete financial protection to the families. 

  • What is the waiting period for personal accident insurance?

    Personal accident insurance does not come with any waiting period. 

  • What are the eligibility criteria for personal accident insurance?

    The minimum age and maximum age to buy personal accident insurance is 18 years and 65 years respectively. However, the age may change from plan to plan and from one insurance company to another. 

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