How to Get a Personal Accident Insurance Policy?

As per the report published in Times of India, dated September 17, 2020, 'road accidents claimed the lives of 13,261 people in the state of Maharashtra in 2018, of which 80 percent were caused due to human errors. Pedestrians, two-wheeler riders, and cyclists together comprise 66 percent of the fatalities.'

Accidents are entirely unpredictable. A single accident can make your life difficult for a prolonged period. In case you become disabled, you will require lifelong medical treatment plus personal assistance.

Although the situation mentioned above is rare, it is not impossible. No human being is completely immune to such a disaster. What would you do if you or your family members were to undergo such a drastic situation? It is going to drain you and your loved ones emotionally, physically, and financially.

Besides, if you are a frequent bike traveler, or own a motorbike for regular commuting. It is even more important to get a personal accident insurance plan. The Indian roads and highways are not the finest in the world; they are always under a state of turmoil, flood, and repair. A single pothole can send your motorbike in the wrong direction. The dangerous condition of the road cannot be improved, but your safety can. This is where a personal accident insurance plan will come to your rescue.

A personal accident insurance plan is a type of health insurance policy that provides cover against expenses arising from disability/bodily injuries or death caused by accident. In the case of death, a specified sum assured is given to the policyholder's family members/nominee/beneficiary. Thus, this plan provides complete financial protection and stability.

And the best part is that you can purchase personal accident insurance online!

What is covered?

The following instances are covered under an individual personal accident insurance plan:

• Accidental Death - In the case of the policyholder's death, a sum assured will be given in the form of a lump-sum payment to the family members of the policyholders. The sum assured is pre-decided during the time of policy inception. It ranges between Rs. 5 lakhs to Rs. 5 Crores.

• Permanent Total/Partial Disability - A major accident can leave you as a disabled person for the rest of your life. Under a personal accident cover, you can avail of a fixed amount based on the type of disability. It can include loss of vision in both/single eye/s, and hearing loss in both/single ear/s, and loss of speech.

• Permanent Partial Disability - This is applicable if the policyholder faces partial disability such as eyesight loss in one eye and hearing in one ear. A fixed amount can be claimed under the same.

• Cost of Transportation - If the policyholder meets with an accident at a remote location, the cost of transportation to reach the hospital for the policyholder's caretaker/family member will be reimbursed by the insurer. This is subject to a certain amount. You cannot claim a first-class air ticket or private luxury vehicle under this benefit.

• Value-Added Benefits - Many insurers provide a wide range of value-added benefits such as daily hospital cash, ambulance charge cover, education allowance, vehicle alteration benefit, and much more.

Here is a list of the best personal accident insurance plans in India for 2022 along with the coverage.

Disclaimer: All information provided in the above table has been sourced from the official website of the respective insurers. (Last Updated on 15-10-2022)