Because life is erratic, disaster could strike at any time. Even cautious people can experience accidents that harm them and their families financially, emotionally and physically. Many people do not think about purchasing accidental insurance, even though some people may already have term insurance and health insurance policies. Accidents can have an impact on daily life and potentially result in several catastrophic injuries. Critical injuries, whole or partial disability, hospitalisation, or even death, could result from this. In the event of a disaster, the policyholder and his designee are entitled to coverage that would assist in covering the family's long-term financial needs as well as meeting any urgent obligations.
Reasons to Buy Personal Accident Insurance
Security and Peace of Mind
Accidents leading to disability or death can negatively impact your income potential. Accident insurance can provide financial support to you and your family in case of uncertain medical expenses.
Minimal Documentation
You can buy an accident policy with least documents.
No Medical Check-up required
You are not required to undergo any medical test before buying accidental insurance for yourself.
Top 10 Personal Accident Insurance Plans
Here is the list of the top accident insurance plans
Aditya Birla Personal Activ Secure- Personal Accident
This policy provides benefits at an affordable cost and a comprehensive approach. It includes coverage of modification or repair of the vehicle or house damaged in an accident. It allows you to hire a personal medical coach for a fast recovery from injuries. It also provides a 5% cumulative bonus for every claim-free year.
Bajaj Allianz Personal Guard Plan
This policy provides compensation against all odds and works as a personal guard for your family. It provides compensation of 125% of the sum insured in case of total permanent disability. It also covers the bones of the child’s education in case of the death of the insurer and also covers medical expenses in case of accidental injuries leading to hospitalisation.
HDFC ERGO Personal Accident Insurance Plan
This policy offers flexibility and also offers a lump-sum amount in one go to cover accidentals medical expenses. It is open to people of age 18-65 years. It includes transportation costs and ambulance expenses and also provides a cashless allowance.
Max Bupa Personal Accident Insurance Plan
There are no third-party agents involved and the claim settlement is directly done by the customer service team. It provides 100% sum insured in case of permanent partial disability. It also covers funeral expenses up to INR 5000.
Care Personal Accident Insurance
This policy is widely known and addresses all the issues in case of an accident. It covers the expenses of a medical nurse if needed. It also covers the cost of prosthetics like artificial arms or legs or other medical equipment like a wheelchair. It also provides loyalty benefits.
ICICI Lombard Personal Protect Policy
Anyone within the age group of 18-80 years can avail of this plan. It provides cover against total disability, death and hospitalisation expenses. The range of sum insured is INR 3 lakhs to INR 25 lakhs.
SBI General Individual Personal Accident Insurance Policy
This policy is available for salaried, business and self-employed people. The cover ranges from INR 1 lakh to INR 1 crore in case of partial or total disability and even death. It provides compensation of up to 120% of the sum insured in case of the death of the insurer. It also includes ambulance charges and hospitalisation costs. It also provides education and adaptation benefits.
Shriram General Personal Accident Insurance
It includes 4 types of plans. The basic plan provides coverage against accidental death, transportation of mortal remains and children’s education. The primary plus plan has the additional benefit of coverage against partial disability including the benefits of the basic plan. The advanced plan offers coverage against accidental death, children’s education benefits and permanent partial as well as total disability. The comprehensive plan includes additional coverage of total and partial temporary disability along with the previously mentioned benefits.
Star Health Personal Accident Care Insurance Policy
This policy provides compensation of up to 150% of the sum insured in case of permanent total disability. It includes coverage against death, partial and total disability, transportation of medicines, travel charges for one relative as well as an educational grant for the children.
Future Generali Accident Suraksha
This plan offers some extensive add-on benefits. It is covered worldwide, the sum insured depends upon the gross income and no pre-medical check-up is required. It provides coverage against death, partial and total temporary as well as permanent disability. Add-on benefits include children's education support, hospitalisation and allowance, ambulance cover, broken bones treatment, loan protection, adaptation allowance, life support benefits, family transportation allowance and air ambulance cover.
Who Should Buy Personal Accident Insurance?
- Self Employed people should have this policy which will help them in case of any tragedy as they will have to pay the hospital bills from their own pockets. It will give emotional support and time to recover.
- People who are involved in a risky profession or lead an adventurous lifestyle should consider buying accident insurance. People working as technicians, mechanics, builders or factory workers are at high risk, while journalists, people working in matchstick factories and underground mines or mountaineers are definitely at very high risk.
- Elder people also benefit from personal accident insurance as they are more prone to slip-ups and falls which could lead to life-threatening injuries.
Important Points to Consider Before Buying Personal Accident Insurance
- The policy must include financial benefits for death, temporary partial and full disability as well permanent partial and full disability.
- Compare the premium prices among various insurers before choosing the one that matches your requirements.
- Make sure that the financial coverage is sufficient for you and your family.
- It is important to know the insurers' claim settlement ratio before you buy the policy.
- The policy should have worldwide coverage.
- It is important to have detailed knowledge about the policy’s inclusions as well as exclusions.
Conclusion
An accident is an unusual event which can cause serious damage to your life. It is essential to have financial security in times of crisis. According to a recent survey, more than 1200 accidents occur daily in India. It is advisable to buy personal accident insurance as it will be crucial during times of economic crisis and inflation to reduce the financial burden on your pockets in times of tragedy. Having accident insurance benefits the household's single earner to help clear some liabilities and also provide daily expenses.
