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What are the Best Accident Insurance Policies in India?

What are the Best Accident Insurance Policies in India?

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Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.

Accidents happen without any prior warning. Such mishaps can lead to damages that may be minor or serious. Accidents on the road happen every day, and the numbers given are pretty alarming. Therefore, having an accident insurance policy in your belt can be crucial as it helps get financial aid when such circumstances arise. In case of accidental death, the sum assured money of the policy is given to the nominee. Buying the best accidental insurance plans for you and for your family is, thus, crucial.  

Read on to know more about the types of accidental insurance policies, their benefits, how to evaluate them. 

What is covered in Accident Insurance?

Though every insurance plan may offer you different benefits, listed below are some of the most common inclusions in an accident insurance plan. Make sure your policy includes them too:

 1. Accidental Death

In case of the insured individual’s accidental death, the appointed nominee receives the entire sum assured in the form of a lump sum death benefit.

2. Permanent Disability 

Accidental insurance will also offer coverage against any permanent disability which has been caused because of an accident. Generally, a pre-specified amount is given to the insured.

3. Permanent Partial Disability

If during an accident the insured suffers a permanent partial disability, the insurance company will give out a pre-specified amount. For example, losing eyesight in a single eye, one arm has been lost, etc.

4. Temporary Total Disability

Even if the insured individual suffers total disability due to an accident but is temporary, the insured will receive a pre-specified lump sum amount.

5. Other Covers

There are certain plans/ insurance companies that may offer coverage for

a. Ambulance services

b. Broken bones

c. Second and third-degree burn injuries

d. Hospital cash allowance

What are the features and benefits of accident insurance?

Read the following points and get to know about the features and benefits of accident insurance: 

1. Financial security 

With the unpredictabilities of life, you can rest assured that even if something happens to you or your loved ones will not be in a financial lurch. You can choose the sum assured amount for your policy and pay the premiums accordingly. This way, your insurance is the best thing that can save you and your family in times of need.

2. Claim settlement of hospital costs

No need to worry about the expensive treatment of hospitals due to accidental injury. It is very easy to settle the claims of hospital expenses in case any unfortunate incident takes place. In case there is no claim for the year, then policyholders will get additional coverage for the next year at a very similar premium price.

3. Disability coverage

Even if you become a victim of accidental disability, you would not have to be worried about the source of livelihood. You will be able to claim a fair amount of disability coverage from your insurance provider according to the terms and conditions of your chosen policy.

4. Accidental death benefits

If the policyholder meets with an untimely death due to any kind of accident, then the nominee will get the accidental death cover from the company. 

5. Ambulance cover

Ambulance charges are also very expensive these days. Therefore, many insurance companies also provide ambulance cover when they settle the claims related to the accidental insurance policy. 

Types of accident insurance plans

Let’s find out what two types of accident insurance plans we can choose to protect our and our family’s future:

1. Individual accident insurance

This is a personal policy that can be a part of your health or life insurance policy or taken as a standalone policy. If you choose an individual accident insurance policy, you will be able to get insurance coverage against accidental hospitalisation, disability, and death. 

2. Group personal accident insurance

It is generally chosen by the organisation/ company for its staff. But when you compare both plans, you will find that group personal accident insurance generally offers limited benefits to the beneficiaries. 

How to choose the best accident insurance policy in India?

When you are going to buy an accident insurance policy, you should consider the following things:

1. Your age

It is recommended to buy an accident insurance policy at an early age to get it at a low insurance premium. 

2. Sum assured money

As per your requirement and capacity to pay the premium regularly, you should choose the sum assured in the insurance policy. In this way, you will be able to get a good amount of claim settlement and ensure that even after a mishap, you or your family members are not dependent on others for financial help.

3. Accidental death benefit  

You can get the accidental death benefit of up to INR 1 crore or more, depending on your plan and the company. Hence, choose the best one to protect the financial needs of your family.

4. Disability cover

Compare different plans and opt for a plan with the cover for temporary partial disability, permanent partial disability, and permanent total disability cover as well. 

What does the personal accident policy not cover?

Although the insurance covers several crucial aspects when the insured meets with an accident, the policy also has certain limitations that it does not cover.

1. Injuries from war or when under the influence of alcohol or drugs.

2. Self-injury or suicide.

3. Injury due to adventurous activities.

4. Any pre-existing injury or disability.

5. Hospitalisations for the treatment of diseases or illnesses.

Wrapping up

Minor accidents can be dealt with since the costs involved are negligible and some self-care will sort things out. But in the case of major accidents, individuals can be affected physically and mentally in a major way. With sky-rocketing medical and treatment costs, it is nearly impossible for any ordinary person to afford treatment on their own. As a thumb rule, your ideal coverage should be 100 times your monthly income. This will take care of a lot of your financial expenses, provided you pay your premiums on time.

Frequently Asked Questions

1. Is it worth it to buy accidental insurance?

Yes, it is worth buying accidental insurance. You should buy it to get monetary support in case of accidental hospital charges, disability, and death. You will be able to provide your family with financial protection cover in times of need.

2. Which insurance is best for accidents?

There are many accidental plans in India that offer wide coverage. Some of these are given below, browse through them all and then decide the one that best suits you. 

  • Activ Assure Personal Accident Plan
  • Bajaj Allianz Personal GuardPlan
  • Bharti AXA Smart Individual Plan
  • Kotak Accident Cover
  • Chola Accident Protection 

3. Which insurance policy is most useful?

Accidental insurance, health insurance, general insurance, and life insurance are the most useful insurance policies that you should have according to your needs. In this way, you will be able to lead a safe and secure life. 

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