The best personal accident insurance policies offer coverage against death as well as disability of any kind caused due to accidents. Let us learn about the top such plans in this post.
If you have a personal accident insurance plan, you can stay protected against accidental injuries that cause disability among individuals as well as can get compensation for the hospitalization costs. Further, it offers coverage against death if it occurs as a result of an accident. In this post, we are going to cover the lists of some of the top personal accident insurance policies available in India.
In India, insurance has always been a much debated topic. A section of the population considers insurance a waste of money as it involves investment of a particular amount every year to continue the policy, which makes them lose on savings. However, when an emergency strikes and damages your entire budget, people mull about not having an insurance policy.
Moreover, emergencies never come with prior notice and thus there is always a chance that you might have to forego your savings in case you fall prey to an unforeseen condition pertaining to your health or the health of a family member. Hence, it becomes crucial to have insurance cover.
What is an Accident Insurance Plan?
Insurance plans offering coverage against accidental injuries or disabilities as well as accidental death benefits are called accident insurance policies. The disabilities covered under accidental insurance plans can be total as well as partial disability. Further, such plans also cover the costs of hospitalization, patient and caregiver transport costs, and the cost of repairing vehicles and property that are damaged in an accident. These plans also cover other diverse expenses.
7 Factors to consider while buying Accident Insurance Plans
If you are willing to purchase a personal accident cover, you must take note of certain key factors to avail complete benefits of the plan.
Below are such factors which form the base criteria to buy personal accident policy from varied insurers:
- Ideal Plan – You can go for an individual or family floater plan to suit your needs. Individual plans are perfect for bachelors and singles, while the family floater plans serve best and economical for a family of 4 or more members with one head earning member
- Entry Age – The entry age of the policy is another factor to take note of. While buying a good insurance policy, keeping a note of the entry age is pivotal. This is because health and life related emergencies can emerge any time in life. Though, most plans do not have ceasing age cover, but they offer a maximum entry age in many cases. Try to go for a plan with more extensive range of entry ages for better benefits
- Sum Assured – In case of accident insurance policies, they generally are available with a restriction of sum assured. Most caps are of INR 1 Crore and beyond. But there can also be a minimum sum assured cap starting from INR 2 lakhs. Based on the profession one is in, a higher sum assured is always preferable
- Accidental Death Benefit – The accident insurance plans allow accidental death benefits, which is the value of the SI or sum Insured as well as extra bonuses. Hence, look for a plan with more bonuses for better benefits
- Disability cover – The accident plans allow coverage on disability including permanent or temporary disability. A plan allowing maximum options to cover such disabilities proves bette
- Hospitalization and ambulance charges – Accidents require immediate attention. So, if there is an accident, healthcare at the nearest possible location is the immediate requirement. Ambulance is also required to transfer the patient to the nearest hospital. So, having a plan to cover both hospitalization and ambulance is always better
- Bonuses – Also, while seeking a plan it is better to go for the ones that allow bonuses for children who are dependent. So, in case the treatment of the only earning member extends to a long period, the bonus could help the family to survive
Let us now take a look at some of the top Accident Insurance Plans available in India:
Best Accident Insurance Plans from Health Insurance Companies
| Insurance Plan | Plan Basis | Entry Age | Sum Insured (INR) | Accidental death benefit | Total & partial disability (permanent) | Total & Partial Disability (Temporary) | Hospital and ambulance charges | Bonuses |
| Care Secure Personal Accident Insurance | Individual | Min. – 91 days
Max. – 70 years |
Min. – 15 lakhs
Max. – 25 crores |
Available – equal to Accident Death Benefit (ADB) | Available | Available under Mobility cover | Available | Available under variants (10% of SI) |
| ICICI Lombard Personal Protect | Individual | Min.- 18 years
Max. – 80 years |
Min. – 3 lakhs
Max. – 25 lakhs |
Available – equal to Sum Insured (SI) | Available for permanent disability | Not available | Hospitalization costs available | No |
| Bharti AXA Smart Individual Personal Accident | Individual | Min. – 18 years
Max.- 70 years |
Min. – 10 lakhs, Max. – 30 lakhs | Available (equal to SI) | Available (150% of ADB)
(2 – 75% in case of partial disability) |
No | Available (Medical costs of INR 1000 per day for 50 days) | No |
| Apollo Munich Individual Personal Accident Standard | Individual and Family | Min.- 91 days
Max.- 69 years |
Standard –
Min. – 1 lakh Max. – 50 lakhs Premium – Min. – 5 lakhs Max. – 5 crores |
Available (equal to SI) | Available | 10% of ADB | Available Standard – 5% of ADB
Premium – INR 100000, Ambulance INR 2000 |
Education fund – 10% of ADB |
| Bajaj Allianz Premium Personal Guard Plan | Individual and Family | Min. – 5 years
Max.- 65 years |
Min. – 10 lakhs,
Max. – 25 lakhs |
Available (equal to SI) | Available | Available | No | Available (INR single child – INR 5000, 2 children –
INR 10000, depending on SI |
Read More: Follow Health Insurance Comparison Guide to buy best Health Insurance
Conclusion
Besides the above, there are few plans offered by the Government of India which Indian citizens can avail. These low cost and best accidental insurance plans cover accidents and are especially meant for the common people to help them avail protection.
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