Almost all of us have a vehicle these days to commute from point A to point B. While everyone has some kind of vehicle, it often becomes quite difficult to drive or ride during peak hours on the Indian roads. This also leads to accidents. While some of them get badly hurt and seek medical assistance, some others even die. In some cases, the ones who are injured go through a rough patch of life after such accidents as they cannot go to work and eventually lose their job and income for months or years. This is why we should buy a personal accident health insurance policy.
You need to understand that it is not a common health insurance policy and the features are different. It is basically a cover that comes in several forms such as an add-on policy to your motor insurance or home insurance, an optional rider with a life insurance policy, a standalone plan, and a group insurance cover from your employer. Some life insurance providers offer Personal accident death benefits including riders but do not provide risk cover for either a permanent or temporary disability that is the result of an accident.
What is a personal accident insurance policy?
A personal accident insurance plan is an insurance policy that provides financial compensation in a situation of physical injuries or any kind of disability or even death that happens because of accidental, violent, visible, and external events. When you have a personal accident health insurance plan, you will get coverage against disability or death because of an accident.
Benefits of a personal accident insurance plan
A personal accident insurance health plan comes with some benefits. Here are they mentioned.
Accidental death benefit
If a policyholder dies due to an accident, the policy will pay 100% sum assured to the nominee of the plan.
Total Permanent Disability (TPD) benefit
If a policyholder gets permanently disabled after an accident, the entire sum assured is provided to the insured. There are insurance companies that even pay around 125% of the sum assured.
Permanent Partial Disability benefit
In case of a permanent partial disability, the insurance company pas around 10% of the sum assured for a certain period of time. In some cases, the insurer pays 50% of the sum assured as a one-time payment.
Some of the best personal accident health insurance policies in India
Let us discuss some of the top personal accident health insurance plans in the country here today.
Apollo Munich Individual Personal Accident Standard
It is an individual and family plan which has varied sum assured. For the Standard, the minimum sum assured is INR 1 lakh and the maximum is INR 50 lakhs. For the Premium, the minimum sum assured is INR 5 lakhs and the maximum is INR 5 Crores. The accidental death benefit is equal to the sum assured along with the bonus. The permanent total disability is equal to the accidental death benefit. The permanent partial disability is also equal to the accidental death benefit. The temporary total disability benefit is 10% of the accidental death benefit.
Bharti AXA Smart Individual Personal Accident
It is an individual-only plan. The minimum age to buy this plan is 18 years and the maximum is 70 years. The minimum sum assured is INR 10 lakhs and the maximum is INR 30 lakhs. The death benefit is equal to the sum assured. The plan does not provide anything as the temporary total disability benefit. The permanent partial disability benefit is equal to 2-75% of the sum assured. The accidental death benefit is equal to the sum assured.
To find some more such accidental health insurance policies in India, you can explore the website of IIFL.