Accidents are unpredictable and often happen when we least expect them. A personal accident insurance plan offers you financial protection in the event of an accident. Choosing the right insurance policy can be challenging, but it’s important to find one that meets your needs and budget.
This comprehensive guide by Cover360 will help you understand everything you need to know about personal accident insurance policies in India. When it comes to choosing the right one for you, you’ll be an informed consumer.
What is Personal Accident Insurance?
A personal accident insurance plan is a type of insurance that protects in the event of an accidental injury that results in death or dismemberment. It can also provide complete coverage for medical expenses and other related costs.
Types of Personal Accident Insurance Policy
There are two main types of personal accident insurance:
- Standalone Personal Accident Insurance
- Group Personal Accident Insurance
Standalone Personal Accident Insurance
Standalone personal accident insurance is a policy that provides coverage to an individual in the event of an accident. Individuals purchase this type of insurance to cover the high risk of accidents—especially those who participate in hazardous sports activities or have risky jobs.
Group accident insurance
Group accident insurance is an insurance policy that provides coverage to a group of people in the event of an accident. Employers typically purchase this type of insurance cover to provide coverage for their employees, and organisations can also purchase it to provide coverage for their members.
Benefits of personal accident insurance
- Personal accident insurance can provide 100% coverage for accidental death and dismemberment.
- In accidental death, the personal accident insurance plan can provide a death benefit to the insured’s beneficiaries. The death benefit can cover funeral expenses, pay off debts, or provide financial support to the insured’s family.
- In the event of dismemberment, the personal accident insurance plan can provide a benefit to the insured to help cover the cost of prosthetic devices or other related medical expenses.
- In the event of an accident that results in hospitalisation, the personal accident insurance plan can provide a benefit to help cover the cost of medical expenses.·
- It provides worldwide coverage, which means that the policyholder is covered no matter where in the world the accident occurs.
- Personal accident insurance policies are exempt from income tax under Section 80D of the Income Tax Act.
Best Personal Accident Insurance Plan Providers in India
- Aditya Birla Capital
- Bajaj Allianz Insurance
- Bharti AXA Insurance
- Bharti AXA Smart Individual Plan
- Cholamandalam Insurance
- Chola Accident Protection
- Future Generali Insurance
- IFFCO Tokio Insurance
- Kotak General Insurance
- Liberty General Insurance
- Max Bupa Health Insurance
- Manipal Cigna Health Insurance
- National Insurance
- New India Assurance
- Oriental Insurance
- Religare Insurance
- Raheja QBE Insurance
- Royal Sundaram
- Reliance Insurance
- Star Health Insurance
- SBI General Insurance
- TATA AIG General Insurance
- United India Insurance
- Universal Sompo Insurance
One should always know the need to have a personal accident insurance policy before buying it. It will help in understanding the various features of the policy and its benefits. Cover360 offers comprehensive personal accident insurance plans covering your accidental death and disablement. The policy also offers a host of other benefits like emergency medical expenses, personal liability, and more. So, choose a personal accident insurance policy that best suits your needs and requirements. Call us today to get a quote for our personal accident insurance plans.