Accidental Health Insurance
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Accidental Health Insurance

Life is filled with uncertainty. Even the healthiest person could get injured because accidents can happen any time. In India, nearly 2 lakh people die from road accidents each year. Imagine how many others die due to other accidents! Not all accidents are fatal. Some may leave the person injured, dismembered or disabled. Some accidents cause permanent injuries, while others may be temporary. Accidents can be expensive as they could entail hospitalization, surgeries, treatments and permanent care in some cases.

Accidental insurance or personal accident insurance provides financial protection to the policyholder in the case of an accident. Accidental insurance pays for accidental death, injuries caused by accidents, partial or total permanent disabilities caused by accidents, and temporary disabilities.

Accidents in India – statistics

The number of accidental deaths in India each year is 4 lakhs; of which, half are traffic related deaths and half are road accidents. Every day, there occur close to 1500 road accidents in India. These are the ones that are registered and the actual numbers could be substantially higher.

Types of accidental insurance

There are two types of accidental insurance plans – for individuals and for groups.

Individual Accident Insurance

The individual accident insurance is designed to provide coverage to individuals. It provides coverage towards death, loss of limbs or sight, permanent disability and more that is caused by accidents.

Group Accident Insurance

Group accident insurance plans are designed to provide coverage to a group of people. Group accidental insurance is usually taken by organizations for their employees. In group insurance, all the members are insured under one policy. Group accident insurance plans are beneficial to organizations as they are low cost and provide coverage to a large number of employees.

Accidental insurance coverage

Accident insurance provides coverage for various expenses and situations.

Accidental death cover

Accidents can be fatal and lead to death. When an accidental insurance policyholder dies due to an accident, the policy provides accidental death cover. This is the amount paid out to the family members and dependents (who are mentioned as nominees in the policy). Sudden deaths of those who are sole earning members of the family can cause a lot of financial worry to the family members. Accidental death cover can help reduce that stress to a certain level.

Permanent and total disablement cover

At times, accidents may leave the policyholders permanently or totally disabled. In such cases, the policyholder might not be able to work or earn a living. That can cause financial worries and also mental stress. Accident insurance policy provides coverage in such cases. Even if such a permanent and total disability arises within a year of the accident and not immediately, the insurer is liable to pay to the policyholder.

Permanent partial disability cover

If an accident leaves a policyholder permanently or partially disabled the accident insurance plan offers coverage for the same. Different insurers might have different clauses and definitions of partial disability, hence different plans cover partial disability differently.

Temporary total disability cover

When a policyholder is disabled temporarily due to an accident, the accident insurance policy will provide a benefit pay-out. This clause depends on the plan and insurance company. Different companies and plans might have different clauses. This cover is useful when the policyholder is temporarily disabled and is not able to work or earn.

Key features and benefits of accident insurance plans

Disability due to accident benefit

The accidental insurance provides payout benefits in case of disability – temporary or permanent. Different levels of disabilities have different clauses. This benefit helps the policyholder financially during a phase when they aren’t able to work or earn due to disabilities.

Death benefit

Accident insurance policies provide death benefit in case the policyholder dies due to an accident. This benefit is paid out to the nominee or beneficiary of the policyholder in the case of their death. It helps ease the financial worries of the deceased’s family members and dependents.

No test and documentation

Buying an accident insurance plan is easy. Typically, insurance companies do not require the policyholder to undergo any tests or provide any documents of proof.

High coverage at a low premium

Accident insurance plans are comparatively cheaper and affordable. They provide high coverage for lower premium. Hence, accident insurance plans are almost mandatory as they provide a lot of benefits at a small price.

Worldwide coverage

Many accidental insurance plans provide worldwide coverage, which means no matter in which country the policyholder meets with an accident, the plan would provide coverage.

Individual and family plan options

Accidental insurance plans can be bought for both individuals and for family. Individual plans provide coverage to only one person, while family plans provide coverage to the entire family under one plan.

Easy claim process

The claim process of accidental insurance is easy and hassle free. Policyholders are required to provide a set of documents and fill the claim form. The insurance company then pays the claims. The policyholder is supposed to notify the insurance company as soon as the accident occurs or during hospitalization. In case of road accidents, the police must also be intimated and a copy of the first information report or FIR must also be filed with the insurance company for the accident claim.

24×7 customer service

Accidents can occur at any time of the day or night. Most insurance companies provide 24×7 customer services through their helpline so having these numbers handy can be very useful. This helps policyholders to get their queries answered and doubts cleared.

Legal and funeral expenses

Accidents can turn into legal matters for which the policyholders might be required to incur legal costs. Accident insurance plan covers legal expenses. Moreover, if the accident leads to death, accidental insurance provides funeral expenses.

Child education benefit

Some accident insurance policies include child education benefits. These are useful in the cases where the policyholder is permanently disabled or dies due to an accident. The policy provides education benefits for the children nominated in the policy.

Customized plans

Policyholders can customize accident insurance plans as per their requirements. This makes the plans more beneficial to policyholders.

Hospital daily cash

Some accidental insurance plans offer an option of availing of hospital daily cash. This helps the policyholder to get a cash allowance to meet expenses while they are admitted to the hospital.

Family transportation

Many accidental insurance plans offer coverage for family transportation expenses. At times, if the policyholder who has met with the accident is admitted to a far away hospital and the family has to travel to the policyholder. In such cases, the transportation costs are covered by the policy.

Loan protector

Many people might have loans and debts to pay off. In case they meet with accidents, they may be left permanently or temporarily disabled that might restrict their ability to work and earn. This will impact their ability to service the loan. In such cases, a loan protect clause in the accident insurance policy can help pay off their debts.

Why should you buy a personal accident insurance plan?

Accidental insurance is one of the most common types and most preferred insurance plans.It has many benefits, as under:

Financial security

Personal accident insurance provides financial security to the policyholder and the family members. Accidental insurance provides coverage for partial and complete disability, death benefit, and temporary disability. The insurance can provide financial security in case the policyholder or the family members have debts, huge planned expenses in the future.

Prepare for uncertainties

Life is uncertain. Accidents can occur at any time. Some accidents can leave policyholders incapable of working or even dead. In such a situation, an accidental insurance plan can be a support.

Customize the accident insurance plan

Policyholders can choose the range of coverage and customize their plans to their requirements. Accident insurance is a good option for those who want to plan and prepare for any unforeseen expenses related to accidents and hospitalization.

Difference between accident insurance and life insurance

Accident insurance plans provide coverage towards accidents that lead to disability, hospitalization, and death. Life insurance plans provide coverage towards the death of the policyholder. Here are the key differences between the two types of insurance plans.

Accidental death:

Both the plans – Accidental Insurance and Life Insurance offer coverage in case of death caused due to accidents.

Death from drugs:

Both the plans – Accidental Insurance and Life Insurance do not offer coverage in case the cause of death is drug overdose.

Accident Insurance Life Insurance
Accident insurance plans provide coverage only if the cause is an accident. Life insurance plans provide coverage in case the cause of death is due to accident,illness or any other reasons.
The payout benefit of accidental insurance can be availed by the policyholders themselves as well as their family members. Life insurance payout benefits are useful to the dependents / nominees of the policyholder upon their death.
The benefits of accidental insurance can be availed of at any time when the policyholder meets with an accident. The benefits of life insurance can be availed of only at the time of the policyholder's death. There are no benefits if thepolicyholder survives the term of the insurance plan; in case of term plans.
Accident insurance is suitable for those people who work in perilous jobs or are at a higher risk of meeting with accidents. Term insurance is suitable for those who have dependents and family members and those who are sole earning members of their families.
Accidental insurance policies provide coverage in case of disability. Life insurance plans do not provide coverage in case of disability unless mentioned in the clauses of specific plans.

How much does accident insurance cost?

The cost of accidental insurance plans depends on factors such as the benefits and coverage provided by the plan, the term of the plan, the occupation of the policyholder, lifestyle, and the age. Experts advice getting a sum insured that is 100% of the policyholder’s monthly salary.

How much coverage is enough for an accidental insurance plan?

The coverage amount for an accident insurance plan depends on individual requirements. Experts suggest a coverage that is 100 times that of the policyholders monthly salary. However, individual policyholders can choose the coverage amount as per their budget and needs. Group accident plans are provided by employers and hence the employees may or may not have a say in the coverage amount.

How to file a claim for accident insurance?

Every insurance company might have a different claim process for accident insurance. However, there are some common steps in the process.

Intimate the insurance company soon after the accident: The policyholders must intimate the insurance company soon after they meet with an accident. This is in the case that it is possible. If the policyholder is hurt and unable to, the family members of the policyholder must intimate the insurer without too much of a delay.

Notify the insurance company upon hospitalization: It is good practice to intimate the insurance company as soon as the policyholder gets hospitalized. The insurance company should know the nature of the injury and that the cause of hospitalization was an accident.

Claim form and documents: Next, once the policyholder is about to get discharged from the hospital, they must fill out a claim form and submit all the key documents required by the insurance company in original. It is a good practice to check the claim process at the time of buying an accident insurance plan. It helps to have this general information during the time of the emergency.

Police report: At times, accidents might require to be reported to the police. The insurance company might require the policyholder to submit a police report in such cases. Normally, in case of any serious accident, the police station in that locality of the accident must be kept informed.

Details required: To file a claim, the policyholder must submit details such as the accidental insurance policy number, the full name of the policyholder, the contact number, date and time of the accident, location of the incident, visual proof such as photos or videos, a description of how the accident took place, and an estimate of the expenses.

Best accident insurance plans

Plan

Features

Personal Accident Insurance ICICI Lombard

  • Provides accidental death benefit
  • Additional cover for hospitalization
  • Entry age: 18 years to 65 years
  • Covers different types of accidents – natural calamities, road accidents, etc.
  • No health check-up is required

Max Bupa Personal Accident Care Insurance Plan

  • Cover Rs.5 lakhs to Rs.2 crore
  • Lifelong policy renewability
  • Accidental death benefit up to 100% of sum insured
  • Worldwide coverage
  • Available as family plan – 2 adults and 2 children

Future Generali Accident Insurance

  • Entry age: 18 years to 70 years
  • Renewability: up to 70 years
  • Children: 3 years to 25 years
  • No pre policy medical check-up
  • Worldwide coverage
  • 24/7 service

Tax benefits under accident insurance plan

Accident insurance plans provide tax benefits on the premium paid according to Section 80D of the Income Tax Act of India, 1961. Policyholders must understand that the main idea of buying accident insurance should not be the tax benefit and these are just incidental.

Faqs

What is covered by personal accident insurance?

Personal accidental insurance provides coverage towards death, permanent total disability, permanent partial disability and temporary disability among others. Accidental insurance plans also provide other types of coverage that can be bought as add-on coverage. Some of these are family transportation, ambulance charges, hospital daily cash etc.

What is not covered or what are the exclusions from personal accident insurance?

Personal accident insurance does not cover natural death, pre-existing injury or disability, childbirth or pregnancy, suicide or self injuries, non-allopathic treatments, accidents and injuries due to drugs and intoxication, criminal or war activities, accidents due to sports or adventure activities.

What are the benefits of buying personal accident insurance?

Personal accident insurance plans provide a lot of benefits. It provides accidental death cover, permanent disability, temporary disability, tax benefits, income benefits, debt payment benefits, among many others. Accidental insurance plans are beneficial to those who work in risky and dangerous conditions or for whom the chances of accidents are high. It is also beneficial for sole earning members who have dependents.

Do I need personal accident insurance?

Accidents can occur at any time and the consequences of accidents can be fatal. Accidents could also leave people disabled and incapable to work or earn. It is wise to buy personal accident insurance as a financial safety. It is one of the most common and beneficial insurance plan types. If you have debts, family members who are financially dependent on you or if you have a high risk job, it is advisable to buy a personal accident plan. These plans come at a low premium and offer high benefits.

Why choose IIFL for personal accident insurance?

IIFL is an insurance marketplace that offers a wide range of personal accident insurance policies. Policy seekers can choose accidental insurance plans from the best selected plans. Not just that, IIFL’s experienced personnel help policy seekers choose the best plans that
match their requirements. As an insurance company committed to help customers, IIFL adopts a customer-first approach. IIFL understands the customers’ requirements first, and then selects the best insurance options for them.

Why should you buy personal accident insurance?

Accidents could also leave people disabled and incapable to work or earn. It is wise to buy personal accident insurance as a financial safety. It is one of the most common and beneficial insurance plan types. If you have debts, family members who are financially dependent on you or if you have a high risk job, it is advisable to buy a personal accident
plan. These plans come at a low premium and offer high benefits. It is best to be prepared
for uncertainties such eventualities with accidental insurance.

How can you claim the benefits of personal accidental insurance?

To file a claim, the policyholder must submit details such as the accidental insurance policy number, the full name of the policyholder, the contact number, date and time of the accident, location of the incident, visual proof such as photographs or videos, a description
of how the accident took place, and an estimate of the expenses. Every insurance company might have a different claim process for accident insurance but these are the broad points to be followed.

How are personal accident plans different from other plans?

Personal accident insurance policies are different from other plans as they provide coverage towards various consequences of accidents such as accidental death cover, permanent disability, temporary disability, debt repayment benefits etc. Accidental insurance plans are beneficial to those who work in risky and dangerous conditions or for whom the exposure and vulnerability to accidents are high. It is also beneficial for sole earning members who have dependents.

What are the documents needed to claim a personal accident?

To file a claim, the policyholder must submit details such as the accidental insurance policy number, the full name of the policyholder, the contact number, date and time of the accident, location of the incident, visual proof such as photos or videos, a description of how
the accident took place, and an estimate of the expenses. Every insurance company might have a different claim process for claiming accident insurance.

What is the eligibility to buy a personal accident insurance plan?

Personal accident insurance plans are available to anyone in the age group of 18 years to 65 years. Some insurers allow policyholders to renew it until the age of 70 years. Those with pre-existing injuries cannot claim any expenses from accident insurance plans. Accident
plans offer coverage only in times of accidents.

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