Best Personal Accident Insurance Plans 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!
5 Best Personal Accident Insurance Policy in India
Here are some of the best personal accident insurance policies that one can consider buying:
| Insurance Provider | Insurance Plan | Coverage Amount | Age Limit | Accidental Death Cover | Disability Cover | Bonuses |
| Navi Health Insurance | Personal Accident Insurance Policy | 91 days to 75 years | 100% sum insured | 1. PTD: 100% to 150% of sum insured. 2. PPD: Up to 75% of sum insured. 3. TTD: Weekly benefit. | One-time payment equal to the amount stated in policy to surviving children | |
| Aditya Birla Capital | Activ Secure Personal Accident | Rs. 1 lakh to Rs. 20 crore | 5 to 65 years | 100% sum insured | 100% of the sum insured for permanent partial and total disablement | Up to Rs. 10 lakh for dependent’s education |
| Bajaj Allianz | Premium Personal Guard Policy | Rs. 10 lakh to Rs. 25 lakh | N/A | 100% sum insured | 1. PTD: 200% of insured amount. 2. TTD: Weekly benefit. | In case of death or PTD, Rs. 5,000 per child (Maximum of 2 children) |
| Bharti AXA Insurance | Smart Individual Personal Accident | Rs. 10 lakh to Rs. 30 lakh | 18 to 70 years | 100% sum insured | 1. PTD: 150% of sum insured. 2. PPD: up to 75% of sum insured. | No education bonus |
| Niva Health Insurance | AccidentCare | Rs. 5 lakh to Rs. 2 crore | N/A | 100% sum insured | 1. PTD: 125% of sum insured. 2. PPD: up to 100% of sum insured. 3. TTD: 1% sum insured per week for 100 weeks. | Rs. 5 lakh child benefit in case of death or PTD |
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.
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
Ans: 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.
Ans: 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.
Ans: 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.
Ans: 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.
Before you go…
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