Personal accident insurance in health insurance is a policy that reimburses the medical expenses incurred due to an unfortunate mishap on the road. So, if you are involved in an unforeseen accident, the treatment and hospitalisation expenses will be covered under the plan. Moreover, if something were to happen to you, your family would receive the rightful compensation to secure their finances and take care of the dependents.
However, road accidents in our country have been a rising concern with India accounting for at least 6% of the global road accidents where 70% of incidents involved youngsters. In recent times, the number of road accidents in Maharashtra has increased by 17% in 2021, reporting a 15% rise in fatalities and injuries when compared to 2020. While you cannot prevent unforeseen events, you can surely take a step towards financially protecting yourself and your loved ones against them. That is when a personal accident insurance policy comes in handy.
There are two types of personal accident covers in health insurance that you can opt for:
The individual personal accident policy secures a single person in the event of an unfortunate incident. Such an insurance plan covers accidental injuries sustained by the policyholder such as loss of sight or limbs, disabilities or even death.
The group personal accident insurance plan safeguards a group of people covered under the policy. Such coverage is purchased by organisations to cover their employees against the risk of accidents. Thus, employees can avail a personal accident cover at an affordable premium.
Here are some of the best personal accident covers available on Bajaj MARKETS:
Premiums Starting at*(without GST)
Bajaj Allianz Health Guard
CARE Health Insurance Plan
Aditya Birla Health Insurance
Disclaimer: *Premium rates are indicative. The actual premium might change depending on numerous factors.
The personal accident insurance plan covers the policyholder for the following aspects:
The personal accident policy offers a lump sum benefit to the dependent in case of the unfortunate death of the insured.
If you (the insured) are left with permanent total disability due to the accident, the policy pays out the entire sum insured amount to you. You can use this corpus to financially secure your loved ones from the loss of income.
If you suffer from a permanent partial disability, a specific percentage of the sum insured is paid to you to help secure your medical expenses.
The personal accident policy also offers weekly benefits for a brief period in case the insured suffers from temporary total disability. This sum can be used to take care of treatment costs as well as other household expenses.
The personal accident insurance plan does not cover the following:
If the policyholder’s injury or death is found to be caused intentionally, no claim will be accepted under the personal accident coverage.
If it is found that your injuries or death were caused because you were under the influence of drugs or alcohol, no claim will be accepted under the personal accident policy.
No claim will be honoured under the personal accident plan if the injuries are incurred due to your participation in a civil or foreign war.
The insurance claims filed under this policy due to complications as a result of pregnancy or childbirth will not be accepted.
If you suffer from injuries due to any pre-existing medical conditions, the insurance claims will not be accepted under the personal accident policy.
The dependent children will receive a lump sum benefit in case of permanent disability or death of the insured due to an accident. This amount can be used to cover the education costs of the children.
The personal accident insurance policy also covers the expenses incurred while arranging the funeral of the insured. Thus, the dependents can have a funeral for their family member without worrying about their finances.
In case the policyholder endures any accidental injuries, the policy covers the cost of hospitalisation and treatment. So, you can focus on recovering from your injuries by getting the best medical care!
Any accidental burns, fractured bones or any bone damage experienced by the policyholder due to the accident is covered under the policy.
The expenses incurred on transporting the mortal remains of the policyholder from the site of the accident to the hospital or their home are also covered under the insurance plan.
The insurance provider shall reimburse the cost of getting an ambulance for the insured.
If the hospital is far from your residence, the personal accident insurance cover shall pay for the actual travel cost. This benefit is available to the immediate family members of the policyholder.
Depending on your personal accident policy, the insurance provider shall payout a fixed amount in case of hospitalisation to manage other medical expenses.
A personal accident insurance in health insurance is not eligible for tax benefits under Section 80D of the Income Tax Act, 1961. So, if you opt for a personal accident insurance policy, you cannot claim the premiums paid towards the plan for tax deductions. However, you must consider the benefits offered under the insurance plan that financially secure you against untoward incidents. Such insurance policies should not be purchased only for tax savings as the primary reason to buy them is to gain protection against mishaps!
The chances of suffering from multiple injuries or disability are higher during an accident. Such an unfortunate mishap can lead to loss of limbs or sight, permanent or temporary disability and even death of the person. In this situation, the last thing you would want to worry about is healthcare expenses, which is why personal accident insurance is a must-have as it covers such medical costs.
As the name suggests, personal accident health insurance offers comprehensive coverage when it comes to accidental loss. Apart from death resulting from the mishap, it also includes other circumstances such as temporary or permanent disability and partial or total disability. You can always fall back onto your insurance plan no matter what!
The premium charged for a personal accident cover is quite affordable when you take the benefits into account. When compared to other plans, not only can you avail lump sum payouts but also get extensive coverage at an affordable cost!
The premium of the accident insurance policy depends on various factors such as your age, occupation, medical history, etc. Thus, the cost of the personal accident cover may vary from one insurance provider to another. But it is recommended to avoid compromising on the coverage for a lower premium quote.
While estimating the coverage for your personal accident health insurance plan, you must understand the requirements of your dependents. In the event of permanent disability or death, the sum insured of the plan must be sufficient enough to secure the financial needs of your family. As a thumb rule, many recommend that the coverage amount of the insurance policy should be 8-10 times your annual income. This can easily safeguard the financial requirements of your loved ones without depending on anyone else.
Although we would never want something unfortunate to happen to you, it is crucial to know the claim process in case of emergencies. You can follow the step-by-step process to raise a successful insurance claim:
Step 1: Inform your insurance provider regarding the claim at the earliest.
Step 2: Locate a nearby network hospital associated with your insurance company.
Step 3: Provide your cashless card or policy number at the hospital to get admitted.
Step 4: Fill out the pre-authorisation form available at the hospital desk and submit it along with relevant documents.
Step 5: On receiving approval from the insurer, you can avail cashless treatment without any worries.
Step 1: Make sure you intimate the insurer about the claim as soon as possible.
Step 2: Seek treatment at a hospital of your choice, pay the bill and maintain the original receipts.
Step 3: Raise a reimbursement claim on discharge and submit the supporting documents to the insurance provider.
Step 4: The insurer shall verify the details and ask for any information, if required.
Step 5: If the insurance claim satisfies the terms and conditions of your policy, the insurer shall compensate for the medical expenses incurred.
You must submit the following documents while filing an accidental death or disability claim under the personal accident policy:
Original insurance policy document
Death certificate of the policyholder, in case of death
Proof of identity
Proof of age
Medical certificate, as proof of death of the insured
Medical bills and receipts
Knowing that the road accident rate is significantly increasing in our country, it is wise to have personal accident insurance, even if you already have a comprehensive health insurance plan. Such a policy mainly acts as financial security for your loved ones in the event of an unfortunate accident.
However, you must know that comprehensive health insurance is just as important. If you are looking for a policy that covers the cost of hospitalisation and other ailments, you can browse through the health insurance plans available on Bajaj MARKETS. Avail extensive coverage, cashless health insurance, hassle-free renewals, reinstatement benefits, and so much more!
If you are worried about the premiums charged on your chosen coverage, use our health insurance premium calculator to know your insurance quote today!
The following aspects are covered under the personal accident insurance plan:
The exclusions of personal accident insurance are:
Any accident caused under the influence of alcohol or drugs
You can keep the following documents ready while filing a personal accident insurance claim:
Original medical bills
Death certificate, in case of death
A personal accident insurance plan secures you against the risk of an accident and covers the healthcare cost arising from treating the accidental injuries. Whereas, health insurance covers any medical expenses that you incur for ailments, injuries, etc. throughout the policy tenor.
You can head over to the ‘health insurance’ section on Bajaj MARKETS or download our insurance app to manage your plans!
Yes. Both these plans are quite unique and provide coverage for different conditions. Unlike a personal accident policy, health insurance will not offer a lump sum benefit in case of disablement or death of the insured.
No. The personal accident insurance plan is available as a floater policy which shall safeguard you and your dependents against unforeseen mishaps.
A minimum and maximum age limit might be applicable while buying a personal accident cover. But such an age limit might vary from one insurer to another.