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No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75k | Buy Health Insurance starting @ ₹244 pm

What is Personal Accident Insurance?

Personal accident insurance is a policy which covers emergency medical costs incurred to treat injuries sustained during an accident. In addition to bodily injuries, such an insurance plan also covers permanent total or partial disabilities, temporary total or partial disabilities, and even death arising from an accident. There are two different types of personal accident insurance available, namely individual personal accident cover and group personal accident cover. 

These policies also provide coverage for accidents that occur while travelling by road, air, and rail. However, a personal accident insurance plan does not cover injuries or death arising due to war, voluntary actions, or when the policyholder is under the influence of drugs or intoxicants. 

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What is Personal Accident Insurance and Coverage

In simple terms, personal accident insurance is a type of insurance policy that provides coverage for medical costs that arise out of injuries due to various kinds of accidents. Apart from covering the medical cost of treatment for injuries, this plan also provides a set amount of money for permanent total or partial disabilities, temporary total or partial disabilities, and death. Let’s take a closer look at the details of the policy below.

Types of Personal Accident Insurance 

There are two types of personal accident covers in health insurance that you can opt for:

Individual Personal Accident Cover

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.

Group Personal Accident Cover

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 get personal accident cover at an affordable premium.

Best Personal Accident Insurance Plans 

Let’s take a look at the personal accident insurance plans on Bajaj Markets: 

Plans Available 

Premiums Starting At * (without GST)

Check Plans 

Bajaj Allianz Personal Accident Insurance 

₹3,200

Care Personal Accident Insurance 

₹4,472

Aditya Birla Activ Secure Personal Accident  

₹4,472

 

Disclaimer: Premium rates are indicative. The actual premium might change depending on numerous factors.

Major Inclusions and Exclusions Under Personal Accident Insurance 

Let’s take a look at 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?

You may need personal accident insurance for the following important reasons: 

Financially Secures Against Accidents

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. 

Offers Wider Coverage

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!

Provides Cost-Effective Premiums

Premiums charged for a personal accident cover are quite affordable when you take the benefits into account. When compared to other plans, not only can you get lump sum payouts but also extensive coverage at an affordable cost!

Features and Benefits of Personal Accident Insurance 

Listed below are the main features and advantages that come with personal accident insurance: 

Secures Education Expenses

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.

Covers Funeral Costs

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.

Ensures Medical Care

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!

Burns & Broken Bones

Any accidental burns, fractured bones or any bone damage experienced by the policyholder due to the accident is covered under the policy.

Repatriation of Mortal Remains

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. 

Covers Ambulance Charges

The insurance provider shall reimburse the cost of getting an ambulance for the insured.

Pays for Travel Expenses

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.

Offers Hospital Daily Cash

Depending on your personal accident policy, the insurance provider shall payout a fixed amount in case of hospitalisation to manage other medical expenses. 

How Much Does Personal Accidental Insurance Cost

The premium of the accident insurance policy depends on various factors such as your age, occupation, medical history, etc. Thus, the cost of 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. 

How Much Personal Accident Insurance Coverage is Sufficient

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 having to financially depend on others.

How to Raise a Personal Accident Insurance Claim

In the event that you have to utilise your personal accident insurance, you should be clearly aware of the claim settlement process. 

For Cashless Claims 

Follow these given steps to apply for a cashless 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 get cashless treatment without any worries.

For Reimbursement Claims 

You can follow the given instructions to apply for a reimbursement claim:

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.

Documents Required to Claim Under Personal Accident Insurance 

You may have to submit the following documents when making a claim for an accident insurance 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

  • Discharge form

  • Post-mortem report

  • Hospital records

  • Police FIR

  • Medical bills and receipts

Tax Implications Under a Personal Accident Policy

Unfortunately, the Section 80D of the Income Tax Act, 1961 does not have any provisions for tax benefits for an accident insurance policy. However, the lack of tax benefits should not deter you from purchasing personal accident insurance, as the main purpose of buying this policy is financial security and safety for you and your family, as well as coverage against various kinds of medical costs and disabilities caused due to accidents. 

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FAQs on Personal Accident Insurance

✔️What is covered under a personal accident insurance policy?

The following aspects are covered under the personal accident insurance plan:

  • Accidental death

  • Accidental dismemberment

  • Disability

  • Medical expenses

  • Child education

  • Ambulance charges

  • Fractures

  • Daily allowance

✔️What is excluded from the personal accident cover?

The exclusions of personal accident insurance are:

  • Self-injury

  • Suicide

  • Any accident caused under the influence of alcohol or drugs

  • Alternative treatment

  • Natural death

✔️What are the documents required for raising a personal accident insurance claim?

You can keep the following documents ready while filing a personal accident insurance claim: 

  • Medical report

  • Original medical bills

  • Death certificate, in case of death

  • Post-mortem report

  • FIR 

✔️What is the difference between a personal accident cover and a health insurance plan?

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.

✔️How do I buy health insurance policies online on Bajaj MARKETS?

You can head over to the ‘Health Insurance’ section on Bajaj Markets or download our insurance app to manage your plans.

✔️Do I still require a personal accident cover if I have a health plan?

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.

✔️Should I purchase a different personal accident cover for all my family members?

No. The personal accident insurance plan is available as a floater policy which shall safeguard you and your dependents against unforeseen mishaps.

✔️Is there an age limit for buying a personal accident cover?

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.