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Personal Accidents Insurance Options in India

Posted On : 03 May 2023, 11 Months Ago. Health-Insurance
Personal Accidents Insurance Options in India

Medical emergencies are one of the few unfortunate events an individual may encounter in a life span. Such conditions are beyond control, but one can at least avoid sudden financial drain by being prepared in advance. An accident insurance plan is taken for precisely this purpose. 

 

This blog will discuss the best accident insurance policies you can obtain to protect your loved ones. 

 

Need for the Best Personal Accident Insurance

As life insurance offers financial security only in case of the insured’s demise and health insurance caters to the need for only hospitalisation, an accident insurance plan is specifically designed to cover an individual against injuries, disability or even death. The nominee can claim the sum assured if the insured dies due to an accident.

 

Key Factors to Consider Before Selecting an Accident Insurance Plan

Looking for the best personal accident insurance can be a tough task because of the nitty gritty it involves. However, here are a few major factors which should be considered before making a decision:

 

  • Claim Settlement Ratio - This ratio informs you of the percentage of claims settled by any insurance company in a year out of the total claims received. You can have access to this data on the website of Insurance Regulatory And Development Authority Of India (IRDAI).
  • Network Hospitals Under Accident Insurance Plan - It is a list of hospitals covered by the insurance company where you can be treated and ask for claims. One has to make sure that all the major hospitals are covered in the list.
  • Personal Accident Insurance Premium - The cheapest plan may not provide you with the required coverage. It is important to consider that you get maximum coverage for the amount you are paying as a premium.
  • Sum Insured - It refers to the maximum amount an insurance company covers during the policy period.
  • Inclusions and Exclusions - Inclusions are accident scenarios covered in the policy, and exclusions are scenarios which are not covered under the policy. Make sure the policy covers the most probable accidents.

 

Top 5 Personal Accident Insurance Options

There are various options available in the market, but those mentioned below are among the best personal accident insurance policies:

 

Niva Bupa AccidentCare

  • It provides 100% of the sum insured in case of accidental deaths.
  • It has worldwide coverage, providing protection anytime, anywhere.
  • The premium starts from ₹6,444 per year, with coverage starting from ₹5 lakhs - ₹2 crores.

 

HDFC ERGO General Insurance Personal Accident plan

  • It provides 100% of the sum insured in case of accidental deaths and permanent total disability.
  • Sum insured ranges from ₹2.5 lakhs to ₹15 lakhs.
  • In case of bone fractures, compensation, as mentioned in the grid, will be payable.

 

Apollo Munich Individual Personal Accident Standard

  • A lump sum is provided in case of accidental deaths.
  • Compensation for injuries is valid throughout the world.
  • There is no maximum age for ceasing of cover.

 

ICICI Lombard Personal Protect Personal Accidental Plan

  • In case of accidental deaths, the nominee mentioned in the policy will be compensated with the sum insured.
  • The sum insured will be provided in case of permanent total disability.
  • It is valid for people in the age group of 18-65 years.

 

Star Health Accident Care Individual Insurance

  • This policy provides 100% sum insured along with a cumulative bonus in unfortunate events such as accidental death.
  • In case of permanent total disablement, the policy provides 150% of the sum insured along with a cumulative bonus.
  • People between the age group of 18-70 years can avail of the policy.

 

Accidents are unfortunate events that can affect your health and burn your bank balance. Therefore, comparing the options before buying the best accident insurance policy for your loved ones is advisable.

Secure your health with comprehensive insurance plans from Nivabupa

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Wife Icon Husband & Wife
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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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