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  • Top Personal Accident Insurance Plans in India 2016-2017

    Insurance remains a much debated topic for Indians, especially because of the fact that considering savings, insurance basically doesn’t pay. But when one considers the picture of exigencies where a proper insurance plan can prevent your savings from being damaged, insurance becomes very crucial. An accident insurance plan is basically something that provides for accidental death benefit, disabilities (total or partial) and the expenses that come across in term of hospitalisation, transportation of patient and family and repair of vehicle or residence. Other miscellaneous expenses might also be covered under such plans.

    While going for an 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.

    1. 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.

    2. 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.

    3. 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.

    4. Accidental Death Benefit – This is the value of the Sum assured and additional bonuses. The more the bonuses, the better the plan.

    5. Disability Factors – Plans can cover permanent or temporary disability that is total or partial. Having the maximum number of options available always helps.

    6. 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.

    7. 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.

    Now that we know what factors to look for in an accident insurance plan, let’s take a look at the best plans available in India towards the same purpose –

    Best Accident Insurance Plans from Health Insurance Companies:

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

    Insurer and Insurance Plan

    Plan Basis

    Entry Ages

    Sum Assured Amounts (INR)

    Accidental Death Benefit

    Permanent Total Disability

    Permanent Partial Disability

    Temporary Partial/Total Disability

    Medical Expenses Reimbursement

    Ambulance Charges Cover

    Bonuses

    Apollo Munich Individual Personal Accident Standard

    Individual and Family

    Minimum - 91 days

    Maximum – 69 years

    Standard –

    Minimum – 1 lakh

    Maximum – 50 lakhs

    Premium –

    Minimum – 5 lakhs

    Maximum – 5 crores

    Yes, equal to Sum Assured + bonus (if any)

    Yes, equal to Accidental Death Benefit

    Yes, equal to Accidental Death Benefit

    Temporary total disability – 10% of ADB

    Standard - Yes – 5% of ADB

    Premium - Yes, subject to INR 100000

    Ye, subject to INR 2000

    Education fund – 10% of ADB

    Bharti AXA Smart Individual Personal Accident

    Individual only

    Minimum – 18 years

    Maximum – 70 years

    Minimum – 10 lakhsMaximum – 30 lakhs

    Yes, equal to Sum Assured

    Yes, subject to 150% of Accidental Death Benefit

    Yes, equal to 2-75% of Sum Assured

    No

    Yes. Daily Hospitalisation Cash of INR 1000 till a period of 50 days

    No

    No

    Religare Secure Personal Accident Insurance

    Individual

    Minimum - 91 days

    Maximum – 70 years

    Minimum – 15 lakhs

    Maximum – 25 crores

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes

    Yes, under Mobility Cover

    Yes, subject to INR 100000

    Yes (under variants)

    Yes (under variants) subject to 10% of Sum Assured

    Bajaj Allianz Premium Personal Guard Plan

    Individual and Family

    Minimum – 5 years

    Maximum – 65 years

    Minimum – 10 lakhs

    Maximum – 25 lakhs

    Yes, equal to Sum Assured

    Yes (under variants), subject to Sum Assured

    Yes (under variants), subject to 75% of Sum Assured

    Yes (under variants), subject to 75% of Sum Assured

    Yes, lesser of 40% of medical bills or actual bills

    No

    Yes, INR 5000 for one child or INR 10000 for 2, subject to 10% of SA

    ICICI Lombard Personal Protect

    Individual

    Minimum – 18 years

    Maximum – 80 years

    Minimum – 3 lakhs

    Maximum – 25 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    No

    No

    Yes (under allowance and reimbursement)

    No

    No

    HDFC ERGO Personal Accident Insurance

    Individual and Family

    Minimum – NA

    Maximum – 65 years

    Minimum – 2.5 lakhs

    Maximum – 15 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    No

    No

    Yes, INR 250 to INR 500 per day

    Yes, INR 1500 to INR 2000

    No

    Star Health Accident Care Individual Insurance

    Individual and Family

    Minimum – 5 months

    Maximum – 70 years

    Minimum – 5 lakhs

    Maximum – 15 lakhs

    Yes, equal to Sum Assured

    Yes, equal to 150% of SA + bonus (if any)

    Yes

    Yes

    Yes, till 25% of valid claim or 10% of SA subject to INR 500000

    Yes, till INR 5000

    Education fund, till INR 10000 per child for 2 children

    United India Personal Accident Insurance

    Individual and Family

    Minimum – 5 years

    Maximum – 70 years

    Minimum – 25000

    Maximum – 10 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes, up to 95% of SA

    No

    Yes

    No

    Yes, 10% of SA subject to INR 5000 or INR 10000

    Oriental Janata Personal Accident Policy

    Individual and Family

    Minimum – 10 years

    Maximum – 80 years

    Minimum – 25000

    Maximum – 5 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes, maximum of 50% of Accidental Death Benefit

    No

    No

    No

    No

    Reliance Personal Accident Policy

    Individual and Family

    Minimum – 5 years

    Maximum – 70 years

    Minimum – 5 lakhs

    Maximum – 10 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes, maximum of 50% of Accidental Death Benefit

    Temporary total disability subject to 1% of the SA and not more than INR 5000 per week for 50 weeks

    Yes, lesser of 40% of medical bills paid or 20% of relevant sum assured

    No

    No

    National Insurance Individual Personal Accident Policy

    Individual and Family

    Minimum – 5 years

    Maximum – 70 years

    NA

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes

    No

    Yes

    No

    No

    New India Personal Accident Policy

    Individual and Family

    Minimum – 5 years

    Maximum – 70 years

    Maximum – 72 months of income from gainful employment

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes, maximum of 50% of Accidental Death Benefit

    Temporary total disability, payment of 1% of SA per week for a maximum of 100 weeks

    No

    No

    No

    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 –

    Insurer and Insurance Plan

    Plan Basis

    Entry Ages

    Sum Assured Amounts (INR)

    Accidental Death Benefit

    Permanent Total Disability

    Permanent Partial Disability

    Temporary Partial/Total Disability

    Medical Expenses Reimbursement

    Ambulance Charges Cover

    Bonuses

    Pradhan Mantri Suraksha Bima Yojana

    Individual and Family

    Minimum – 18 years

    Maximum – 70 years

    Minimum and Maximum – 2 lakhs

    Yes, equal to Sum Assured

    Yes, equal to Accidental Death Benefit

    Yes, equal to INR 1 lakh

    No

    No

    No

    No

    Aam Aadmi Bima Yojana

    Individual and Family

    Minimum – 18 years

    Maximum – 59 years

    Minimum and Maximum – 30000

    Yes, an amount of INR 75000

    Yes, an amount of INR 75000

    Yes, an amount of INR 37500

    No

    No

    No

    Yes, scholarship fee of INR 100 for 2 children per month on a half-yearly basis

    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.

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