5 min read
The rate at which accidents are taking place in India, it has become indispensable for everyone to have a personal accident insurance cover. Accidents are caused without warning and they create an emergency situation for the victim, especially if the injuries are severe. Also, with serious injuries the treatment expenses become high. It may make the person physically handicapped and impact his/her income or earning. Hence, it is very necessary to protect your family members from such situations by buying a personal accident insurance policy.
Personal Accident policy is one that offers all-inclusive financial security to the insured against health emergencies arising out of accidents including deaths, bodily injuries, partial and total disabilities as well as temporary and permanent disabilities.
Thus, if an insured meets with an accident, his/her family can claim for financial assistance in the event of accidental death, bodily injury or any other disability of the insured. The family or nominee can receive 100 % reimbursement in case of death of the insured which is equivalent to the amount of sum assured. In addition, compensation can also be received by insurance companies for disabilities of speech, eyes, limbs etc.
Personal Accident insurance are of two types – Individual Personal Accident Insurance and Group Personal Accident Insurance.
1. Individual Personal Accident Insurance – This is a type of insurance that safeguards the policyholder from various accidental damages including accidental deaths, loss of eye sight, loss of body parts, any other disability caused by the accident.
2. Group Personal Accident Insurance – The group personal accident insurance plans are normally purchased by employers or companies to provide coverage to their workers. Depending on the company size as well as the total employees working in an organization, insurance companies allow discounts under these schemes. These group personal accident insurance ensures the financial security of employees in case of any mishap at the workplace.
Now, let us take a look at the various factors which need to be considered while choosing a Personal Accident insurance policy.
Below are the key factors to be considered:
Below are few common inclusions and exclusions of Personal Accident Insurance:
|Accidental death of policyholder||Natural Death|
|Any permanent disability||Pre-existing injury/disability|
|Any partial disability||Self -inflicted injury|
|Ambulance Charges||Injuries caused by participation in adventure sports|
|Child education support|
Accidents and medical emergencies are unpredictable and they indeed drain a family financially. Hence, it is necessary to ensure safety and financial protection from such financial aftermaths. So, it is imperative to buy accident insurance coverage in case you don’t want to see yourself and your family under such circumstances.
With a Personal Accident Insurance Policy, you can get exclusive cover against medical expenses arising out of accidents. However, before you finalize on a personal accident policy, compare and analyze the various criteria to buy the best policy and to ensure the security of your dear ones.
View this post on Instagram
Generally, health insurance companies do not cover accidents as part of their regular coverage. Moreover, even if any company allows the same, it is limited to the defined guidelines as per their policy document. Thus, it is necessary to buy a personal accident plan as a separate policy so that you can get complete coverage against accidents or at least purchase an add-on accident cover under your health insurance plan.
As per the Indian Motor Vehicles Act, every vehicle owner must have a personal accident cover mandatorily. However, if you haven’t purchased a personal accident cover under your motor insurance plan, you can get it as part of your health insurance plan.
Below mentioned documents are required during the claim settlement process of Personal Accident Insurance:
Copy of insurance policy
Details of the insured
Completed and signed claim form
First Information Report (FIR)
Original death certificate (in the case of death)
Bill of Doctor’s fee etc.
Below are some of the top insurers offering best Accidental Policies:
Bajaj Allianz General Insurance
HDFC Ergo General Insurance
Niva Bupa Health Insurance
Care Health Insurance
There are two different types of personal accident insurance available - individual personal accident cover and group personal accident cover.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Life is unpredictable, but one thing you can predict is the insurance for any loss you incur due to an accident or mishappening. It can.
A detailed insight into India’s insurance industry, the role of the IRDAI, insurance companies, and the sector’s present & future trends India’s insurance industry today.
What is insurance and why do you need insurance? You need insurance to secure yourself against risks. But how do you define risk? Risks are.
Updated on Nov 17, 2023 Insurance fraud in India is a huge cause that keeps people away from buying and enjoying coverage offered by insurance.
In the present time and situations, no one can deny the importance of health insurance and Personal Accident insurance in India. Let us take a.
Everyone looks at getting knowledge about different kinds of insurance plans. However, people hardly consider seeking awareness about the rights of insurance policyholders. Let us.
Insurance is one of the significant as well as critical aspects that everyone should know and understand. If you are unsure about the various types.
What is Future Generali Claim Settlement Ratio for Health, Term and Motor Insurance Table Of Content About Future Generali What is Claim Settlement Ratio? How.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue