10 Best Personal Accident Insurance Policy in India 2023
Accident insurance plans provide financial assistance to the policyholder in the event of an unfortunate accident. Generally, it covers all types of accidents that may cause injuries, permanent disabilities, or lead to fatal consequences. If you are looking for such an insurance plan, here’s a consolidated list of the best Personal Accident Insurance plans.
Compare the features and benefits before zeroing in on the most suitable plan for yourself. Read on!
10 Best Personal Accident Insurance Policy in India in 2023
Here are some of the best personal accident insurance policies 2023 that one can consider buying:
| Insurance Plan | Minimum Premium Amount |
| Personal Accident Insurance Policy | ₹235/ month (EMI) |
| Activ Secure Personal Accident | ₹212/year |
| Premium Personal Guard Policy | ₹1300/year |
| Smart Individual Personal Accident | ₹25 |
| AccidentCare | ₹6,444/year |
| Personal Accidental Plan | ₹366 |
| Personal Accident Plan | ₹456/month |
| Personal Accident Plan | ₹24/day |
| Individual Personal Accident Standard | ₹300/year |
| Accident Care Individual Insurance | ₹215/ year (for ₹5 lakh sum insured approximately.) |
Best Personal Accident Insurance 2023 – Detailed Overview
There are several benefits offered by this insurance policy based on different terms and conditions. Few benefits of Navi personal accident insurance policy are given below.
- Coverage: Upto ₹1 crore
- Fitness Status Bonus: 5% off on premium during renewal if the insured person walks an average of 4000 steps daily for a minimum 250 days.
- No Claim Bonus Reward: A percentage of total sum insured is carried forward to next year if you do not claim within the said year.
- Minimum Premium: ₹235/month
2. Aditya Birla Capital Activ Secure Personal Accident
Besides being an active healthcare plan, Aditya Birla also has a vast network of hospitals to offer you a good treatment in time of need. In addition they also have a 24/7 customer support facility. Is one of the best accidental insurance plans.
- Coverage: Upto ₹20 crore
- Education Benefit: Lump sum payout of 10% upto ₹10 lakh for education cost of children.
- Compassionate Visit: ₹10,000 to ₹25,000 for travel of a family member to visit you in hospital.
- Minimum Premium: ₹212/year
3. Bajaj Allianz Premium Personal Guard Policy
This insurance policy is one of the affordable accident insurance plans for you and your family. The basic features available for this plan are given below.
- Coverage: Upto ₹25 lakh
- Extensive Cover: Get 100% of sum insured incase of death and 125% in case of permanent disability.
- Child Education Benefit: Get ₹5000 as one time payout towards your child’s education if you suffer through permanent disability or death due to an accident.
- Minimum Premium: ₹1300/year.
4. Bharti AXA Insurance Smart Individual Personal Accident
This is also an affordable plan for individuals and families. Features available for this policy are mentioned below.
- Coverage: Upto ₹30 lakh
- High Coverage: This policy pays upto 125% of sum insured incase of permanent disability.
- Tax Benefits: You can enjoy tax benefits from this plan as per Income Tax Act 1961.
- Minimum Premium: ₹24
5. Niva Health Insurance AccidentCare
You can get this plan for a low premium and get coverage anywhere in the world. Features of this plan are mentioned below.
- Coverage: Upto ₹5 crore
- Direct Claim Settlement: After you claim insurance the settlement will be executed directly by company executives without third-party involvement.
- Global Coverage: If you purchase this plan, you will be covered by the insurance anywhere in the world, excluding hospital services, which is limited within India.
- Minimum Premium: ₹6444/year
6. ICICI Lombard Personal Protect Personal Accidental Plan
One of the best features of this policy is its age criteria. You can insure yourself upto the age of 80 years. Other features are given below.
- Coverage: Upto ₹25 lakh
- Renewability: With this plan you can get the benefit of lifetime renewability.
- Tenure: You can get a tenure of upto 5 years.
- Minimum Premium: ₹366
7. Care Health Insurance Personal Accident Plan
This insurance policy has a 95% claim settlement ratio and affordable premium rates. Few features of this policy are mentioned below.
- Coverage: Upto ₹6 crore
- Network Hospitals: This policy has close to 10,000 network hospitals to ensure your treatment.
- Zero Waiting: There is no waiting period for this plan to claim an accident cover.
- Minimum Premium: ₹456/month
8. HDFC ERGO General Insurance Personal Accident plan
Being one of the highest in terms of claim settlement, this plan has a 100% settlement ratio. Look at the basic features of this policy below.
- Coverage: NA
- No Medical Checkup: You do not need a medical check up to claim insurance with this policy.
- Renewability: This plan offers lifelong renewability for an insured person.
- Minimum Premium: ₹24/day
9. Apollo Munich Individual Personal Accident Standard
This policy allows you to insure a person from the age of 91 days. Check out the other features listed below.
- Coverage: Upto ₹5 crore
- Discount: 10% If 2 members are insured under the same policy. 5% cumulative discount for no claim years.
- Renewability: it offers lifelong renewability.
- Minimum Premium: ₹300/year
10. Star Health Accident Care Individual Insurance
There is a 90% claim settlement ratio for this insurance plan. It offers affordable rates and several other features that are mentioned below.
- Coverage: ₹15 lakh.
- Transportation of imported Medicine: Upto 5% of total sum insured with maximum amount of ₹20,000.
- Renovation/Repair: Upto 10% of total sum insured with maximum amount of ₹50,000.
- Minimum Premium: ₹215/year
Also Read
Types of Personal Accident Insurance Plans
In India, there are two major types of accidental insurance policies that you can buy. These are as follows:
1. Individual Accident Insurance
This policy covers any accidental damage that occurs to an individual. Generally, it provides insurance against accidental death, permanent disabilities or loss of limb or sight due to an accident. These policies are best for self-employed and salaried individuals.
2. Group Accident Insurance
These policies are best for a workplace environment where an employer provides insurance coverage for all employees. The cost of buying this cover is less, but it also offers limited benefits compared to individual accident insurance plans.
Benefits of Personal Accident Insurance Plans
It is always beneficial for you and your family to have a safety net in case of an unforeseen and unfortunate incident. By opting for a personal accident insurance plan, you will be able to enjoy the following advantages:
1. Financial Security for Family
The primary advantage that these plans offer is providing financial security to your loved ones. An accident can adversely impact your earning capability. In these circumstances, your family will not have to worry about arranging funds for medical treatments. Some insurance providers also offer protection against income loss and cover funeral costs. Furthermore, as mentioned above, most policies will include an education benefit to cover the rising education costs for your children.
2. Minimum Documentation
In today’s hasty life, people do not have the time to visit an insurance provider and spend hours buried in paperwork. Fortunately, insurers like Navi have online platforms that involve minimal to no paperwork. Moreover, as opposed to health insurance, you do not have to undergo medical tests for these policies. Download the Navi app and purchase a personal accident insurance policy to get compensation in the event of death or injuries resulting from an accident.
3. Comprehensive Coverage
Most personal accident insurance providers offer plans for individuals and families. These policies have worldwide coverage. Thus, you can claim compensation irrespective of where the accident occurred. Furthermore, you can also avail the option of customising the plan as per your financial needs.
4. Protection Against Healthcare Costs
With healthcare costs rising at 15-18% per year, affording medical treatment and hospitalisation after an accident will only get more expensive. Personal accident insurance plans provide a hedge against healthcare inflation.
How to Claim Personal Accident Insurance?
It is very easy to claim personal accident insurance in case the insured person meets with an unfortunate accident. Follow the steps given below to claim your personal accident insurance.
- First and foremost you should inform the insurance company through customer support or other ways provided by the company.
- After notifying about the incident, fill and submit a claim form with correct and accurate information.
- Arrange and provide all documents like original policy, identification documents, etc. Exact documents required vary from company to company which you should clarify beforehand.
- Submit all medical and other documents as per the injury; i.e, disability, death and other injuries.
- Provide official validation like police report copy, medical examiner copy, witness report, image or videos (if acceptable), etc.
In addition to the above mentioned steps, you should stay updated about particular requirements of your insurance provider and provide all documents within the required time frame. Several additional documents or processes may be applicable based on the nature of injury and a company’s policy.
Things to Consider Before Buying a Personal Accident Insurance Plan
1. Coverage Amount
It is the maximum and minimum amount you can claim as compensation for an accident.
2. Age Limit
It is better to have an insurance plan with an extensive age range.
3. Accidental Death Benefit
In case of an accident leading to the demise of a policyholder, the more coverage a plan offers, the better it is.
4. Disability Cover
Most insurance plans will cover permanent total disability (PTD) and permanent partial disability (PPD). However, some policies also provide coverage for temporary total disability (TTD). Note that to get your temporary partial disability (TPD) covered, you will have to buy an expensive plan.
5. Bonuses
Some plans offer bonuses like covering the education of dependent kids or renewal bonuses. These are of massive help when medical treatment goes on for a long period.
Final Word
Personal accident coverage offers numerous benefits to deal with an emergency. Be it a car accident or a workplace hazard, these insurance plans will financially assist you in any case. However, the meaning of the term “accident” is broad and vague. Thus, it is crucial that you read the policy wording and not make a hasty decision. As you are investing your hard-earned money in securing your life, compare all available policies and select the best personal accident insurance policy for yourself.
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FAQs
Even though sport-related injuries can fall under the category of accidents, most personal accident insurance plans will not cover these injuries. Thus, if you face an accident while bungee jumping, skydiving, river rafting, etc., you cannot claim compensation under such a policy.
A personal accident insurance plan does not cover any injury or accident that occurs under the influence of intoxicants, like alcohol or drugs. Thus, even if the policyholder becomes disabled or has a fatal accident, they will not receive any compensation.
These two insurance policies serve separate objectives. A health insurance policy provides all-around coverage for injuries and illness but does not cover death or disability. Meanwhile, a personal accident insurance policy caters to injuries from an accident that can lead to death or disability.
The primary reason to buy a personal accident insurance policy is to avoid paying hefty medical bills and losing your earnings in case of an accident. You can claim compensation for any injury that occurs due to an accident.
Personal accident insurance is a precautionary plan to cover financial expenses in case the insured person meets with a fatal accident resulting in vital injuries or even death. This is an insurance plan that covers financial expenses and provides certain added advantages when a person is dealing with a personal accident.
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