The Top 5 Best Personal Accident Insurance of 2023

Personal Accident Insurance

Personal Accident Insurance – In the case of an accident, your personal accident insurance coverage protects you from any financial hardship. A benefit policy known as personal accident insurance covers accidental death, permanent complete disability, permanent partial disability, temporary entire disability, and permanent partial disability.

Health insurance will protect you from financial harm by providing adequate coverage for unexpected medical expenses. The following costs are covered by the leading health insurance providers:

  • expenditures made before and during hospitalization
  • Psychiatric assistance
  • annual examinations for personal accidents
  • Expenses associated with maternity
  • critical conditions

Why is personal accident insurance required?

Go through this part if you believe that you are young, active, and in perfect health and do not require health insurance.

Personal injury concerns are on the rise: Many people’s mental health suffers as a result of the turmoil, stress, and negativity surrounding them. As a result of inadequate attention and treatment, mental health problems are becoming more prevalent and out of control. According to data from 2017, 224 million people worldwide have hypertension-related issues.

Expensive medical facilities: Treatments are becoming incredibly costly due to industry inflation. As much as Rs. 3 lakhs might be spent on medical treatments for ailments like angioplasty and cardiac surgery. It is difficult to receive high-quality care at reputable medical facilities without suitable health insurance coverage.

Uncertain times due to pandemics like Corona: COVID is undermining the world infrastructure. You can combat any such epidemic, at least financially, with health insurance.
Children and teenagers are more susceptible to deadly illnesses like cancer. Be aware that such serious medical disorders might require expensive care.

Issues with lifestyle: Young people’s sedentary habits make them more likely to need hospitalization, which drives up costs.

You will be motivated to acquire health insurance by these health realities and statistics.

Health Insurance Options

Family floater health insurance: These plans make sure that each person covered by a single policy may access a single amount.
Individual health insurance: This type of insurance covers a single person’s medical expenses.

Health insurance for seniors – These insurance policies, which are created to cover the medical costs of the elderly, are available to persons over the age of 60.

Health insurance for maternity-related difficulties – Maternity insurance programs cover prenatal and postnatal medical costs.
Critical illness – These insurance plans cover the high medical costs brought on by a condition that poses a serious risk to one’s life.

Group health insurance – Businesses typically favor such programs for their employees.

Top-up health insurance — If the cost of your care has gone risen over time, you may want to add a top-up insurance policy to your current coverage.

Health Insurance can also lead to Tax Benefits.

We all put forth a lot of effort to make a livelihood, therefore it is not wrong to search for ways to reduce our taxes. Purchasing health insurance is a wise decision if you want to benefit from tax breaks. The insured or his or her parents may claim tax advantages on the yearly premium in accordance with Section 80D of the Income Tax. The breakdown of tax exemptions is as follows:

EligibilityExempted Limit
Self+Family (Spouse and Children)Up to 25,000 INR
Self+ Family+Parents(Below 60 years)Up to 25,000 + 25,000= 50,000 INR
Self+Family (Eldest member below 60 years)+Parents (Above 60 years)Up to 25,000+ 50,000= 75,000 INR
Self+Family (Eldest member above 60 years)+Parents (Above 60 years)Up to 50,000+ 50,000= 1,00,000 INR

Are you scared off by the technical language? Let us make things simpler for you!

The following terms will be used often when you consider purchasing health insurance coverage. We always uphold total openness, thus this list demystifies and clarifies the difficult words for you:

Cumulative bonus:  Your insurer will automatically increase the covered amount if you do not need to file any claims for health insurance throughout the year. Remember that no additional premium will be assessed in this case. This growth is referred to as a cumulative bonus.

Sum insured: Your insurer’s maximum payout to you for a given year is known as the sum insured.

Daycare procedures: Daycare procedures are operations or short-term treatments that need a patient to be admitted to the hospital.

Pre-hospitalization costs: Pre-hospitalization costs are the medical expenditures you pay before being admitted to a hospital.

Deductible: Some health insurance plans require you to pay a portion of the premium before the insurer will begin to cover you. This particular sum is referred to as a deductible.

Also Read, Top 5 Best Health Insurance Companies in the Germany

Portability: Let’s say you don’t like your current health insurer and want to switch, but you don’t want to lose your waiting period. The entire switching process is referred to as portable.

Co-payment: This word means that you and your insurance will divide the costs. This implies that even if your insurer will pay a big sum, you will still have to make a little payment.

Waiting period: During this time, you must wait before utilizing any health insurance benefits.

Pre-existing disease: In this context, any ailment you had before purchasing your insurance coverage is referred to as pre-existing.

Personal Accident Insurance
Personal Accident Insurance

Best Personal Accident Insurance Plans:

InsurerPersonal Accident PlansAge (in years)Policy TermCoverage Amount ( in Rs)No Claim Bonus
Aditya Birla CapitalActiv Assure Personal Accident Plan5-65 yearsN/Aup to 12 times of annual gross income of an earning memberN/A
Bajaj Allianz InsuranceBajaj Allianz Personal GuardPlanN/AAnnual10-25 lakhsUp to 50 %
Bharti AXA InsuranceBharti AXA Smart Individual Plan18-70 yearsAnnualAccidental Death Benefit: 2 lahks to 20 lakhs ( as per the plan variant)Permanent Total Disability: 3 lahks to 30 lakhs ( as per the plan variant) N/A
Cholamandalam InsuranceChola Accident Protection18-69 yearsN/AFamily:2.5-10 lakhsIndividual: 5 lakhs to 1 Crore N/A
Future Generali InsurancePersonal Accident Plan  18-70 yearsN/Aup to 144 times of annual incomeN/A
IFFCO Tokio InsurancePersonal Accident Policy5-70 years1 year100% of the sum assured5% for each claim-free year; limited to 50% of the initial sum assured
Kotak General InsuranceKotak Accident Care  5-65 years1,2,3 yearsN/AN/A
Liberty General InsuranceIndividual Personal Accident Policy  18 – 70 years1,2,3 years1 lakh – 1 CroreN/A
Max Bupa Health InsurancePersonal Accident Health Insurance18 – 65 years1 – 2 years5-25 lakhs5% for each claim-free year; limited to 50% of the initial sum assured
Manipal Cigna Health InsuranceProtection Accident-Care  18 – 80 years1,2,3 years50,000- 10 CroreN/A
National InsurancePersonal Accident Plan5 – 70 years1 year72 months gross pay or Rs.10 lakh whichever is less.5% for each claim-free year; limited to 50% of the initial sum assured
New India AssurancePersonal Accident Policy 5 – 70 years1 yearN/A5% for each claim-free year; limited to 50% of the initial sum assured
Oriental InsuranceJanata Personal Accident Policy 10 – 80 years1 year25000-5 lakhsN/A
Religare InsuranceSecure Personal Accident Insurance Plan18 years to 70 yearsN/A15 lakhs- 25 CroresN/A
Raheja QBE InsuranceIndividual Personal Accident Insurance Policy As per the policy documentN/AAs per the policy document5% for each claim-free year; limited to 25% of the initial sum assured
Royal SundaramIndividual Personal Accident Policy (Death & Disablement Only)18 – 65 years1 year5 – 75 Lakh5% for each claim-free year; limited to 25% of the initial sum assured
Reliance InsurancePersonal Accident Group Insurance Policy5-70 yearsN/A100% of the sum insured in case of permanent total disabilityN/A
Star Health InsuranceAccident Care Individual Insurance Policy18 – 70 years1,2,3 years5 -15 lakhs5% for each claim-free year; limited to 50% of the initial sum assured
SBI General InsuranceIndividual Personal Accident Plan18 – 65 years1 year1 – 10 lakhs5% for each claim-free year; limited to 50% of the initial sum assured
TATA AIG General InsurancePersonal Accident Gaurd Plan18 – 65 years1 year with lifetime renewal5 lakhs- 1 Crore5% for each claim-free year
United India Insurance Individual Personal Accident Plan 5-70 years1 year25000-10 lakhs5% for each claim-free year; limited to 50% of the initial sum assured
Universal Sompo InsuranceIndividual Personal Accident Policy5 – 65 years1 yearN/AN/A

A Personal Accident Insurance Policy’s Benefits

Imagine yourself being struck by a car and becoming permanently crippled. There would be no regular monthly or yearly income, only bank EMIs, medical costs, and other expenses. Getting personal accident protection is advised to handle such an event. Here is a brief list of some of the main benefits of purchasing personal accident insurance:

  • Family Safety
  • There is no demand for medical examinations or records
  • substantial protection at a lesser cost
  • global coverage
  • Plans for both individuals and families are offered.
  • The quick and reliable claim procedure
  • 24/7 customer assistance
  • Funeral and legal costs are paid.
  • education benefits for children
  • Double coverage for death or disability when using a public transportation
  • Plans that can be customized are offered

Personal Accidental Insurance vs Life Insurance

Loss of life or disability brought on by accidents is covered by accident insurance. But regardless of the cause of death, a life insurance policy will pay out upon the death of the insured. The following is a list of the primary distinctions between life insurance and accidental insurance policies:

Death Coverage: A life insurance policy provides cash benefits in the event of death, with the exception of suicide attempts. In the event that the insured passes away accidentally, an accidental insurance policy will provide compensation.

Condition of Death Coverage: Life insurance policies provide death coverage even if the insured passes away months or years after contracting the sickness. A policy for accidental insurance, however, provides death benefits whether the insured person passes away right away or during a certain period of time following the event. Typically, 180 days have passed since the accident.

Plan Options: Retirement alternatives, death benefits, long- and short-term financial investment objectives, and other options are available in a life insurance policy. However, a policy for accidental insurance covers any loss or damage brought on by an accident.

Coverage for Partial Disability: An accident insurance policy will provide coverage if an accident causes a partial loss of limb or vision. Partial impairments, however, are not protected by a life insurance policy.

Also Read, How to Renewal The Star Health Insurance and Its Superb Plans in 2023

Life Insurance Policy VS Personal Accidental Insurance Policy Comparison Table

CoverageAccidental Death InsuranceLife Insurance
Death from illness or diseaseNoYes
Accidental DeathYesYes
Death from a drug overdoseNoNo
Partial disabilitiesYesNo
Personal Accident Insurance

Accidental Insurance Vs Critical Illness Insurance

A critical illness policy reimburses the insured in a single amount for the cost of the necessary medical care. To get the rewards, there is a stipulation about the surviving term. However, a policy for accidental death or whole or partial disability would be covered.

Parameters   Accidental Insurance     Critical Illness Insurance
ImportanceCompensation is only provided for accidental damagesCovers critical illnesses like kidney failure, cancer, paralysis, etc.
FeaturesCashless or reimbursement claims are allowed   Compensation is provided in a lump sum amount. In some cases, hospitalization is not required and compensation can be provided on the basis of the diagnosis reports.
CoverageIt does not cover diseases or illnessesIt covers specified critical illnesses like cancer, tuberculosis, etc.
Waiting Period    No waiting period   up to 3 months
Medical Check-upNo RequiredRequired
Personal Accident Insurance

Personal Accident Insurance vs Term Life Insurance

A term insurance policy provides coverage in the event of the policyholder’s demise from accidental or natural causes. Personal accident insurance, however, would only provide compensation for fatalities and disabling injuries brought on by accidents. It wouldn’t cover lawsuits brought about by unavoidable deaths.

The policyholder’s employment is used to calculate the premium cost for a personal accident insurance policy.

What Is the Price of Accident Insurance?

Your age, place of employment, medical history, and the plan you chose all have an impact on the premium. It is advised that you choose a sum insured that is 100 times more than your monthly salary.

What level of accidental insurance coverage is sufficient?

It should be 100 times your monthly salary, on average. For instance, if your current income is Rs. 10,000, you may get a personal accident insurance policy for Rs. 10,000,000.

If the insurance is renewed in a timely manner, it will guarantee that all eventualities, including kid education, debt repayment, marriage, and regular income for the spouse, are covered.

How do I submit an insurance claim after an accident?

You must notify the insurance company within the allotted time range in order to begin the claim procedure. There’s a chance that you’ll get a claim reference number. When notifying a claim, the supplier must get the information listed below:

  • Your phone number
  • Insurance Policy number
  • The accident’s date and time
  • Name and contact information for the injured insured party
  • where the incident occurred
  • a succinct account of the event’s circumstances and its precise location
  • Dimensions of the loss

The family members or dependents (including the spouse) must be informed of these facts in order for them to act appropriately in the case of an unexpected occurrence like death.

Personal Accident Insurance
Personal Accident Insurance

The following documentation must be presented in the instance of an accidental death or disability claim:

  • Death certificate
  • Post-mortem report
  • FIR report
  • Medical certificate
  • Medicine bills

As a required precaution, policyholders can make sure that these facts are saved for the family members’ future use, preventing them from being left defenseless or having any benefits go unused in the event that an unforeseen catastrophe results in a coma or even death.

Benefits of a Personal Accident Insurance Policy Besides

There are several other benefits that come with personal accident insurance coverage in addition to the four main ones. These advantages may be included in the standard plan by certain insurers, or you may purchase them as an add-on cover by paying an additional premium:

Hospital Daily Financial: In the event of an unintentional hospitalization, the insured is given a daily cash allowance. Coverage is only available for a specific number of days (as specified in the policy terms and conditions).

Ambulance Fees: The insured gets reimbursed for the cost of the ambulance ride to the hospital following the accident.

Transportation or Repatriation of Mortal Remains: In the event of the policyholder’s untimely death, the nominee would be reimbursed for any costs associated with the repatriation and transportation of the policyholder’s mortal remains from the scene of the accident to a hospital, residence, or crematory. Additionally, reimbursement is given for the costs linked to the religious rites associated with cremation.

Broken Bones: The coverage provides for a set compensation in the event that a bone is shattered or otherwise damaged.

Burns: Accidental burn injuries are also covered by insurance.

Family Travel Allowance: This benefit is available when the hospital is far from the covered person’s home. In such cases, the real transportation costs paid by the covered person’s close family members are also reimbursed. The sum mentioned in the policy will be deducted from the total refund due.

Education Advantage: Up to a certain amount is covered in the event of the policyholder’s untimely death for the dependent child’s educational expenses.

Loan Protector: A lump sum payment (defined in the insurance schedule) is made in the case of an untimely death or permanent disability.

Adaptation Allowance sometimes referred to as the Home Alteration and Vehicle Modification Benefit: This benefit may be provided by some insurers. If a tragic occurrence results in total or permanent disability or dismemberment, the cost of modifying one’s home or car is also covered.

FAQs about Personal Accident Insurance

Q: Which is PPO?
A: A PPO, or preferred provider organization, is a type of healthcare arrangement in which medical services and treatments are made available to subscribers at discounted prices.

Q: What is health insurance with a deductible?
A: In essence, this plan requires the policyholder to pay before the insurance company starts paying out. The insurance provider won’t pay until the amount of the claim has surpassed the deductible. For instance, the insurance company will pay the policyholder Rs 10,000 if the claimed amount is, let’s say, Rs 40,000 and the policy’s deductible is Rs 30,000.

Q: What is covered by a family Mediclaim policy?
A: It will provide insurance protection for your children, your spouse, and you.

Q: How to buy health insurance for parents?
A: Older parents over the age of 60 can choose from a variety of health insurance policies. A family floater mediclaim insurance may potentially be an option for you because it would cover your parents’ medical costs.


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