List of 5 Best Personal Accident Insurance Plans in India (2022)

Health Insurance

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!

5 Best Personal Accident Insurance Plans in India

Here are some of the best personal accident insurance policies that one can consider buying:

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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:

• 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. 

• 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:

• 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. 

• 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 on Android or iOS and purchase a personal accident insurance policy to get compensation in the event of death or injuries resulting from an accident.  

• 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. 

• 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. 

Also Read: Senior Citizen Health Insurance Plans: A Detailed Guide

Things To Consider Before Buying a Personal Accident Insurance Plan

• Coverage amount: It is the maximum and minimum amount you can claim as compensation for an accident. 
• Age limit: It is better to have an insurance plan with an extensive age range. 
• 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. 
• 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. 
• 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.

Also Read: Understanding Health Insurance Claim Settlement Ratio In India

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 personal accident insurance policies to find the most suitable plan for yourself. 

FAQs on Best Personal Accident Insurance Plan

Before you go… 

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