Nobody wants to get into an accident, but it’s an unfortunate reality for a lot of people each year. While you can’t plan for the where and when; you can make sure you’re prepared if you ever find yourself involved in an accident. See 10 Reasons To Buy Personal Accident...
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Personal Accident Insurance
Premium Starts @ 305
(Excluding Taxes)
Premium Starts @ 305 excluding Taxes
Benefits
Cover for Accidental Death and Permanent Disability
Partial disability to specific body parts is covered
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Personal Accident Insurance
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Online policy copy
Policy copy will be emailed. This can also be accessed via securenow.app login
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Risk coverage gets started immediately on proposal form submission, if no claim has been reported.
Digital proposal form and payment
Buying process is completely digitized including supporting documents. No need to submit hard copies.
Cost-effective Insurance
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Single point interface for claims
Dedicated liability claims expert coordinates claims
Timely renewal reminders
Automated reminders and sent 3 weeks before renewal. Premium can be easily paid online
Quick Guide to Personal Accident Insurance
Personal Accident Insurance
Personal Accident Insurance provides complete financial protection to the insured members against uncertain situations such as accidental bodily injuries, and partial/total disabilities, temporary/permanent disabilities and accidental death resulting from an accident . Personal accident policy offers compensations for accidental disability such as loss of limbs, eyes and speech. In the case of accidental death of the insured, the nominee gets 100% compensation from the insurance company.
An accident can happen anytime, anywhere and may cause minor to serious injuries. Such uncertainty may lead to financial crisis in the family. It is therefore recommended that everyone should buy an accident cover. Personal accidental policy provides the necessary and timely financial assistance to insured and their families against accidental death, bodily injuries and disabilities. Additionally, you get a number of rider benefits such as accidental hospitalization cover, Medical expense cover, Hospital confinement allowance etc.
Types of Personal Accident Insurance Policy
Personal Accident Insurance can be further categorised into two types:
- Individual Accident Insurance - A Personal Accidental insurance covers individual policyholder in case of any damage resulting due to an accident. The damages covered under this policy include permanent and temporary disabilities due to an accident.
- Group Accident Insurance - Group Accident Insurance plans are for the employers who want to provide Insurance coverage to their employees. Compared to a Personal accidental insurance plan, a group insurance plan is basic in nature and offers limited benefits. However because of low cost, It offers a good value preposition for the organisation, especially small firms.
Key Features and Benefits of Personal Accident Insurance
Accidents are events that cause severe damage and bodily injuries can sometimes lead to loss of income and sometimes even life. To deal with such emergency situations, it is advisable to get a personal accident cover.
Some of the major advantages of buying a personal accident insurance policy are:
- Family security
- No requirement of medical tests and documentation
- Substantial coverage at a lower premium
- Worldwide accident policy coverage
- Both individual and family accident Insurance plans are available
- The easy and certified claim process
- 24x7 customer support service
- Covers the legal and funeral expenses
- Child education benefit
- Double indemnity for demise/ impairment while traveling in public transport
- Availability of customizable plans
In addition to the above key benefits, there are other benefits that come with a personal accident insurance policy. Some insurance providers may provide these benefits in the basic plan or you can alternatively buy them as an add-on cover by paying some extra premium:
- Hospital Daily Cash
- Transportation or Repatriation of Mortal Remains
- Broken Bones
- Burns
- Family Transportation Allowance
- Education Advantage
- Loan Protector
- Home Alteration and Vehicle Modification Benefit
Personal Accident Insurance Policy Coverage
One can avail the following coverage benefits with personal accident insurance policy:
- Accidental Death Cover – In case death due to fatal injuries, the entire sum assured is paid to the nominee as mentioned in the accidental insurance policy document.
- Permanent/Total Disability Cover- In an event where an accident results in permanent disabilities or lifelong total impairment such as loss of both the limbs, then a specified sum insured amount is paid to the personal accident insurance policyholder.
- Permanent Partial Disability Cover- In case of permanent partial disabilities resulting out of bodily injuries, a certain percentage (up to 100%) of the benefit is paid to the insured.
- Temporary Total Disability – Under personal accident insurance, in case the insured meets with temporary total disabilities and is bedridden, then the insurer will be provide a weekly allowance against the loss of income.
Major Inclusion and Exclusions of Personal Accident Insurance Policy
Before buying an accidental insurance, one must educate himself/herself yourself about terms and conditions before you avail such a policy always works in your favour. So, here’s a quick rundown of the inclusions and exclusions:
| Inclusions | Exclusions |
|---|---|
| Accidental death cover | Natural death cover |
| Partial disability /Permanent total disability | Pre-existing disability or Injuries |
| Accidental dismemberment | Childbirth or Pregnancy |
| Medical expenses/ hospitalization charges | Suicide or self-injuries |
| Child education support | Non-allopathic treatments |
| Life support benefit | Influence of intoxicants |
| Burns, broken bones and Ambulance | Committing a criminal act or being involved in war activities, if suffering from a mental disorder |
| Daily allowance | Participating in the naval, military, air force, adventurous or sports activities |
| Accidental dismemberment | Childbirth or pregnancy |
Why Choose Personal Accident Insurance?
A minor accident can make an individual temporarily disabled, while major ones can have a severe impact on one’s physical, mental and their overall well-being. Buying a sound personal accident insurance has become imperative to protect yourself against any such untoward perils. An accidental insurance policy is designed to offer some relief to the injured person or dependent.
Personal Accident Cover offers compensation in the unfortunate event of death, bodily injuries, impairment or mutilation resulting from an accident. Compensation is provided in case of an accident while travelling through road, rail, air, drowning, or due to a collision, bodily injuries, burn etc.
A personal accident insurance plan offers financial support to the policyholder in case of accidental disabilities, irrespective of the intensity of the incident. Compensation is provided to the insured against impairment, dismemberment and accidental demise because of an accident.
In case of unfortunate accidental death of the policyholder, the best personal accident insurance plans help the dependent family members by providing them financial assistance. In case of impairment due to an accident, the policy-holder will also get compensation for the loss of income. This compensation during difficult times ensures mental peace against the most unexpected events. There are other benefits like hospitalisation cover, hospital bill payment, compensation of ambulance cost etc.
Why should you buy Personal Accident Insurance Policy from SecureNow?
SecureNow is an independent online insurance broker for Personal Accident Insurance cover. We are here to help you make the right decisions when protecting yourself. When you use SecureNow service online, offline or over the phone, you get:
- One can compare Accidental Insurance plans from Top Insurers
- Get Lowest Premium on Personal Accident Cover
- Free, independent, transparent service with best policy deals
- Get Instant Personal Accident Cover Online
Visit www.securenow.in to know more about affordable personal accident insurance products.
Eligibility criteria to Personal Accident Insurance Policy
Personal accident policies are not eligible for tax deduction under Section 80C. Even though it is an insurance on life of a policyholder, it does not fall within the meaning of 'insurance' as defined under the same section of Income Tax Act.
How to file a Personal Accident Insurance claim?
One must inform the insurance provider immediately and within the specified time frame to initiate a smooth claim process. Personal Accident Insurance policyholder is provided with a claim reference number. This claim reference number along with the following information is required to be shared with insurance provider while intimating a claim:
- Your contact number
- Policy number
- Date and time of the accident
- Name and contact details of the policy holder
- Location of the incident
- Brief description of how the accident/ loss took place with the location details
- Extent of the loss
It is important that these details are known to the family members or dependents also, as an unexpected event such as demise may put them in situations where they are unaware of what to do next.
Difference between Personal Accident Insurance & Life Insurance
The major differences between accidental insurance and life insurance policies are listed below:
| Coverage | Accidental Insurance | Life Insurance |
|---|---|---|
| Death from illness or disease | No | Yes |
| Accidental Death | Yes | Yes |
| Death from drug overdose | No | No |
| Partial disabilities | Yes | No |
Difference between Personal Accident Insurance and Term Insurance
Personal accident insurance policy would only offer coverage for death and disabilities caused by an accident. It would not cover claims arising due to natural deaths. The cost of the premium for a personal accident insurance policy is determined on the basis of the occupation of the policyholder. A term insurance policy covers the death of the policyholder due to both; natural or accidental causes.
Personal Accident Insurance FAQs
Personal accident insurance policy provides financial protection for not only unfortunate events arising from accidents, but also for income loss because of them. Any unfortunate events caused due to road,
rail and air accidents, collision, fire, explosion, and others are covered under the insurance. The personal accident insurance also financially compensates
if due to the accident insured suffer from disability which prevents them from working. This accidental insurance also gives monthly income to help adversely effected people carry on with their lives.
This insurance can also be provided as a rider under life insurance. However, in such a situation, the policyholder will not get to enjoy all the benefits offered under a standalone personal accident cover.
As per the Indian Motor Vehicle Act 1988, a bike or a car owner must have a third-party insurance policy. The Government decided to make personal accident insurance compulsory, after seeing
the increment in the road accidents cases and policyholders raising claim.
Group accident insurance is an insurance that is offered by employers to their employees, to protect them against the medical expenses incurred due to injury or death resulting from an accident at their workplace.
Personal accident insurance policy provides benefit cover in case of any disabilities arising out of an accident or loss of life. This coverage applies to temporary or permanent or partial disability like loss of limb or general disablement caused due to an accident while travelling. Policy also provided financial support in case of loss of income due to an accident. Some insurers even provide educational support to dependent children. A personal accident cover is a must-have policy for people who frequently travel for work.
Having personal accidental insurance is also a statutory requirement. As per Indian Motor Vehicles Act of 1988, Personal Accident Cover is compulsory and same can be bought along with your two-wheeler insurance policy.Individuals aged 18 to 65 years are eligible for the personal accident insurance policy. You can buy this policy for any family member(s).
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Insuropedia
Personal Accident insurance – Claims process
While making a claim under group personal accident insurance, the employer needs to give complete personal information with required documents. Claims can be rejected if the documentation is incorrect, or the claim involves an excluded condition...
Read MoreHow helpful is a personal accident insurance plan?
The number of accidents has increased over the past few years. The official figure of road accidents has crossed 2357 in the first 5 months of 2022. Now, this can be attributed to a growing number of vehicles on the road, poor infrastructure, and non-adherence to road safety..
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