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Best Personal Accident Insurance Plans In India For 2022
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Best Personal Accident Insurance Plans In India For 2022

Suman, 21, was looking for the best personal accident insurance plans for herself. She was young but was already earning with her private tuition and own coaching center. She was one of the main bread-earners in the household comprising her mother, herself and her young brother. Hence, she decided on taking a personal accident policy along with life and health insurance. She reasoned that a personal accident health insurance policy would add an extra layer of financial security and protection to her family in case of any untoward mishap in the future. To this end, she started comparing personal accident insurance online on the basis of several factors.

Best Personal Accident Insurance Plans In India For 2022

If this 21-year-old can take this praise-worthy step, then why can’t you? Take a closer look at the best personal accident insurance plans here, do your homework and then take a final decision.

What Are Personal Accident Insurance Plans? 

There are individual personal accident insurance plans and group insurance as well. In these plans, the policy-holder ensures financial coverage for the family in case of accidental death, hospitalization and disability. They also cover the transportation of the patient and family members and the repair of the property/vehicle in some cases along with other miscellaneous costs. You should look at the personal accident insurance coverage of each plan before finalizing one.

7 Factors to Consider While Choosing Personal Accident Insurance Plans in India

There are various types of personal accident insurance policy options and the personal accident insurance premium also varies on the basis of many aspects. Here’s taking a look at some of the vital parameters in this regard:

  1. Type of Plan: It can be a family-floater or individual plan. The former is more suitable for households with 3-4 or more members. 
  2. Age Restrictions: Check the entry age carefully before choosing. There could be varied guidelines of insurers in this regard. 
  3. Sum Assured Amount: Most personal accident insurance plans have limits up to Rs. 1 crore and the minimum sum assured usually starts from Rs. 2 lakh. A higher sum assured is always recommended though it also depends on the premium that you pay. 
  4. Accidental Death Benefits: This is the value of the total amount paid out by the insurance company, i.e., the sum assured and any additional bonuses. 
  5. Disability Coverage- Plans may offer coverage for either temporary or permanent disabilities. Check this aspect carefully. 
  6. Ambulance Costs and Medical Coverage: Immediate medical care at the nearest location and ambulance transportation are necessary after any mishap. Check whether both these aspects have coverage under your plan. 
  7. Bonuses: Some plans offer bonuses of various types. These should be carefully examined at your end, before making any final decision. 

 

Top 10 Personal Accident Health Insurance Plans in India for 2022

Let’s have a closer look at the 10 best personal accident health insurance plans in India as mentioned below:-

Insurance Company Type Entry Age Sum Assured Death Benefit & Disability Coverage Medical Costs Reimbursement Ambulance Cost Reimbursement Bonuses
Apollo Munich Individual Personal Accident Standard  Individual + Family Floater 91 days-69 years Rs. 1 lakh to 5 crore Accidental Death Benefit- Yes

Permanent Total/Partial Disability- Yes

10% of ADB for Temporary Total Disability 

5% of ADB or up to Rs.1,00,000 under Premium plan.  Up to Rs. 2,000.  Education Fund- 10% of the ADB
Care Secure Personal Accident Insurance  Individual 18-70 years Rs. 10-30 lakh Accidental Death Benefit- Yes

Permanent Total/Partial Disability- Yes 

Mobility Coverage for Temporary Total Disability

Up to Rs. 1,00,000.  Available Available, with a maximum of 10% of the sum assured. 
Bharti AXA Smart Individual Personal Accident  Individual 18-70 years Rs. 10-30 lakh Accidental Death Benefit- Yes

Permanent Total/Partial Disability- Yes (150-275% of sum assured)

No Coverage Temporary Total Disability

Daily Hospitalization Cash of Rs. 1,000 for 50 days Not available Not available 
Bajaj Allianz Premium Personal General Guard Plan Individual + Family 5-65 years Rs. 10-25 lakh Yes to accidental death and permanent partial/total disability coverage.

Coverage for temporary total disability of 75% of sum assured.  
Lesser 40% of medical/actual bills.  Not available.  Rs.5,000 for one child and Rs. 10,000 for two children. The limit is 10% of the sum assured. 
HDFC Ergo Personal Accident Insurance Individual + Family  Maximum-65 years Rs. 2.5-15 lakh Yes to accidental death benefit and permanent total disability. No coverage for permanent partial disability or temporary total disability.  Available Not available Not available 
ICICI Lombard Personal Protect Individual 18-80 years Rs. 3-25 lakh Yes for accidental death benefit and permanent total disability only. No coverage for permanent partial disability or temporary total disability.  Available Not available Not available 
United India Personal Accident Insurance  Individual + Family 5-70 years Rs. 25,000-10 lakh Yes for accidental death benefit, permanent total disability and up to 95% of sum assured for permanent partial disability .No coverage for temporary total disability.  Available Not available.  10% of the sum assured with a limit of Rs. 5-10,000. 
Oriental Janata Personal Accident Policy Individual + Family 10-80 years Rs. 25,000-5 lakh Yes for accidental death benefit, permanent total disability and up to 50% of ADB for permanent partial disability. No coverage for temporary total disability.  Not available Not available.  Not available. 
Reliance Personal Accident Policy Individual + Family 5-70 years Rs. 5-10 lakh Yes for accidental death benefit, permanent total disability, permanent partial disability (up to 50% of sum assured) and temporary total disability (1% of the sum assured with a maximum of Rs. 5,000 per week for 50 weeks).  Lesser of 40% of medical bills or 20% of sum assured.  Not available.  Not available. 
National Insurance Individual Personal Accident Policy Individual + Family 5-70 years N/A  Yes for accidental death benefit, permanent total disability and permanent partial disability. No coverage for temporary total disability.  Available.  Not available.  Not available. 

Conclusion 

As you can see, there are various types of personal accident health insurance plans available. Go through the list of benefits and inclusions before taking a final decision. Choosing personal accident coverage is always beneficial for your family in the long run, since life is always unpredictable. 

FAQs

What are the 2 main types of personal accident insurance policies?

Personal accident insurance policies are a must for financially safeguarding the family from the impact of any unforeseen accident/mishap, leading to death, disability or hospitalization for medical treatments. The two types are Group/Family and Individual insurance plans in this category. 

Can I have 2 personal accident plans?

Yes, you can always purchase more than one personal accident insurance policy. It is legal to have more than a single policy in your name. Yet, you should remember that the cumulative sum assured of your policies should not surpass the human life value. 

What is LIC accident benefit?

LIC Accident Benefit is a specific personal accident insurance plan. It offers a lump sum payout with the death benefit. This is done to members of the family of the policy holder in case of his or her untimely death owing to an accident within the tenure of the policy. 

What are the 5 main types of insurance?

The insurance industry covers diverse verticals and aspects of life. The five key types include life insurance, health insurance, automobile insurance, disability insurance and property/home insurance. Personal accident insurance may also be tagged with disability insurance in this regard. 

What is SBI General Personal Accident Policy?

Learning more about the SBI general personal accident policy is always beneficial, since it offers coverage for the untimely demise of the insured individual owing to an accident or any disability resulting from an accident. It also compensates for income loss due to this accident that affects the health of the policy holder. Other add-on covers with the policy include ambulance costs and the hospital confinement allowance as well. 

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