Personal Accident Health Insurance Policy

1. Accidental death cover - For the family members who are financially and emotionally dependent, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of fatal injuries.

1. Permanent partial disability cover - If physical harm results in a permanent partial disability, the insured receives a portion (up to 100%) of the benefit.

1. Temporary total disability - If the insured suffers from temporary total disability and becomes bedridden, the insurer will pay a weekly allowance to make up for the income that was lost. If there is a loss of income, the insured may also use this claim amount to pay the EMIs.

1. Permanent/Total disability cover - For the family members who are financially and emotionally dependent, an accident can be devastating. The nominee named in the policy document receives the whole sum promised in the event of fatal injuries.

What is not Covered under Personal Accident Health Insurance?

These are the following things are not covered under personal accident insurance -

1. Natural death

1. Pregnancy and childbirth
2. Pre-existing disability or injury
3. Self-injuries
4. Suicide
5. Influence of intoxicants

1. Committing a crime, participating in war-related actions, or having a mental illness.
2. Taking part in sport, adventure, military, or air force activities.

Best Personal Accident Health Insurance Plans:

These plans are offered from private & public health insurers and highly competitive features & cover is offered for the same -

Advantages of Personal Accident Health Insurance

The advantages of personal accident insurance are mentioned below -

1. Substantial protection at a lesser cost

1. There is no demand for medical examinations or records
2. Security of family
3. Global coverage
4. The quick and reliable claim procedure
5. Plans for both individuals and families are offered

1. Education benefits for children
2. Plans that can be customised are offered

Eligibility Criteria for Personal Accident Health Insurance

One should constantly think about purchasing a Personal Accident policy because accidents can have extremely negative impacts on a person and their loved ones.

1. One must be 18 years old to purchase a health insurance policy, and they can purchase the PA add-on with a base plan. So, it is feasible to purchase a Personal Accident policy at the age of 18 and keep the insurance policy in effect by renewing it.

1. The majority of insurance providers have a 65-year-old minimum age requirement for purchasing health insurance. If the insured is older than this, they must choose a senior insurance plan with the PA add-on. After a certain age, the premium for new health insurance may cost a few rupees extra. Therefore, it is best to get a plan as early in life as feasible.

Documents Required for Personal Accident Health Insurance

The following documents are required for personal accident insurance - 

1. Proof of ID
2. Proof of address
3. Passport photographs
4. Personal accident insurance application form

1. Records of your medical history

How to File a Personal Accidental Health Insurance Claim?

You must notify the insurance company within the allotted time range in order to begin the claim process. There's a chance that you'll get a claim reference number. When notifying a claim, the supplier must get the information listed below -

1. Name and contact information for the injured insured party
2. Your contact details and policy number

1. Accident's date and time
2. Accident location
3. A brief description of the event's circumstances and its precise location

Top Accident Insurance Plans from the Government of India

The Government of India offers two active plans that can be availed by any citizen of India. These plans are low cost insurance options that are aimed to cultivate the habit of availing insurance options among the common people of the nation. The plan details are mentioned in the following table -

What are the Types of Personal Accident Health Insurance?

The various types of personal accident insurance are mentioned below - 

1. Individual Accident Insurance - An individual is protected by this kind of policy in the event of any accidental harm. It covers unintentional death, amputations, blindness, and other long-term impairments brought on by accidents.

1. Group Accident Insurance - Employers purchase group accident insurance to protect their staff. Some insurers also offered a premium discount based on the size of the group. For small businesses, it is a terrific incentive and value-added benefit because it is affordable. However, compared to an individual plan, this is a fairly simple plan and may provide little benefits.

What are the Benefits of Personal Accident Health Insurance Policy?

While going for an personal accident insurance plan, there are some key factors to account for when considering the benefits that are provided. These things can be mentioned as the following and they also form the base criteria through which different plans from different insurers are compared.

• Plan Basis - Plans can be either in individual or family floater option. While an individual plan works best for bachelors and spinsters, a family floater option will be ideal and economical when one has at least 4 or more members in the family and he/she is the primary earner.
• Age Limits - Entry ages are key to having a good insurance plan because contingencies relating to life and health can come at any time. Most plans do not have a cover ceasing age though there might be maximum entry ages. The more extensive the range of entry ages, the better a plan is.
• Sum Assured - Most accident insurance plans come with a cap of sum assured of up to INR 1 crore or more and have a minimum sum assured too, ranging from INR 2 lakhs and more. Based on the profession one is in, a higher sum assured is always preferable.
• Accidental Death Benefit - This is the value of the Sum assured and additional bonuses. The more the bonuses, the better the plan.
• Disability Factors - Plans can cover permanent or temporary disability that is total or partial. Having the maximum number of options available always helps.
• Medical Expenses and Ambulance Charges - In cases of accidents, immediate healthcare is always required and that too, at the nearest possible location. Ambulance charges might be required when push comes to shove. Covering both of these aspects is a sign of a good insurance plan.
• Bonuses - Some plans might offer bonuses for dependent kids in the case of an accident. That is especially helpful if the treatment period is stretched long or the policyholder passes away.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.