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Personal accident insurance covers emergency medical costs, permanent and temporary disabilities, and fatalities resulting from accidents. Available in individual and group plans, it extends coverage to accidents during road, air, and rail travel. Exclusions include injuries or death due to war, voluntary actions, or intoxication. This insurance acts as a robust financial safeguard, balancing comprehensive coverage with specified exclusions.

Personal Accident Insurance Plans on Bajaj Markets

Here’s a look at the personal accident insurance plans available on Bajaj Markets -

Plans Available

Premiums Starting At* 

Bajaj Allianz Personal Accident Insurance 

₹3,200

Care Personal Accident Insurance

₹4,472

Aditya Birla Activ Secure Personal Accident  

₹4,472

Child Personal Accident Cover

₹322

Personal Accident & Accidental Hospitalisation Cover

₹589

Accidental Cover with Child Care

₹693

Life Modification with Personal Accidental Cover

₹744

Types of Personal Accident Insurance

Various personal accident covers cater to distinct needs, providing comprehensive protection. Key plans include:

  • Individual Personal Accident Cover: Offering security in case of accidents, this policy covers injuries such as loss of sight or limbs, disabilities, and death for the policyholder.

  • Group Personal Accident Cover: Designed for organisations, this plan ensures affordable personal accident coverage for employees, protecting against accident-related risks.

  • Child Personal Accident Cover: This plan safeguards against unforeseen accidents to children, providing high insurance amounts and covering permanent partial disabilities and related medical expenses.

  • Personal Accident and Accidental Hospitalisation Cover: Encompassing accidental death, hospitalization, parental benefit, permanent total disability, child care, and lifestyle modification, this plan minimises the impact of unforeseen adverse situations.

  • Accidental Cover with Child Care: Addressing the well-being of children, this plan offers financial support for permanent partial disability, permanent total disability, temporary total disability, parental care, child care, and even death.

  • Lifestyle Modification with Personal Accidental Cover: This plan provides a financial cushion for personal accidents and helps modify assets at a low premium, thereby reducing the impact of unforeseen accidents anywhere and everywhere.
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Note: Self-inflicted injuries are not covered. 

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Features and Benefits of Personal Accident Insurance

Personal accident insurance offers a range of features and advantages to ensure comprehensive coverage:

Secures Education Expenses

In the event of permanent disability or the insured's death due to an accident, dependent children receive a lump sum benefit, alleviating the financial burden of education costs.

Covers Funeral Costs

The policy includes coverage for funeral expenses, allowing dependents to arrange a dignified funeral without financial concerns.

Ensures Medical Care

Accidental injuries are covered, providing financial support for hospitalization and treatment, allowing the insured to focus on recovery.

Burns & Broken Bones Coverage

The policy encompasses accidental burns, fractures, or bone damage suffered by the policyholder due to an accident.

Repatriation of Mortal Remains

Expenses related to transporting the policyholder's mortal remains from the accident site to the hospital or home are covered.

Covers Ambulance Charges

The insurance provider reimburses the cost of obtaining an ambulance for the insured.

Pays for Travel Expenses

If the hospital is distant from the residence, the policy covers the actual travel cost for immediate family members of the policyholder.

Offers Hospital Daily Cash

Depending on the policy, a fixed amount is paid out during hospitalization to manage additional medical expenses.

What's Covered & Not Covered Under Personal Accident Insurance

Check out the table below to learn about the inclusions and exclusions under the personal accident insurance plan -

Inclusions

Exclusions

Death due to accident

Death due to natural causes

Permanent total/partial disability 

Pre-existing disabilities or injuries 

Dismemberment due to accident 

Pregnancy and childbirth 

Medical coverage for hospitalisation charges 

Suicide/self-harm 

Academic support for children 

Non-allopathic medicine/treatments 

Coverage for life support 

Medical issues due to the use of drugs/alcohol 

Burns and fractures

Injuries caused due to being involved in criminal or illegal activity 

Daily cash allowance and ambulance coverage

Injuries caused due to being involved in the military/navy/airforce or adventure sports 

Why Do You Need Personal Accident Insurance?

Here’s why opting for personal accident insurance could be beneficial for you in the long run:

  • Financial Security Against Accidents: Personal accident insurance becomes essential due to the increased risk of multiple injuries or disabilities in accidents. In the unfortunate event of loss of limbs or sight, permanent or temporary disability, or even death, the last concern should be healthcare expenses. This insurance ensures financial security in challenging times.

  • Wider Coverage: Offering comprehensive coverage, personal accident health insurance goes beyond covering fatalities. It includes various circumstances such as temporary or permanent disability, partial or total disability. This extensive coverage provides a reliable safety net, offering support in diverse situations.

  • Cost-Effective Premiums: Personal accident cover provides affordable premiums considering the associated benefits. Compared to other plans, it offers not only lump sum payouts but also extensive coverage at a reasonable cost. Choosing personal accident insurance ensures cost-effectiveness without compromising on the breadth of coverage.

Tax Implications Under a Personal Accident Policy

While Section 80D of the Income Tax Act (1961) doesn't provide specific tax benefits for accident insurance policies, it's crucial to recognise that the primary objective of purchasing personal accident insurance is to ensure financial security and safety for both you and your family. Despite the absence of tax incentives, the policy remains a valuable investment offering coverage against various medical costs and disabilities resulting from accidents.

How Much Does Personal Accidental Insurance Cost

The premium for an accident insurance policy is influenced by factors such as age, occupation, and medical history. Consequently, the cost of personal accident coverage may vary among different insurance providers. It is advisable, however, to prioritise comprehensive coverage over opting for a lower premium quote. 

 

Opting for sufficient coverage guarantees that you receive adequate financial support in the event of an unforeseen accident, providing peace of mind for you and your loved ones.

Documents Required to Claim under Personal Accident Insurance

You may have to submit the following documents when claiming an accident insurance policy: 

  • Original insurance policy document

  • Death certificate of the policyholder, in case of death

  • Proof of identity

  • Proof of age

  • A medical certificate, as proof of death of the insured

  • Discharge form

  • Post-mortem report

  • Hospital records

  • Police FIR

  • Medical bills and receipts

Conclusion

Personal accident insurance serves as a vital safeguard against unforeseen mishaps, providing financial security and peace of mind. For comprehensive coverage and competitive offerings, explore personal accident insurance plans available on Bajaj Markets, ensuring your well-being and that of your loved ones in times of need.

Health Insurance Plans Available at Bajaj Markets

FAQs

What does a personal accident insurance policy cover?

A personal accident insurance plan covers accidental death, dismemberment, disability, medical expenses, child education, ambulance charges, fractures, and daily allowances.

What documents are needed for a personal accident insurance claim?

Essential documents for a personal accident insurance claim include a medical report, original medical bills, death certificate (if applicable), post-mortem report, and FIR.

How does personal accident insurance differ from health insurance?

Personal accident insurance covers accidents and related healthcare costs, while health insurance encompasses medical expenses for various ailments and injuries over the policy period.

Do I still need personal accident insurance if I have health insurance?

Yes, both plans offer unique coverage. Personal accident insurance provides lump sum benefits for disablement or death, which health insurance does not cover.

Should each family member have a separate personal accident cover?

No, a personal accident insurance plan is available as a floater policy, ensuring coverage for both you and your dependents against unforeseen mishaps.

Is there an age limit for purchasing personal accident insurance?

While age limits may vary, typically individuals between 18 to 70 years can purchase personal accident insurance.

Can one file multiple personal accident insurance claims?

Yes, individuals can have multiple personal accident insurance policies and are eligible to file multiple claims for 100% coverage against accidental loss, injury, impairments, or damages.

How long is the validity of a personal accident cover?

Personal accident cover is valid for 12 months, with compensation eligibility for incidents or accidents occurring during this period.

What is the ideal policy type for personal accident insurance?

An ideal personal accident policy should cover hospitalization expenses in addition to other benefits.

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