The main purpose of any insurance is to provide some level of financial security in a time of distress and unpredictability. Personal accident insurance covers are developed for that exact same purpose. These policies provide coverage against various unforeseen accidental injuries. Accidental injuries often cause a lot more than just medical expenses. For instance, the downtime caused by an accident often results in loss of income. During these times, the compensation provided by personal accident covers can help families with their financial hardship.
Unlike health insurance plans, these plans do not provide coverage against the medical expenses incurred by the insured. Rather, they provide a lump sum compensation against death and disability. Most plans also have provisions for remodeling of house or vehicle following the disability of the insured. In many cases, a personal accident cover is provided as a rider plan along with a health insurance or life insurance policy. However, this can also be obtained as a standalone cover.
We have compiled a list of top 10 personal accident insurance policies that could help you protect your savings during the time of an unforeseen accident. Make sure that you check these plans out before you decide on purchasing a personal accident policy.
|Insurer||Plan Name||Entry Age||Maximum Sum Insured||Policy Tenure|
|Apollo Munich||Personal Accident Plan||91 days to 69 years||Rs.50 lakh (standard plan) Rs.5 crore (premium plan)||1 year|
|SBI General||Individual Personal Accident Insurance Policy||18 years to 65 years for adults 3 months to 23 years for children||Rs.1 crore||1 year|
|ICICI Lombard||Personal Protect Policy||18 years to 80 years||Rs.25 lakh||1 year|
|Max Bupa||Personal Accidentcare Insurance||18 years to 65 years||Rs.2 crore||1 to 3 years|
|Religare||Secure||91 days to 70 years||Rs.50 lakh||1 to 3 years|
|Future Generali||Personal Accident Insurance||18 years to 70 years for adults 5 years to 25 years for children||144 times the monthly income of the insured||1 year|
|Bharti Axa||Personal Accident Insurance||18 years to 65 years||Rs.30 lakh||1 year|
|Bajaj Allianz||Personal Guard||18 years to 65 years for adults 5 years to 21 years for children||Rs.25 lakh||1 year|
|Star||Accident Care||18 years to 70 years Dependent children from 5 months||Rs.15 lakh||1 to 3 years|
|HDFC ERGO||Personal Accident Insurance||0 to 65 years||Rs.15 lakh||1 to 3 years|
This insurance policy aims to eliminate the financial burden that may arise due to an unexpected accident. It offers coverage against death and disability of the insured person. In addition to providing compensation against death and disability, Apollo Munich Personal Accident Plan also comes with a range of other benefits such as transportation fund, education fund, etc. This plan comes in two different variants (standard and premium) based on the type coverage opted by the insured.
SBI General is the general insurance wing of the country’s largest lender State Bank of India. The personal accident cover offered by the company provides complete protection to the insured against an unexpected accident. In addition to compensating for death and disability, this policy also covers various allowances against the expenses that may be incurred due to hospitalisation.
Max Bupa is one of the top health insurance service providers in the country. The personal accident cover provided by the company ensures that policyholders are adequately secured if they meet with an unfortunate accident. In addition to covering death and disability, this policy comes with a host of other benefits such as education care, funeral expenses reimbursement, etc. Policyholders can also subscribe to add-on covers to increase their protection.
Religare Secure is a personal accident insurance policy that comes with a host of benefits for the insured. As a personal accident cover, this policy ensures financial security following the death or disability of the insured. This policy is available in flexible sum insured options, and it provides a lot more benefits in addition to the compensation provided for death and disability.
The personal accident cover offered by Future Generali aims to prevent the drastic financial consequences that may occur following an accident. This policy offers a lot of benefits under the existing cover. Users can also maximize the protection by opting for some add-on covers that can be availed for extra premium charges.
Bharti Axa is one of the renowned general insurance service providers in the country. The personal accident cover offered by this company aims to provide a range of benefits for the insured against the threat of accidental death and injuries. The sum insured options are quite flexible, and they can be taken according to one’s requirement. Additional benefits such as daily cash allowance, funeral expenses, etc. are inbuilt within the regular cover.
Personal Protect Policy by ICICI Lombard is a personal accident cover developed to provide financial security in case of an unexpected acci7. ICICI Lombard Personal Protect Policydent. This policy comes in various sum insured options and provides coverage against different types of accidents and personal injuries. ICICI Lombard ensures a quick and hassle-free process for any claims arising out of this policy cover. In addition to the regular protection, policyholders can also take add-on covers to enhance their protection.
Bajaj Allianz Personal Guard is a personal accident cover that offers protection against the death or disability of the insured. One of the significant features of this policy is that it has medical expenses coverage inbuilt without the need for an add-on cover. The benefits offered by this policy differ based on the plan chosen by the insured.
Star is one of the top standalone health insurance service providers in India. The personal accident policy offered by this company comes with an affordable price tag and provides a range of benefits for the user. Apart from the regular benefits offered for accident death and disability, this policy cover also provides educational grant for the children of the insured. Sub-limits are available for other expenses such as travel, ambulance, resident modification, etc. Users can also increase the protection with the help of the add-on covers available with this policy.
The personal accident cover offered by HDFC ERGO is limited in terms of the sum insured options available. However, this policy is affordable and it comes with a range of exciting benefits. There are multiple plans offered under this cover. This policy is available for individuals as well as dependent family members. The extensive list of injuries covered under this policy can be identified through the policy wordings of this cover.
The policies listed here are among the top personal accident insurance covers available in the market. Accidental injuries and related medical expenses often cause a huge dent your savings. In case of these unfortunate events, health insurance alone is not sufficient to manage all the expenses. A personal accident cover will go a long way in providing financial security. Considering all the benefits listed here, these covers are highly recommended for employed professionals who are dependent on their regular monthly income.
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