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  • Top 10 Personal Accident Insurance Covers in 2018-19

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    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.

    Top Personal Accident Insurance Policies in India

    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

    1. Apollo Munich Personal Accident Plan

    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.

    Key Features of Apollo Munich Personal Accident Plan

    • It provides a maximum sum insured of Rs.50 lakh under the standard plan and Rs.5 crore under the premium plan.
    • It provides up to 50% of the sum insured amount towards the education fund of dependent children.
    • A weekly allowance is available following temporary total disablement due to an accident.
    • Transportation costs of one immediate family member are reimbursed following the hospitalisation of the insured.
    • 10% of the sum insured (max. Rs.1 lakh) is provided for the modification of house or vehicle of the insured person following a disability due to an accident.

    2. SBI General Individual Personal Accident Insurance Policy

    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.

    Key Features of SBI General Individual Personal Accident Insurance Policy

    • Sum insured is limited to 120 times the gross monthly income or 10 times the annual income of the insured person.
    • Sum insured for non working spouse, dependent children, dependent parents, and parents in law is limited to 20% of the sum insured of the primary insured person (maximum of R.10 lakh).
    • For temporary total disablement, a weekly indemnity of 1% of the sum insured (maximum of Rs.10,000) is offered for up to 104 weeks.
    • Following the death or permanent total disability of the insured, education allowance of 1% of the sum insured or Rs.50,000 (whichever is lower) is provided for two children of the insured person.
    • 1% of the sum insured or Rs.25,000 (whichever is lower) is provided as adaptation allowance for the remodel of house or vehicle following permanent total disability.
    • Hospital confinement allowance up to Rs.3,000 per day is available as an add-on cover along with this policy.
    • Air ambulance coverage is available as an add-on for up to 10% of the sum insured or Rs.1 lakh.

    3. Max Bupa Personal Accidentcare Insurance

    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.

    Key Features of Max Bupa Personal Accidentcare

    • Sum insured options for this policy ranges from Rs.5 lakh to Rs.2 crore.
    • This cover provides 125% of the sum insured for permanent total disability following an unexpected accident.
    • Child education benefit is a major feature of this cover, and it protects up to two children of the insured. Up to 5% of the sum insured is provided for this benefit.
    • Funeral expenses are covered in case of the accidental death of the insured person.
    • Temporary total disability protection is offered as an optional cover, and it offers up to 1% of the sum insured per week for a period of 100 weeks.
    • An optional coverage is available to reimburse the medical expenses incurred following accidental hospitalisation.
    • Premium discounts are available for policy terms 2 years and 3 years.
    • All claims are processed by the company’s claim settlement team without the involvement of any third party.

    4. Religare Secure Personal Accident Insurance

    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.

    Key Features of Religare Secure

    • Sum insured options range from Rs.10 lakh to Rs.50 lakh.
    • Sum insured benefit is doubled for permanent total disability claim.
    • For fractures, this policy offers benefits up to Rs.2 lakh.
    • Following the accidental death of the insured, 10% of the sum insured is provided for child education benefit under Secure 2 and Secure 3 plans (over Rs.15 lakh).
    • Expenses towards prosthetic devices such as artificial limbs, crutches, wheelchairs, etc. are also reimbursed following disability after an accident.
    • Sub-limit of Rs.10 lakh (Secure 2) and Rs.20 lakh (Secure 3) is available for injuries caused by burns.
    • Weekly allowance of up to Rs.20,000 is available for temporary total disability.

    5. Future Generali Personal Accident Insurance

    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.

    Key Features of Future Generali Personal Accident Insurance

    • Sum insured amount is based on the monthly income of the insured person. For instance, class 1 cover offers accidental death benefit up to 144 times the monthly income of the insured.
    • Up to 1% of the sum insured is offered for reparation benefit or funeral expenses of the insured. This is subject to a maximum of Rs.12,500.
    • Daily cash allowance is available following hospitalisation after an accident.
    • A loan protector amount is offered as lump sum payment (as per the limit defined in the policy schedule) following the accidental death or permanent total disability of the insured.
    • In case of permanent total disability, up to 10% of the sum insured (maximum of Rs.50,000) is offered as adaptation allowance towards remodel of house or vehicle.
    • Add-on covers can be taken for various benefits such as child education support, medical expenses coverage, hospital expenses coverage, and life support benefit.

    6. Bharti Axa Personal Accident Insurance

    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.

    Features of Bharti Axa Personal Accident Insurance

    • Sum insured for this cover is available in multiple options ranging from Rs.2 lakh to Rs.30 lakh.
    • Double indemnity (200% of the sum insured) is offered against the accidental death or permanent total disability of the insured person.
    • Actual medical expenses are covered for accidental injuries.
    • Cumulative bonus of 5% of the sum insured per year is available for every claim-free year subject to a maximum of 50% of the sum insured.
    • Daily cash allowance is available following hospitalisation due to accidents.

    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.

    Key Features of ICICI Lombard Personal Protect Policy

    • Anyone between the age of 18 years and 80 years can avail this policy cover.
    • This policy comes in different sum insured options ranging from Rs.3 lakh to Rs.25 lakh.
    • Coverage is provided for accidental death, permanent total disability, permanent partial disability, temporary total disability, and temporary partial disability.
    • Injuries due to terrorism is also covered in this policy.
    • An optional cover can be taken to cover medical expenses incurred following accidental hospitalisation.
    • An optional cover can also be taken to provide daily cash allowance for each day of hospitalisation.

    8. Bajaj Allianz Personal Guard

    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.

    Key Features of Bajaj Allianz Personal Guard

    • Sum insured options for this policy ranges from Rs.10 lakh to Rs.25 lakh.
    • It offers compensation up to 125% of the sum insured for permanent total disability.
    • For every claim-free year, 10% cumulative benefit is offered subject to a maximum of 50% of the sum insured.
    • For accidental hospitalisation, medical expenses are reimbursed for up to 40% of the valid claim amount is offered.
    • For hospital confinement, up to Rs.1,000 per day is offered for a maximum of 30 days.
    • Premium charges for this policy vary based on the occupational risk level of the insured. Comprehensive plan is not available for people with risk category III.

    9. Star Accident Care

    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.

    Features of Star Accident Care

    • It provides three different sum insured options - Rs.5 lakh, Rs.10 lakh, and Rs.15 lakh.
    • Up to 150% of the sum insured is offered against the permanent total disablement of the insured person.
    • Up to 10% of the sum insured (maximum Rs.50,000) is offered for remodification of house or vehicle following the permanent total disablement of the insured.
    • Add-on benefits are available for daily cash allowance, medical expenses, and home convalescence of the insured person.
    • Cumulative bonus of 5% of the sum insured is available for every claim-free year subject to a maximum of 50% of the sum insured.

    10. HDFC ERGO Personal Accident Insurance

    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.

    Key Features of HDFC ERGO Personal Accident Insurance

    • Flexible sum insured options ranging from Rs.2.5 lakh to Rs.15 lakh.
    • Worldwide accident coverage is available, and all family members can be covered under one single policy.
    • Financial compensation is provided for accidental death, total disability, and partial disability.
    • This policy can be availed by anyone under the age of 65 with zero documentation.

    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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