Best Personal Accident Insurance Policies In India

You can take all possible precautions while living your life, walking down the road, driving your vehicle to avoid an accident, but if it has to happen, it will happen. Well, it is after all an accident and you can never be prepared for it. However, what you can do is make necessary arrangements to cope up with it and continue living your life without worrying about, at least, the financial liabilities arising out of such an unfortunate event. Personal accident insurance policy does exactly that by coming to your rescue and helping you and your family financially to come out of such a tragedy.

A personal accident policy will pay monetary compensation in case the insured dies due to an accident or suffers temporary/permanent disability. The premium for a policy is calculated based on the kind of profession you’re in rather than your age. So a safe profession like banker, doctor, lawyer and the likes will attract lower premiums compared to dangerous and risky professions like people working in a coal mine, being a journalist, etc.

There are a lot of insurance companies offering personal accident plans, but following is the list of some of the best plans that you can look at before making your decision:

1) Max Bupa Health Insurance– Personal Accident

This policy has an option of a family cover and covers up to 2 children. In case the insured suffers from permanent total disability (PTD), the insurer will pay up to 125% of the sum assured. In case the insured suffers permanent partial disability (PPD), the insurer will pay out 25% to 100% of the sum assured depending on individual cases. You can get a sum assured in the range of Rs. 5 lakhs to Rs. 25 lakhs and this policy is renewable for life. In case of death the company will pay the nominee the complete sum assured. It also provides cash for hospitalisation.

2) HDFC ERGO General Insurance– Individual Personal Accident Plan

The insured can get a sum assured starting from Rs. 2.5 lakhs up to Rs. 15 lakhs. In case of death or PTD, the insurer will pay the nominee an amount equal to the sum assured. In case there is a temporary partial disability (TPD), the insured will get 10% of the sum assured. This plan also covers for hospitalisation expenses.

3) Apollo Munich Health Insurance– Individual Personal Accident Plan Standard

This plan offers you the sum assured in the range of Rs. 1 lakh to Rs. 50 lakhs. In case of death, PPD, PTD the insured will get an amount equal to sum assured. However, for TTD (temporary total disablement), it will be equal to sum assured, but limited to a maximum of Rs. 5 lakhs. It also covers medical expenses to the tune of 10% of sum assured subject to a maximum amount of Rs. 50,000/-.

4) Bharti AXA General Insurance– Smart Individual Personal Accident Policy

This plan will pay the insured 1.5 times of sum assured in case of PTD and in case of PPD, the policy pays you a % of indemnity as provided in your policy document. Another benefit the insured can enjoy with this plan is the hospitalisation cover. It covers accidental medical expenses up to 20% of the sum assured for Rs. 2, 5, 10, and 20 lakhs cover. This plan also provides education grant for children Rs. 10,000 per child (maximum for 2 children).

These are just a few plans, but the leading ones. For your specific needs, do find out more about these and various other plans before selecting the best one. You can find all the information online with the click of a few buttons.

Buy an accident insurance policy and secure yourself!

Originally published at on April 17, 2016.

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